The global connected tire market size is projected to reach US$ 390 million by 2026 with a CAGR of around 74% during the forecast period 2020 to 2026.
Connected tire sends information to the car infotainment system through sensors and access to the information about tire pressure, its working condition, and the life of the tire. The main functions of the connected tire are to monitor, assess, and display the data. Connected tire utilized the tire pressure monitoring system and advanced assistance system, and other temperature controlled system and pressure sensors to monitor, analyze, and report the status of the tire, maintenance need, and alert in case of deviation from standard feed values. Based on rim size, different types of rim sizes are available in connected tire such as 12" – 17", 18" – 21", more than 22" are used.
Market Dynamics
The growth of the connected tire market is primarily driven by growing number of vehicle sales, stringent government regulations regarding safety features in vehicles, consumer preference towards advanced tires, and technological advancements in connected tire. Furthermore, government regulations in automotive industry due to safety boosted the automotive OEMs and aftermarket players to provide safe and economical connected tires and consumer focus towards safe and comfortable driving experience is estimated to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing automotive aftermarket industry, technological advancement and increase in the number of applications are expected to create opportunities for the manufacturers in the global market over the forecast period. However, volatile prices of raw material and high initial costs of connected tire, and lack of awareness are expected to hamper the growth of the global connected tire market in the coming years.
By rim size, more than 22" segment dominated the connected tire market
The more than 22" segment accounted for approximately 34% of the share in the global connected tire market in 2018. Increase in vehicle production and growing demand for high rim size wheels passenger car, predictive maintenance by haulage fleet owners in order to reduce the operating cost, and rising demand for high clearance in SUVs and passenger car is further expected to raise segment over the forecast period.
By application, passenger cars segment dominated the connected tire market
The passenger cars segment accounted for approximately 62% of the share in the global connected tire market in 2018. Growing demand for luxury passenger car and rapid industrialization and increase in production and sales of passenger car in developing countries such as India, China, and Indonesia, and increase in purchasing power of consumers is further expected to raise segment over the forecast period. Owing to its growing consumer focus towards improving aesthetic appeal, rising focus towards improving comfort and ride quality, and supportive government initiatives for connected tire in research and development centers further grows the demand for passenger car applications during the forecast period.
By sales channel, aftermarket segment dominated the connected tire market
The aftermarket segment accounted for approximately 67% of the share in the global connected tire market in 2018. Increase in demand for tire in aftermarket, rising penetration of manufacturers in aftermarket and increase in replacement and repair of tires are some of the factors expected to increase the demand for connected tire in aftermarket, and rising consumer preference towards high end tires is further expected to raise segment over the forecast period.
The market research study on “Connected tire market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2026”, offers a detailed insight into the global connected tire market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global connected tire market, its rim size, application, sales channel, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global connected tire market size and volume, and segment markets by rim size, application, sales channel, and geography along with the information on companies operating in the market. The connected tire market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, North America dominated the regional market with a maximum market share
North America accounted for the high market share of the connected tire market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the rapid consumption of connected tire in various applications, presence of connected tire companies, and rapid growth in the automotive industry. Moreover, increasing demand for connected tires for passenger vehicles from various countries of the region, such as US, Canada, and Mexico, growing manufacturing facilities and supportive government incentives, and expanding manufacturing base are also propelling the growth of connected tire in the North America region. Europe is followed by the North America region in the connected tire market.
Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period. The growing automobile production in the India and China and increase in innovation and development in connected tire, and growing automotive industry in India, are expected to enhance the market growth in the global connected tire market during the forecast.
The players profiled in the report include The Goodyear Tire & Rubber Co., Michelin, Continental AG, Pirelli & C. S.p.A., and The Yokohama Rubber Co., Ltd., Bridgestone Corporation, Hankook Tire, Sumitomo, Nokian, Toyo Tire & Rubber Co. Ltd., among others. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Rim Size
- 12" – 17"
- 18" – 21"
- More than 22"
Market By Application
- Passenger Cars
- Commercial Vehicles
Market By Sales Channel
Market By Geography
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
