DUBLIN–(BUSINESS WIRE)–The “Automotive Smart Tire Market – A Global Market and Regional Analysis: Focus on Smart Tire Product, Application, Supply Chain, Sensor Type, Regional and Country – Analysis and Forecast, 2020-2026” report has been added to ResearchAndMarkets.com’s offering.
The global automotive smart tire market is expected to reach $110.39 billion by 2026, with a CAGR of 6.20% from 2021 to 2026. The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology to develop several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of smart sensor-enabled tires.
Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions. The increasing volume of commercial vehicles with time has allowed fleet operators to monitor several parameters such as fuel consumption and carbon emissions, leading to an increased demand for advanced tires that provide real-time monitoring of tire conditions.
How This Report Can Add Value
Business and Corporate Strategies: The automotive smart tire market is poised to grow over time, compelling companies to come up with collaborative strategies in order to sustain themselves in the intensely competitive market. Companies with identical product portfolios, with a need for additional resources, often partner and come together for joint venture programs, which helps them gain access to one another’s resources and facilitates them to achieve their objectives faster. Furthermore, such ventures result in companies making use of each other’s expertise. Additionally, tire manufacturers have turned toward collaborating with Internet of Things (IoT) service providers for the rapid development of their automotive smart tires. For instance, in March 2018, Continental and Vodafone partnered to deploy commercial fleets with Conti Connect systems.
Key questions answered in the Report
- Why should existing tire and sensor manufacturers consider venturing into the next-generation smart tire market, and what are the future growth opportunities?
- What are the key trends, market drivers, and opportunities in the market pertaining to automotive smart tires?
- What are the major restraints inhibiting the growth of the global automotive smart tire market?
- What kinds of new strategies are being adopted by the existing market players to expand their market position in demand generating developing and developed countries?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- Which are the key companies in the market to source sensors for integrating them into smart tire products?
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How much revenue each of the segments is expected to record during the forecast period along with the growth percentage? Following are the segments:
- Product offerings, including (smart tires and sensors)
- Application, including passenger and commercial vehicles
- Region, including North America, South America, the U.K., Europe, Asia-Pacific and Japan, China, and the Middle East and Africa
- Which type of players and stakeholders are operating in the market ecosystem of the automotive smart tire, and what is their significance in the global market?
Market Dynamics
Growth Drivers
- Increasing Concerns Regarding Environment and Vehicle Safety
- Rising Adoption of 5G Technology in Smart Tires
- Advancements in Fleet Management Solutions Through Smart Tires
- Usage of Smart Tires in Platooning Systems
Challenges
- Lack of Standardization and Commercialization of Smart Tires
- Reliability Issues Faced by Smart Tire Sensors
- Lower Adoption Rate of Automotive Smart Tires in Passenger Vehicles
Opportunities
- Surging Demand for Autonomous Vehicles and Highly Automated Driving
- Use of Intelligent Tires in Platooning Systems
- Implementation of 3D Printing Techniques for Automotive Smart Tires
Companies Mentioned
- Bridgestone Corporation
- Continental AG
- Hankook Tire & Technology Co., Ltd.
- Infineon Technologies AG
- JK Tyres & Industries Ltd.
- Michelin
- Nokian Tyres Plc.
- NXP Semiconductors
- Pirelli & C. S.p.A
- Revvo Technologies, Inc.
- Schrader TPMS Solutions
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Co.
- The Yokohama Rubber Company, Limited
- Toyo Tire Corporation
For more information about this report visit https://www.researchandmarkets.com/r/id5osj
