Europe Smart Tire Market (2024-2030) | Trends, Industry, Value, Companies, Forecast, Size, Revenue, Growth, Analysis, Outlook & Share

Topics Covered in Europe Smart Tire Market Report

Europe Smart Tire Market report thoroughly covers the market by tire type, by vehicle type, by distribution channels, by countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Europe Smart Tire Market Synopsis

Europe Smart Tire Market has been Developing and is predicted to rise more at a significant growth rate during the forecast period 2024 to 2030. There are several factors contributing to the market growth such as advancements in automotive technology, increasing demand for connected vehicles, and rising concerns about road safety and fuel efficiency.

According to 6Wresearch, Europe Smart Tire Market size is expected to grow at a significant CAGR of 16.7% during 2024-2030. One of the major drivers of this market is the growing adoption of electric and hybrid vehicles in Europe. With countries like Norway, Sweden, and Germany leading the way in electric vehicle sales, there is a significant demand for smart tires that can enhance their performance and range. Smart tires are equipped with sensors that provide real-time data on tire pressure, temperature, and wear, thus helping drivers optimize their vehicle's performance. This is especially crucial for electric vehicles, as maintaining proper tire pressure can significantly improve their battery life.

In addition, the government of the country has been actively encouraging the EU's Green Deal also promotes the use of digital technologies in vehicles to reduce traffic congestion and improve road safety. Smart tires with features such as real-time tire pressure monitoring and predictive maintenance align with these goals, making them a preferred choice for vehicle manufacturers and consumers alike.

The market is also dealing with a number of challenges that are hampering its growth. One of the major challenges faced by the Europe smart tire market is the high cost associated with these advanced tires. The technology used in smart tires, such as sensors and connectivity, adds to their production costs, making them more expensive than traditional tires. This can be a significant barrier for price-conscious consumers, especially in developing countries.

 Europe Smart Tire Market Leading Players

Some of the leading players in this market include

• Michelin, Bridgestone Corporation
• Continental AG
• Pirelli & C. S.p.A.
• Goodyear Tire & Rubber Company

Europe Smart Tire Market Government Regulations

European countries have been at the forefront when it comes to setting strict regulations for vehicle safety. In recent years, governments across Europe have implemented regulations that require vehicles to be equipped with advanced safety features, including tire pressure monitoring systems (TPMS).

According to the European Commission, TPMS became mandatory for new passenger cars in November 2014 and for all newly registered vehicles from November 2018. This regulation has been a major driver for the growth of smart tire technology in Europe.

Future Insights of the Market

The future looks promising for the Europe smart tire market. With ongoing research and development in the field of smart tires, we can expect to see advancements that could address current challenges and further enhance the capabilities of these tires. Moreover, as more countries implement regulations for vehicle safety, the demand for smart tires is expected to increase significantly.

Market Segmentation by Tire Types

According to Dhaval, Research Manager, 6Wresearch, growing trend towards the use of non-pneumatic tires in the Europe smart tire market due to their durability and low maintenance requirements. However, pneumatic tires still dominate the market and are expected to continue their dominance in the future. The growth of the non-pneumatic tire segment can be attributed to its increasing adoption in various industries such as agriculture, construction, and material handling. These tires offer benefits such as puncture resistance, longer lifespan, and better stability, making them a preferred choice for heavy-duty applications.

Market Segmentation by Vehicles Type

On the basis of on current trends, the commercial vehicles segment is expected to witness significant growth in the future due to increasing demand for fleet management and vehicle safety in the logistics and transportation industry. Smart tires can provide real-time data on tire conditions, helping fleet operators to optimize their operations and reduce costs.

Market Segmentation by Distribution Channels

The aftermarket segment is expected to witness significant growth in the coming years due to the increasing adoption of smart tires in existing vehicles. Retrofitting traditional tires with sensors and other technologies allows for cost-effective integration of smart tire technology.

Market Segmentation by Countries

Germany is expected to witness significant growth in the smart tire market due to its strong automotive industry and strict regulations on vehicle safety. Additionally, the growing demand for premium and luxury vehicles equipped with advanced technologies further boosts the market growth in Germany. Overall, all countries in Europe are expected to contribute to the growth of the smart tire market due to increasing awareness about road safety and advancements in technology.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Europe Smart tire market Statistics
• Europe Smart tire market Outlook
• Europe Smart tire market Forecast
• Historical Data of Europe Smart Tire Market Revenues, for the Period 2020-2030.
• Market Size & Forecast of Europe Smart Tire Market Revenues, until 2030.
• Historical Data of Europe Smart Tire Market Revenues, by Tire Types for the Period 2020-2030.
• Market Size & Forecast of Europe Smart Tire Market Revenues, by Tire Types until 2030.
• Historical Data of Europe Smart Tire Market Revenues, by Vehicle Types for the Period 2020-2030.
• Market Size & Forecast of Europe Smart Tire Market Revenues, by Vehicle Types until 2030.
• Historical Data of Europe Smart Tire Market Revenues, by Distribution Channels for the Period 2020-2030.
• Market Size & Forecast of Europe Smart Tire Market Revenues, by Distribution Channels until 2030.
• Historical Data of Germany Smart Tire Market Revenues and Volume for the Period 2020-2030.
• Market Size & Forecast of Germany Smart Tire Market Revenues and Volume until 2030.
• Historical Data of France Smart Tire Market Revenues and Volume for the Period 2020-2030.
• Market Size & Forecast of France Smart Tire Market Revenues and Volume until 2030.
• Historical Data of Italy Smart Tire Market Revenues and Volume for the Period 2020-2030.
• Market Size & Forecast of Italy Smart Tire Market Revenues and Volume until 2030
• Historical Data of United Kingdom Smart Tire Market Revenues and Volume for the Period 2020-2030.
• Market Size & Forecast of United Kingdom Smart Tire Market Revenues and Volume until 2030
• Market Drivers and Restraints.
• Europe Smart tire Trends and Developments.
• Europe Smart tire market Share, By Players
• Europe Smart tire market Overview on Competitive Benchmarking.
• Company Profiles.
• Key Strategic Pointers

Market Covered

The report offers a comprehensive study of the subsequent market segments

By Tire Types

• Pneumatics Tires
• Non- Pneumatics Tires

By Vehicle Types

• Passenger Vehicles
• Commercial Vehicles

By Distribution Channels

• OEM
• Aftermarket

By Countries

• Germany
• Italy
• France
• United Kingdom
• Rest of Europe