Global Smart Tire Market (2024-2030) | Size, Automotive, Tyre, Growth, Share, Forecast, Revenue, Trends, Analysis, industry & Outlook

Topics Covered in the Global Smart Tire Market

Global Smart Tire Market report thoroughly covers the market by technologies, vehicle types, distribution channels, and regions. The market outlook 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.

Global Smart Tire Market Synopsis

The Global Smart Tire Market has been growing due to the automotive industry revolutionizing with the advent of smart technology in tires. Among the many advancements we see today, the concept of smart tires facilitating massive safety by communicating with drivers and vehicles is gaining momentum. A smart tire links innovation and information to facilitate drivers with valuable insights about tire conditions into their journey, such as real-time data on tire pressure, and temperature. 

According to 6Wresearch, the Global Smart Tire market is projected to grow at a CAGR of 22.7% during the forecast period 2024-2030. Smart tires consist of several advantages over conventional tires, including real-time monitoring of tire pressure and temperature, which improves fuel efficiency, reduces tire wear, increases vehicle safety, and decreases accidents. Other drivers contributing to the Global smart tire market growth are the increasing demand for connected cars, advances in tire technology, and the increase in automotive production globally.

Despite the growth potential, some challenges hampering the growth of the smart tire market globally. For instance, one of the prominent challenges is the high initial cost of smart tires. Additionally, another challenge is the shortage of trained professionals and technical expertise required for installation and maintenance. However, some emerging trends contribute to the market growth. For instance, the rising integration of smart tire technology equipped with advanced driver-assist features, including automatic emergency braking, and lane departure warning. Sensor-based tire adoption rate is increasing which allows them to determine damages by sending alerts to the driver.

Government Initiatives Introduced in the Global Smart Tire Market

The government has been taking initiatives to promote the adoption of smart tire technology. For example, in the US, the National Highway Traffic Safety Administration (NHTSA) is making compulsory the installation of tire pressure monitoring systems in cars. The European Union (EU) is also framing regulations for tire pressure monitoring systems to ensure massive safety and make cars fuel efficient. The European Union has set a new standard to improve tire labelling, which requires tire manufacturers to provide detailed information on various aspects like the tire's fuel efficiency, wet grip, and noise levels.

These new standards will encourage consumers to adopt more eco-friendly tires, thereby promoting the use of smart tires. The Japanese Government is also promoting the use of eco-friendly smart tires to maintain environmental health. Furthermore, research and development funds are being facilitated by governments to promote & support the development of innovative smart tire technology, such as TPMS (Tire Pressure Monitoring System). 

Key Players in the Global Smart Tire Market

Several players operating in the market provide smart tire technology solutions. Some of the key players in the global smart tire market include:

• Bridgestone
• Continental AG
• Goodyear Tire & Rubber Company
• Michelin, Pirelli
• Sumitomo Rubber Industries Ltd.
• Yokohama Rubber Co., Ltd.

These are some leading companies operating globally, dominating the Global Smart Tire Market share by offering advanced features and integrated tires to their customers. 

Market Analysis by Vehicle Type

According to Dhaval, Research Manager, 6Wresearch, while the passenger vehicle segment has a comparatively higher adoption rate, however, the commercial vehicle appears to be catching up fast segment due to its cost-saving and fuel-efficient benefits.

Market Analysis by Distribution Channel

Based on the distribution channel, the Aftermarket is the fastest-growing distribution channel in the Global Smart Tire Market due to its various features such as easy availability of products, cost-effectiveness, convenience, and user-friendliness of installation.

Market Analysis by Regions

Based on the region, North America dominates the Global Smart Tire Market share, while the Asia Pacific region is expected to witness prominent growth over the coming years underpinned by its large automotive market and rising need for modern transportation systems.

Key Attractiveness of the Report

• 10 Years of 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:

• Global Smart Tire Market Overview
• Global Smart Tire Industry Outlook
• Global Smart Tire Market Forecast
• Historical Data of Global Smart Tire Market Revenues for the Period 2020-2030
• Global Smart Tire Market Size and Global Smart Tire Market Forecast of Revenues, Until 2030
• Historical Data of Global Smart Tire Market Revenues, by Vehicle Type, for the Period 2020-2030
• Market Size & Forecast of Global Smart Tire Market Revenues, by Vehicle Type, until 2030
• Historical Data of Global Smart Tire Market Revenues, by Technology Type, for the Period 2020-2030
• Market Size & Forecast of Global Smart Tire Market Revenues, by Technology Type, until 2030
• Historical Data of Global Smart Tire Market Revenues, by Distribution Channels, for the Period 2020-2030.
• Market Size & Forecast of Global Smart Tire Market Revenues, by Distribution Channels, until 2030
• Historical Data of North America Smart Tire Market Revenues, for the Period 2020-2030.
• Market Size & Forecast of North America Smart Tire Market Revenues, until 2030
• 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 Asia Pacific Smart Tire Market Revenues, for the Period 2020-2030.
• Market Size & Forecast of Asia Pacific Smart Tire Market Revenues, until 2030
• Historical Data of Rest of the World Smart Tire Market Revenues, for the Period 2020-2030.
• Market Size & Forecast of Rest of the World Smart Tire Market Revenues, until 2030
• Market Drivers and Restraints
• Global Smart Tire Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis 
• Market Opportunity Assessment
• Global Smart Tire Market Share, By Players
• Global Smart Tire Market Overview on Competitive Benchmarking
• Company Profiles 
• Key Strategic Recommendations

Markets Covered

The Global Smart Tire market report provides a detailed analysis of the following market segments:

By Technologies

• Pneumatics Tires
• Non- Pneumatics Tires

By Vehicle Types:

• Passenger Vehicles
• Commercial Vehicles

By Distribution Channels:

• OEM
• Aftermarket

By Regions:

• North America
• Latin America
• Europe
• Asia Pacific
• Rest of World