Press release
Automotive Smart Tire Market to Witness Robust Expansion throughout the Forecast Period 2021 – 2031
Automotive Smart Tire: IntroductionAutomotive smart tires enhance the performance of the tires by sensing the road condition and varying tire pressure and terrain adaptability to perform with least wear & tear. All major tire manufacturers are investing on the research and development of smart tires; however, the features of a tire varies according to the manufacturer.
Key Drivers of Automotive Smart Tire Market
• Rising integration of advanced features in a vehicle, including connected tires and tire pressure monitoring system to avoid breakdown of vehicle, is likely to increase the demand for smart tires across the globe. Increased integration of sensor systems in vehicle tires, which offers real-time data analysis for vehicle users, is likely to fuel the demand for such tires. Major tire manufacturers are investing in technological development, including B-Tag Systems, to monitor tire pressure and temperature. The system alerts the driver about the maintenance of tires to avoid operational down time. This is anticipated to propel the automotive smart tire market across the globe.
• Rise in use of artificial intelligence in vehicle tires, such as rim management system and Tread Stat, helps track the performance of tires. Major tire manufacturers are investing on research and development to develop new tire material coupled with advanced technology such as nanotechnology to reduce heat buildup. This is anticipated to boost the automotive smart tire market across the globe.
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Asia Pacific & Europe to Hold Significant Share of Global Automotive Smart Tire Market
• Asia Pacific is projected to hold a major share of the global automotive smart tire market due to a rise in the demand for luxury vehicles across the region. Increase in government initiatives and productivity across the region is likely to propel the automotive smart tire market across Asia Pacific. Rapid expansion of manufacturing industries across the region is likely to boost the distribution channel of tires across Asia Pacific. This, in turn, is anticipated to propel the automotive smart tire market in Asia Pacific.
• Followed by Asia Pacific, Europe is projected to account for a significant share of the global automotive smart tire market due to a rise in the demand for connected vehicle. Europe has strong presence of tire manufacturing industries who have advanced research and development facilities for connected tires, which in turn is likely to boost the automotive smart tire market in Europe.
• The COVID-19 pandemic has hit the business world in an unprecedented scale and speed. It has caused the closure of businesses, stoppage of factory outputs, and the disruption to global manufacturing industries and their supply networks, which is likely to restrain automotive smart tire market across Europe and Asia Pacific.
Key Players Operating in Automotive Smart Tire Market
The global automotive smart tire market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the automotive smart tire market are:
• Interco Tire Corporation
• Yokohama Rubber Co. Ltd
• JK Tire & Industries Ltd
• Bridgestone Corporation
• Continental AG
• Michelin
• Pirelli & C S.p.A.
• Trelleborg AB
• Nokian Tires Plc
• Nortec
• Maxxis International
• Sumitomo Rubber Industries Ltd.
• Nexen Tire Corporation
• Titan International Inc.
• Balkrishna Industries Ltd
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Global Automotive Smart Tire Market: Research Scope
Global Automotive Smart Tire Market, by Technology
• Pneumatic Tire
• Non-Pneumatic Tire
Global Automotive Smart Tire Market, by Features
• Connected Tire
• Tire pressure Monitoring system
• Others
Global Automotive Smart Tire Market, by Vehicle Type
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Duty Truck
• Bus & Coach
Global Automotive Smart Tire Market, by Sales Channel
• OEM
• Aftermarket
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