Automotive Smart Tire Market Projected to Reach CAGR of 6.6 % Forecast by 2028, Trends, Future Scope and Top Key Player

The creation of smart tyres is one of the most recent advancements in the automobile sector, which has been growing quickly over time. These tyres have sensors built into them that keep track of tyre pressure, temperature, and other crucial variables, enhancing performance and safety. In the upcoming years, the market for automotive smart tyres is anticipated to expand rapidly due to a number of factors.

The growing need for better safety features in automobiles is one of the key factors driving the market for automotive smart tyres. Real-time monitoring of tyre conditions is provided by smart tyres, which can assist avoid accidents brought on by tyre blowouts or punctures. Commercial vehicles can benefit the most from this technology because tyre failures there can have catastrophic repercussions. Smart tyres can also reduce pollutants, increase fuel efficiency, and help vehicles comply with environmental standards.

The rising popularity of connected and autonomous vehicles is another factor boosting the market for automotive smart tyres. Smart tyres give useful information that can help these vehicles, which primarily rely on sensors and data to function, perform better. For instance, smart tyres can exchange information with the car's internal computer to change tyre pressure or provide information on the state of the road.

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The market for automobile smart tyres may, however, grow only within certain bounds. The expensive cost of this technology, which might be prohibitive for many consumers and industries, is one of the major problems. The complexity of the technology may also make maintenance and repairs difficult.

Governments are contributing to the market expansion for vehicle smart tyres. For instance, since 2014, all new cars sold in Europe are required to include tyre pressure monitoring systems (TPMS). The National Highway Traffic Safety Administration (NHTSA) of the United States Department of Transportation has also mandated TPMS in all new automobiles since 2008.

Major Companies and Competitive Landscape:

The automotive smart tire market is a highly competitive landscape, with several established players and emerging companies vying for market share. Here are some of the key players in this market:
Continental AG, Bridgestone Corporation, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd, Pirelli & C. S.p.A., Toyo Tire Corporation, Nexen Tire Corporation, JK Tyre Corporation Ltd., Maxxis International, and Interco Tire Corporation.

Continental AG: Continental AG is a leading German automotive manufacturing company and one of the biggest players in the automotive smart tire market. The company offers a range of smart tire solutions, including tire pressure monitoring systems and sensors that measure tire temperature, pressure, and tread depth.

Bridgestone Corporation: Bridgestone is a Japanese multinational company that is one of the largest tire manufacturers in the world. The company offers a range of smart tire solutions, including sensors that monitor tire pressure and temperature and transmit data to the vehicle's onboard computer.

Goodyear Tire & Rubber Company: Goodyear is an American multinational tire manufacturing company that has been in operation for over 120 years. The company offers a range of smart tire solutions, including sensors that monitor tire pressure and transmit data to the vehicle's onboard computer.

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Segmentation Insights for Automotive Smart Tire Market Report:

The automotive smart tire market is segmented by vehicle type, features, technology, distribution channel, and region. In terms of vehicle type, the market is segmented into heavy-duty trucks, passenger vehicles, electric vehicles, and commercial vehicles. Among these, the passenger vehicle segment is expected to hold the largest market share in terms of revenue from 2018 to 2028. The growing demand for passenger vehicles, coupled with the increasing adoption of advanced safety and connectivity technologies, is expected to drive the growth of the smart tire market in this segment.

In terms of features, the market is segmented into connected tires, tire pressure monitoring systems (TPMS), and others. The TPMS segment is expected to hold the largest market share in terms of revenue from 2018 to 2028. The increasing focus on improving safety and reducing fuel consumption is expected to drive the growth of the TPMS segment in the coming years.

In terms of technology, the market is segmented into non-pneumatic tires and pneumatic tires. The pneumatic tire segment is expected to hold the largest market share in terms of revenue from 2018 to 2028. The pneumatic tire technology is widely adopted in the automotive industry owing to its ability to provide comfort, stability, and grip to vehicles.

In terms of distribution channel, the market is segmented into aftermarket and original equipment manufacturer (OEM). The aftermarket segment is expected to hold the largest market share in terms of revenue from 2018 to 2028. The increasing demand for replacement tires and the growing trend of vehicle customization are expected to drive the growth of the aftermarket segment in the coming years.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these, Asia Pacific is expected to hold the largest market share in terms of revenue from 2018 to 2028. The growing demand for passenger vehicles and commercial vehicles, coupled with the increasing adoption of advanced technologies, such as connected cars and autonomous driving, is expected to drive the growth of the smart tire market in the Asia Pacific region.

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