Automotive Smart Tire Market Overview, Size, Share Opportunities, and Challenges By Major Players (2023-2030)

Automotive Smart Tire Market is estimated to reach USD 161.91 Billion by 2030, As urbanization continues to expand, creating congestion in city centers, the cable cars and ropeways industry stands poised to address these challenges by providing innovative, space-efficient solutions for urban mobility.    

Smart tires, equipped with sensor technologies and sophisticated monitoring systems, are gaining traction among consumers and manufacturers alike. The rising demand for real-time tire pressure monitoring, temperature control, and tread wear analysis is fueling the growth of this market.    

Market Size:

The Automotive Smart Tire market was estimated to be worth USD 87.48 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8% from 2023 to 2030, when it is expected to reach USD 161.91 billion.

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Market Scope:  

The automotive smart tire market is witnessing a surge in innovations, such as the development of self-healing tires and enhanced connectivity features. As vehicles become more technologically advanced, smart tires are expected to play a pivotal role in ensuring safety, performance optimization, and fuel efficiency. With continuous advancements in materials and sensor technologies, the market's potential for growth appears promising, making it a focal point for both established players and emerging entrants in the automotive industry.  

Industry Analysis:  

As automakers continue to prioritize safety and performance, smart tires have emerged as a key innovation in the industry. These intelligent tires are equipped with sensors and embedded technology that monitor tire pressure, temperature, and tread wear in real-time. This not only enhances vehicle safety but also contributes to fuel efficiency and overall driving experience. The market is characterized by a growing emphasis on connectivity and data-driven insights, allowing drivers to receive instant feedback and analytics regarding their tire conditions.   

Key Players:

Michelin Group (France), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), The Goodyear Tire & Rubber Co (USA), NEXEN TIRE Corporation (Korea), Continental AG (Germany), and Pirelli & C. S.p.A. (Italy) are some of the affluent competitors with significant market share in the Ride Sharing Market.

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Segment Analysis:

Pneumatic tires are relatively inexpensive and reliable, making them a popular choice for automotive applications. Non-pneumatic tires, also known as airless tires, do not use air to maintain their shape. Instead, they use a variety of materials, such as rubber or polyurethane, to provide support and traction. Non-pneumatic tires are more puncture-resistant than pneumatic tires and can continue to operate even if they are punctured. However, they are also more expensive and may not provide the same level of performance as pneumatic tires.

Regional Analysis:

The Asia Pacific region is home to some of the world's largest automotive markets, including China, India, and Japan. These countries are experiencing rapid urbanization and economic growth, which is leading to an increase in vehicle ownership and demand for tire technology. China is the largest automotive market in the Asia Pacific region and is expected to remain a major driver of the smart tire market in the coming years. The Chinese government is promoting the development and adoption of electric vehicles and autonomous vehicles, which are expected to boost demand for smart tires.  

Key Takeaways:

One notable trend is the increasing integration of advanced sensor technologies within smart tires, enhancing real-time monitoring capabilities. This innovation allows for precise tracking of tire pressure, temperature, and tread wear, contributing to improved vehicle safety and performance.
The market is experiencing a surge in demand for smart tires that facilitate communication with in-car systems, paving the way for seamless integration with emerging automotive technologies. The emphasis on sustainability is another key takeaway, with smart tires designed to optimize fuel efficiency and reduce environmental impact

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Recent Development:

Bridgestone: In 2023, Bridgestone announced the launch of its new Enlience Connect smart tire technology. This technology uses a combination of sensors and algorithms to collect and transmit data about the tire's condition, such as pressure, temperature, and tread wear. This data can be used to improve the safety and performance of the vehicle.
Michelin: In 2023, Michelin announced the launch of its new Uptis self-inflating tire technology. This technology uses a sealant to automatically repair small punctures, preventing the tire from losing pressure. This can help to reduce the number of flat tires and improve safety.

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