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Connected Tyre Market worth $219.03 million by 2030, growing at a CAGR of 38.35% - Exclusive Report by 360iResearch
Connected Tyre Market | 360iResearch
The Global Connected Tyre Market to grow from USD 22.56 million in 2023 to USD 219.03 million by 2030, at a CAGR of 38.35%.
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The connected tyres are smart, technology-driven tyres designed to enhance vehicle safety, efficiency, and performance. These intelligent tyres utilize embedded sensors and communication systems to provide real-time information on various parameters such as air pressure, temperature, load capacity, and wear patterns. The data gathered enables predictive maintenance, proactive alerts for potential issues, and a streamlined driving experience for both personal vehicles and commercial fleet operations. Rapidly growing automotive sectors is offering the untapped potential for connected tyre product penetration, appealing to middle-class consumers prioritizing safety and technology. Increasing collaboration between tyre manufacturers, telematics service providers, and insurance companies that offer value-added services such as usage-based insurance pricing and fleet management tools to customers is driving the market growth. High costs with the integration of advanced sensor technology and communication systems and h increasing concerns surrounding cybersecurity hampers market growth. The rising development of cost-effective connected tyre solutions that cater to diverse customer segments is expected to create opportunities for market growth.
The APAC region, particularly China and India, is experiencing significant growth in the connected tyre market with the increasing number of vehicles on the road and a growing awareness of environmental concerns. Developing the electric vehicle market in countries like China drives demand for specialized tires designed for EVs. These tires often have unique requirements to maximize the range of electric vehicles. The surge in demand for advanced automotive technology due to increasing safety regulations and rising consumer awareness towards fuel efficiency is expanding the growth of the market in the Americas. The presence of harsh weather conditions in Canada necessitating better road traction control systems creates a platform for connected tyres. Strong automotive industry driving innovation and investment in smart tyre solutions in European Union countries expands market growth in EMEA. In addition, increased focus on vehicle safety standards and environmental concerns, such as CO2 emissions reduction targets set by European governments, have led to accelerated adoption of connected tyre systems.
Market Segmentation & Coverage:
This research report categorizes the Connected Tyre Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Hardware and Software. The Hardware is projected to witness significant market share during forecast period.
Based on Rim Size, market is studied across 12-17 Inches, 18-22 Inches, and More Than 22 Inches. The More Than 22 Inches is projected to witness significant market share during forecast period.
Based on Propulsion, market is studied across Electric and ICE. The Electric is projected to witness significant market share during forecast period.
Based on Sales Channel, market is studied across Aftermarket and OEM. The Aftermarket is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 36.30% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Connected Tyre Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Connected Tyre Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Connected Tyre Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company Europe Limited, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Innovative Tyres & Tubes Ltd., JK Tyre & Industries Ltd., Magna Tyres, Michelin, MRF Tyres, NEXEN TIRE Corporation, Nokian Tyres PLC, Pirelli & C. S.p.A., RPG Enterprises, The Yokohama Rubber Co., Ltd., Treel Pvt Ltd., and U.S. Tire Manufacturers Association.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Connected Tyre Market, by Component
7. Connected Tyre Market, by Rim Size
8. Connected Tyre Market, by Propulsion
9. Connected Tyre Market, by Sales Channel
10. Americas Connected Tyre Market
11. Asia-Pacific Connected Tyre Market
12. Europe, Middle East & Africa Connected Tyre Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Connected Tyre Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Connected Tyre Market?
3. What is the competitive strategic window for opportunities in the Connected Tyre Market?
4. What are the technology trends and regulatory frameworks in the Connected Tyre Market?
5. What is the market share of the leading vendors in the Connected Tyre Market?
6. What modes and strategic moves are considered suitable for entering the Connected Tyre Market?
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About 360iResearch
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