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Connected Tires Market Size, Growth, Drivers And Forecast Analysis By 2033
Connected Tires Market Size
As per the report, the connected tires market size has grown exponentially in recent years. It will grow from $7.19 million in 2023 to $10.19 million in 2024 at a compound annual growth rate (CAGR) of 41.7%. The connected tires market size is expected to see exponential growth in the next few years. It will grow to $41.33 million in 2028 at a compound annual growth rate (CAGR) of 41.9%.
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Surging Autonomous Adoption Catalyzes Connected Tire Market Growth
The increasing adoption of autonomous vehicles is expected to propel the growth of the connected tires market going forward. Autonomous vehicles are self-driving cars equipped with advanced sensors, cameras, radar, and artificial intelligence to navigate and operate without human intervention. The adoption of autonomous vehicles is due to technological advancements, environmental concerns, and changing consumer preferences. Connected tires are essential to autonomous vehicles, providing critical data that enhances safety, performance, efficiency, and user experience, making them indispensable in modern transportation evolution. For instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, there are expected to be 3.5 million autonomous vehicles on US highways by 2025 and 4.5 million by 2030. Therefore, increasing adoption of autonomous and electric vehicles will drive the connected tires market.
Innovations In Smart TPMS Sensors Driving The Connected Tires Market
Major companies operating in the connected tires market are focused on developing innovative technologies, such as smart TPMS sensors, to enhance vehicle safety, efficiency, and performance. Smart TPMS (tire pressure monitoring system) sensors refer to advanced technology embedded within tires to monitor tire pressure and temperature in real-time. TPMS sensors are crucial for vehicle safety and performance, providing continuous data on tire conditions to drivers and vehicle systems. For instance, in September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturing company, launched an XENSIV SP49 tire pressure monitoring sensor. The XENSIV SP49 tire pressure sensor offers high accuracy in measuring tire pressure, ensuring precise monitoring to enhance vehicle safety and performance. It is designed to withstand harsh environmental conditions, ensuring reliable operation over extended periods. Integrated seamlessly with vehicle electronics, it supports wireless connectivity for efficient data transmission to onboard systems or external devices, enabling real-time monitoring and prompt alerts to drivers of any deviations in tire pressure.
The connected tires market covered in this report is segmented -
1) By Component: Tire Pressure Monitoring System, Accelerometer Sensors, Strain Gauge Sensors, Radio-Frequency Identification chips
2) By Rim Size: 12-17 Inches, 18-22 Inches, More than 22 Inches
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Original Equipment Manufacturer (OEM), Aftermarket
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Major companies operating in the connected tires market are MRF Limited, ZF Friedrichshafen AG, Continental AG, Bridgestone Corporation, Compagnie Générale des Établissements Michelin, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Toyo Tire Corporation, Trelleborg AB, Shandong Linglong Tire Co. Ltd., Titan International Inc., Nexen Tire Corporation, Nokian Tyres plc, CEAT Limited, Qingdao Doublestar Co. Ltd., Giti Tire Corporation, Sailun Group Co. Ltd., NIRA Dynamics AB, Transense Technologies plc
Contents of the report:
1. Executive Summary
2. Connected Tires Market Report Structure
3. Connected Tires Market Trends And Strategies
4. Connected Tires Market - Macro Economic Scenario
5. Connected Tires Market Size And Growth
…..
27. Connected Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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