Connected Tires Market to Record 38.8% CAGR Growth Through 2029 | Global Analysis Report

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Connected Tires Market Outlook: How is the Market Expected to Grow by 2025?
The market for connected tires has witnessed substantial expansion in recent times. The market is projected to increase from $0.01 billion in 2024 to $0.01 billion in 2025, with a CAGR of 40.8%. Factors such as heightened focus on cutting down carbon emissions, increased need for fleet management solutions, stricter regulatory scrutiny on vehicle safety, adoption of intelligent vehicle technology, and a surge in the acceptance of connected vehicles have fueled this growth during the historical period.

Connected Tires Market Forecast: What Size Will It Reach By 2029?
Anticipations suggest a significant surge in the size of the connected tires market over the coming years, potentially reaching $0.05 billion by 2029, expanding at a compound annual growth rate (CAGR) of 38.8%. This anticipated growth during the prediction period is largely credited to a rising demand for instantaneous tire performance monitoring and increased acceptance of IoT and vehicular connectivity technologies. Additional factors include a heightened focus on vehicle safety and predictive upkeep, growing requirements for fuel efficiency and eco-friendliness in transportation, and an increase in the use of electric and self-driving vehicles. Leading trends during the forecast period involve the integration with IoT ecosystems, advancement in sensor technology, evolution of smart tire technologies, digital twin technology and the advance of subscription-based tire services.

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Which Key Market Drivers Will Shape Connected Tires Industry Trends in 2025-2029?
The surge in the use of autonomous vehicles is anticipated to fuel the expansion of the connected tires industry. These self-operating vehicles are fitted with advanced sensors, cameras, radar, and artificial intelligence, allowing them to navigate and function without the need for human control. The acceptance of these autonomous vehicles stems primarily from technological leaps, environmental considerations, and shifting consumer habits. Connected tires have become integral to autonomous vehicles, supplying vital information that improves safety, performance, efficiency, and user experience. They have become critical components of the transformation of modern transportation. For example, the National Association of Insurance Commissioners, a non-profit organization based in the US, predicted in December 2022 that by 2025 there would be 3.5 million autonomous vehicles on US roads, increasing to 4.5 million by 2030. As such, the escalating uptake of autonomous and electric vehicles will steer the growth of the connected tires industry.

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What Are the High-Growth Segments in the Connected Tires Market?
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), After market

Subsegments:
1) By Tire Pressure Monitoring System (Tpms): Direct Tpms, Indirect Tpms
2) By Accelerometer Sensors: Vibration Sensors, Vibration Monitoring Systems, Impact Detection Sensors
3) By Strain Gauge Sensors: Tire Load Monitoring Sensors, Deformation Measurement Sensors, Tread Wear Sensors
4) By Radio-Frequency Identification (Rfid) Chips: Passive Rfid Chips, Active Rfid Chips, Hybrid Rfid Chips

Which Global Trends Are Driving Connected Tires Market Expansion?
Leading businesses in the connected tires market are concentrating on creating innovative technologies such as intelligent TPMS sensors to improve the safety, efficiency, and performance of vehicles. These cutting-edge TPMS (tire pressure monitoring system) sensors are integrated into tires to offer real-time monitoring of tire pressure and temperature. They play a vital role in ensuring vehicle safety and performance by consistently providing data on tire conditions to drivers and vehicle systems. For example, in September 2023, the Germany-based semiconductor production company, Infineon Technologies AG, introduced an XENSIV SP49 tire pressure monitoring sensor. The XENSIV SP49 sensor delivers highly accurate measurements of tire pressure, leading to rigorous monitoring that helps elevate the safety and performance of the vehicle. It is engineered to cope with severe environmental conditions, promising sustained and reliable performance. Coupled seamlessly with vehicle electronics, it utilizes wireless connectivity for effective data transfer to in-car systems or outside devices, permitting real-time tracking and immediate warnings to drivers about changes in tire pressure.

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Who Are the Fastest-Growing Companies in the Connected Tires Industry?
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

What Is the Regional Outlook for the Connected Tires Market by 2029?
Asia-Pacific was the largest region in the connected tires market in 2024. The regions covered in the connected tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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