Artificial Intelligence
Smart Tire Market Advancing at a CAGR of 7.8% to Reach US$ 200 Billion by 2033: Fact.MR Analysis
Rockville, Aug. 03, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Smart Tire Market is anticipated to reach a value of US$ 200 billion by 2033, expanding at a CAGR of 7.8% over the next ten years.
Smart tires are equipped with detectors and controllers that enable them to adapt to changing road conditions. Smart tires also monitor several tire variables that indicate the tire’s health. One of the leading causes of vehicle accidents is that the sidewalls of the tires are below the minimum level of standardization. Tire manufacturers are looking to protect the safety of passengers as well as drivers by digitizing tire monitors to promote road safety.
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Advanced technologies enable a faster link between the tire and the vehicle to monitor tire and road conditions. These technologies include artificial intelligence (AI), the Internet of Things (IoT), and 5G communication.
Key Takeaways from Market Study
- The global market for smart tires is valued at US$ 95 billion in 2023.
- Worldwide demand for smart tires is predicted to rise at a CAGR of 7.8% through 2033.
- By the end of 2033, the global market is anticipated to reach US$ 200 billion.
- The market in China is forecasted to expand at a CAGR of 6% during the forecast period.
- Sales of intelligent tires are projected to rise at a CAGR of 4% from 2023 to 2033.
- Demand for TPMS sensors is forecasted to increase at a CAGR of 4.5% over the forecast period.
“Smart tire manufacturers are focusing on developing and integrating advanced technologies into tires. These technologies enable the tires to collect and transmit data, provide real-time information, and enhance overall vehicle performance and safety. Smart tires are equipped with sensors, microchips, and connectivity features to monitor various parameters and interact with the vehicle’s systems,” says a Fact.MR analyst.
Market Competition
The competitive landscape in the smart tire market is characterized by the presence of several key players, including established tire manufacturers, technology companies, and automotive suppliers. These companies are actively investing in research and development, strategic partnerships, and product innovations to gain a competitive edge.
- March 2023: NFC-based sensing processors with energy-harvesting capabilities are critical for developing passive smart devices with high accuracy, efficiency, and design simplicity in a variety of IoT applications. Infineon Technologies AG expanded its line of NFC tag-side controllers with the release of the NGC1081.
- March 2023: Siemens delivered automation and driving technology to several factories of Continental Tires worldwide under a strategic supplier arrangement. The tire manufacturer intends to enhance its production capacities by using several smart technologies.
The global market for smart tyres is fairly fragmented, with a small number of large and medium-sized market players accounting for the great majority of sales. The development, testing, and release of more effective and high-performance smart tyres are just a few of the techniques that major corporations are employing, in addition to mergers and acquisitions, strategic partnerships, and contracts.
- Goodyear Tire & Rubber Company completed the acquisition of Cooper Tire & Rubber Company in June 2021. The merger brings together two top tire firms with complementary product portfolios, services, and capabilities, resulting in increased global tire industry leadership. The companies are set to work together to focus on consumers, cutting-edge technology, and high-quality products and solutions.
- Pirelli & C. S.p.A. introduced its first high-load index tire in July 2021, which is a new form of tire particularly catering to electric or hybrid cars and SUBs and meant to sustain larger vehicles while also supporting 20% more weight than regular types of tires.
Key Companies Profiled
- The Goodyear Tire & Rubber Co.
- NEXEN TIRE Corporation
- Michelin Group
- Bridgestone Corporation
- Continental AG
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart tire market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product type (connected tires, intelligent tires), technology (pneumatic tires, run-flat tires, non-pneumatic tires), sensor type (TPMS, accelerometer sensors, strain gauge sensors, RFID sensors), vehicle type (passenger cars, commercial vehicles, electric vehicles), and sales channel (OEMs, aftermarket), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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