Global Smart Tire Market (2019-2025) | Size, Automotive, Tyre, Growth, Share, Forecast, Revenue, Trends, Analysis, industry & Outlook

Latest 2023 Developments of the Global Smart Tire (Tyre) Market

Global Smart Tire Market is witnessing innovation as on 18 Dec 2019, Bridgestone Corporation announced the development of technology that can predict wheel axle load and tyre wear by using sensors present in the tires. Continental tires introduced advanced sensors which will not only keep track of pressure and air but also notify of potential damage, low tread, and changes in temperature indicating risky driving conditions. These tires are being innovated to improve fuel efficiency also. JK Tyres has introduced smart tires for EV vehicles which are equipped with features such as Low Noise Emission, Low Rolling Resistance, and Superior Wet Traction to ensure an environmentally-friendly driving experience.

JK has recently developed a complete range of EV Specific Smart Radial Tires for all categories of buses, Passenger cars, and LCVs. JK has developed this technology in order to meet the specific needs of EVs and ensures ultra-low rolling resistance, superior wet and dry traction, high durability, and low energy consumption.

Mergers And Acquisition:

• On 08 Aug 2019, JK Tyre acquired TREEL Mobility.
• On 02 Aug 2021, Bridgestone agreed to purchase Azuga Holdings.

Global Smart Tire (Tyre) Market Synopsis

Global smart Tyre market report thoroughly covers the market by vehicle type, technology, distribution channels, and regions including North America, Latin America, Europe, Asia Pacific, and the Rest of the World, and by key countries. The Global Smart Tire Industry Outlook report provides an unbiased and detailed analysis of the ongoing global smart Tire market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Smart Tire Market offers certain key features such as information on the pressure and temperature of Tire, condition of roads, wear and tear data and load statistics. Further, smart Tires are equipped with IoT-enabled sensors and a rubber layer which helps in the overall vehicle management process. 

Surging investment in research and development of smart tires is driving the growth of the industry. Increasing innovation of smart tires by the manufacturers coupled with adaptability to perform less wear and tear is proliferating the development of the market. Moreover, the rising integration of smart features along with advancements in technology is adding to the Smart Tire Market Share.  The growing usage of AI in smart tires is also accelerating the development of the market. Surging disposable income coupled with improvement in the standard of living is driving the demand for luxury cars which is further leading to the growth in the market.

According to 6Wresearch, the Global smart tire market size is projected to witness considerable growth during 2019-2025. The Tire manufacturers are taking initiatives to promote the adoption of smart Tire over existing traditional Tire. With the decline in prices of smart Tires, the demand is anticipated to increase. Further, as the market for connected vehicles is rising considerably the penetration of smart Tires is projected to increase over the coming years. Additionally, the government of several countries has introduced mandates for passenger and commercial vehicles to have Tire pressure monitoring systems (TPMS). 

Global Smart Tire Market is antiquated to find its true potential underpinned by an increase in the manufacturing of connected cars concurrently increasing the development of smart tires with the rising artificial intelligence in the developed and developing regions which are further estimated to boost the growth of the smart tire market. Moreover, the rising number of the upper-middle-class population globally who afford to purchase connected vehicles which are equipped with sensor-based technologies and provide salient features like offering greater grip facility during rain and great stopping power to ensure fewer road accidents is expected to act as a growth driving factor for the smart tire market globally in the forthcoming years.

Market Analysis By Vehicle Types

The passenger vehicle segment dominates the overall Global Smart Tire Market share, based on vehicle types. 

Market Analysis By Region

In terms of regions, Europe and North America would remain the key revenue-generating regions. Europe is the key region generating demand for the smart Tire market owing to the fast adoption of new technologies in the region, followed by the North America region. 

Market Analysis By Technology

Based on technology, Pneumatics Tire acquired the leading share in the market revenues pie owing to the low pricing as compared to the non-pneumatic Tire.

Key players in the Market

Some of the key players in the Global Smart Tire Market are:

• Continental AG
• Bridgestone Corporation
• Michelin
• The Goodyear Tire & Rubber Co.
• Pirelli & C. S.p.A
• The Yokohama Rubber Company, Limited
• Hankook Tire & Technology Co., Ltd.
• Nokian Tyres Plc.
• Toyo Tire Corporation
• Sumitomo Rubber Industries, Ltd.
• JK Tyres & Industries Ltd., 

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2015 to 2018.
• Base Year: 2018.
• Forecast Data until 2025.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Global Smart Tire Market Overview
• Global Smart Tire Industry Outlook
• Global Smart Tire Market Forecast
• Historical Data of Global Smart Tire Market Revenues for the Period 2015-2018
• Global Smart Tire Market Size and Global Smart Tire Market Forecast of Revenues, Until 2025
• Historical Data of Global Smart Tire Market Revenues, by Vehicle Type, for the Period 2015-2018
• Market Size & Forecast of Global Smart Tire Market Revenues, by Vehicle Type, until 2025
• Historical Data of Global Smart Tire Market Revenues, by Technology Type, for the Period 2015-2018
• Market Size & Forecast of Global Smart Tire Market Revenues, by Technology Type, until 2025
• Historical Data of Global Smart Tire Market Revenues, by Distribution Channels, for the Period 2015-2018.
• Market Size & Forecast of Global Smart Tire Market Revenues, by Distribution Channels, until 2025
• Historical Data of North America Smart Tire Market Revenues, for the Period 2015-2018.
• Market Size & Forecast of North America Smart Tire Market Revenues, until 2025.
• Historical Data of Europe Smart Tire Market Revenues, for the Period 2015-2018.
• Market Size & Forecast of Europe Smart Tire Market Revenues, until 2025.
• Historical Data of Asia Pacific Smart Tire Market Revenues, for the Period 2015-2018.
• Market Size & Forecast of Asia Pacific Smart Tire Market Revenues, until 2025.
• Historical Data of Rest of the World Smart Tire Market Revenues, for the Period 2015-2018.
• Market Size & Forecast of Rest of the World Smart Tire Market Revenues, until 2025.
• Market Drivers and Restraints
• Global Smart Tire Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis 
• Market Opportunity Assessment
• Global Smart Tire Market Share, By Players
• Global Smart Tire Market Overview on Competitive Benchmarking
• Company Profiles 
• Key Strategic Recommendations

Markets Covered

The Global smart Tire market report provides a detailed analysis of the following market segments:

By Technologies

• Pneumatics Tires
• Non- Pneumatics Tires

By Vehicle Types:

• Passenger Vehicles
• Commercial Vehicles

By Distribution Channels:

• OEM
• Aftermarket

By Regions:

• North America
• Latin America
• Europe
• Asia Pacific
• Rest of World

Global Smart Tire Market: FAQs