Connected Tire Market is anticipated to reach a value CAGR of 74.5% over 2019-2028. According to a study published by Insure Insights on the Connected Tire Market, Connected tires are those tires that are embedded with sensors so as to make driving safer and more convenient for consumers. The sensors are capable of collecting essential data and information and can be used to assess the vertical load in cars. The technological advancements in connected tires have driven the market growth.
Top Driver: Increase in the number of vehicles worldwide is primarily driving the market
There has been a significant increase in the number of vehicles worldwide; the rise in consumer spending of the consumers has enhanced market growth. The rise in the stringent government regulations for safety features in vehicles and consumer demands for advanced tires have further expanded the growth in the market. The increase in the production of Connected tires in the developed economies, and the rise in the automotive aftermarket industry, have further propelled the market growth.
Passenger Cars in the Application Segment have obtained the highest growth in the Global Connected Tire Market
Based on the Application Segment, Home Passenger Cars has held the highest growth in the market; this is basically due to the increase in the government initiatives for connected tire and due to the rise in the research and development activities for connected tire. The rise in the popularity for luxury passenger cars and rapid industrialization have further enhanced market growth. The increase in production and sales of a passenger car in developing economies like India, China, is further enhancing the market growth.
Based on the Rim Size segment, Rim Size more than 22″ have dominated the market growth. As there is a high demand for high rim size wheels’ passenger car and predictive maintenance by transport fleet owners in order to reduce the operating cost car have further boosted the growth. Based on the Sales Channels aftermarket segment have obtained the highest growth due to the increased penetration of manufacturers in aftermarket and increase in replacement and repair of tires
North America would rule the regional market due to the presence of a majority of key players
The Presence of key companies like The Goodyear Tire & Rubber Co., Michelin, Continental AG, and Pirelli & C. S.p.A. is the major reason that North America is dominating the regional market growth. The rise in the per capita income of the consumers is expected to enhance the regional market growth. The Presence of a large customer base, and the rise aftermarket industry, is expanding the market growth. Large aftermarket industries in countries such as the US, Canada, and Mexico are boosting regional growth.
Players to Focus on bringing out advancements to enhance the growth of the Market
The Global Connected Tire Market is expected to rise from 2019-2028. The players focus on bringing out various advances in the connected tire market. The Goodyear Tire & Rubber Co., Continental AG, Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Hankook Tire, Michelin, Bridgestone Corporation, Sumitomo, Nokian, and Toyo Tire & Rubber Co. Ltd. are key players in the market.
The Goodyear Tire & Rubber Co.: The Goodyear Tire & Rubber Co. is one of the key competitors in the Connected Tire market. In April 2020, Goodyear had announced that they are developing intelligent tire with proprietary self-learning algorithms and a sensor. These technologies are used to be used in tires as it makes it possible for the tire to offer a shorter stopping distance and lends the ability to communicate with autonomous driving systems.
Continental AG: Continental AG is one of the major competitors of the Global Connected Tire Market. For instance, In May 2018 Continental AG had announced the launch of Intelligent’ Tires as Part of Digital Solution for Fleets, these tires are equipped with the patented TPMS sensor, that allows them to pair with its suite of digital tire monitoring solutions.
Scope of the Report
By Rim Size
• 12″ – 17″
• 18″ – 21″
• More than 22″
By Sales Channel
• Passenger Cars
• Commercial Vehicles
• North America
• Asia Pacific
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