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Automotive Tire Analytics Market: Introduction

  • Demand for better fleet management solutions is increasing owing to the growing concerns about safety and the need to cut costs. Traditional tire-pressure monitoring systems (TPMS), which alert drivers about the tires with low pressure and also automatically inflate tires, have transformed over the last few years.
  • Tire analytics solutions offered by market players are sophisticated tire management systems capable of doing all the aforementioned tasks and much more, with the help of telematics, data analytics, and machine learning technologies

Key Drivers of Automotive Tire Analytics Market

  • Steady increase in the number of vehicles on-road has led to congestions and frequent accidents. According to the statistics gathered by the European Union, more than 23,400 people lost their lives in road accidents on roads across Europe, out of which 45% were vehicle occupants. Wear of tires is a major reason for these accidents, as tires couldn’t achieve optimum grip on the road to stop the vehicle. These factors have led to increased focus on advanced tire monitoring and management solutions, which assist in maintaining the tires in optimum condition and alert the vehicle owner when tires need to be replaced. Thus, growing concerns about vehicle safety is a major factor propelling the global automotive tire analytics market.
  • Governments of various nations have implemented stringent rules for transport emissions due to which commercial fleet owners as well as passenger vehicle owners are preferring solutions that reduce fuel consumption of the vehicle and subsequently, its emissions. Tires play a vital role in controlling fuel consumption of the vehicle. The optimum size of tire assists vehicle owners to reduce fuel consumption by 20%, which results in reduction in emissions and operational costs. Hence, demand for tire analytics platforms is increasing to select the best suitable tires, which in turn is boosting the global automotive tire analytics market.

Challenges in Automotive Tire Analytics Market

  • Automotive tire analytics solutions are expensive. Furthermore, sharing of vehicle data over internet poses a risk of data theft. These factors are hampering the global automotive tire analytics market.

Impact of COVID-19 pandemic on Automotive Tire Analytics Market

  • Recent outbreak of COVID-19 pandemic disrupted automotive supply chains, thus creating a shortage of raw materials and components. Several nations across the globe are presently facing the second wave of this pandemic, which is further hampering the automotive industry and in turn the whole global economy. This disruption has negatively impacted the global automotive tire analytics market.

North America and Europe to hold significant share of global automotive tire analytics market

  • Governments in North America and Europe region have strengthened their regulations related to safety of drivers. Legislators in the U.S. included tire maintenance system/ solution as part of its TREAD Act legislation, which was intended to address growing driver safety concerns. Likewise, according to the United Nations regulation UNECE-R64, countries and sub-regions in Europe adopted a legislation about tire maintenance system, such as tire analytics, for new vehicle models, which began from the end of 2012, and also for all vehicles from November 2014, primarily for environmental reasons. Moreover, these regions are early adopters of technologies. Currently, in the U. S., all new vehicles are provided with tire analytics. These factors make North America and Europe leading regions in the global automotive tire analytics market.

Key Players Operating in Automotive Tire Analytics Market

The global automotive tire analytics market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive tire analytics market are:

  • Aperia Technologies, Inc.
  • Bridgestone Corporation
  • Continental AG
  • Dynamon
  • Hankook Tire & Technology Co., Ltd.
  • PhaseZero Ventures LLC (Rhombus)
  • Sensata Technologies, Inc.
  • The Goodyear Tire & Rubber Company
  • Tire Analytics Incorporated
  • TireConnect

Global Automotive Tire Analytics Market: Research Scope

Global Automotive Tire Analytics Market, by Application

  • Tire health monitoring
  • Tire purchase
  • Marketing
  • Others

Global Automotive Tire Analytics Market, by Vehicle Type

  • Passenger Vehicle
  • Hatchback
  • Sedan
  • Utility Vehicles
  • Light Commercial Vehicle
  • Trucks
  • Buses and Coaches

Global Automotive Tire Analytics Market, by Sales Channel

  • OEM
  • Aftermarket

Global Automotive Tire Analytics Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Nordic Region
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

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Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Automotive Tire Analytics Market