Published: Sep, 2019
Connected Tire Market to Reach a Valuation of ~US$ 200 Mn by 2030: Transparency Market Research
Transparency Market Research has published a new report on the global connected tire market for the forecast period of 2020–2030. According to the report, the global connected tire market is projected to reach ~US$ 200 Mn by 2030, expanding at a CAGR of ~75% during the forecast period of 2020 to 2030.
- According to the report, the global connected tire market is expected to expand significantly during the forecast period, driven by increased competition among tire manufacturers to offer unique solutions.
- The use of connected tires in vehicles is estimated to help tire manufacturers pitch to consumers the aftermarket replacement concept. Rising competition in the aftermarket and demand for consumer service are prompting tire manufacturers to develop intelligent and digital-friendly tires, such as connected tires.
- The rising trends of vehicle electrification and connected vehicles, globally, are estimated to boost the adoption of connected tires.
- Key players such as Pirelli, Michelin, Bridgestone, and Goodyear are successfully conducting pilot projects on connected tires and are expected to lead the global market
Expansion of Global Connected Tire Market
- The advent of autonomous and semi-autonomous driving is likely to propel the adoption of connected tires. The rising demand for digitalization and growing trends of mobile tethering and vehicle connectivity are estimated to boost the adoption of advanced vehicle tires, such as connected tires.
- Shift in the vehicle ownership trend from personal use to shared mobility is raising the number of miles driven using a set of tires. Tires are expected to deliver higher performance, and hence, there is the need to monitor tire health and predict the maintenance schedule in order to avoid unexpected failure or breakdown.
- The connected tire market in North America is anticipated to expand at a considerable pace, owing to the consumer acceptance of advanced technologies and demand for connected vehicle systems.
Based on rim size, the global connected tire market has been classified into 12" – 17", 18" – 21", and > 22". The 18" – 21" segment is anticipated to hold a major share of the connected tire market by 2030, owing to the rising consumer preference for larger wheels and high clearance vehicles such as SUVs that have larger wheels. The > 22" segment is anticipated to expand at a steady pace, due to the rising demand for connected tires in freight and haulage trucks.
Based on vehicle, the global connected tire market has been bifurcated into passenger vehicles and commercial vehicles. The commercial vehicles segment has been further sub-segmented into light commercial vehicles and heavy commercial vehicles. The passenger vehicles segment accounted for a notable share, as connected tires would be preferred in luxury and premium cars during the initial years of the forecast period. The commercial vehicles segment is anticipated to expand at a steady pace, as fleet owners seek newer solutions to monitor their tires in order to lower operating costs.
Regional Analysis of Global Connected Tire Market
- In terms of region, the global connected tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is anticipated to hold a prominent share in 2020, due to the high sales of premium and luxury vehicles in the region. Tire manufacturers such as Michelin and Pirelli have announced the launch of connected tires for the market in Europe. Asia Pacific is anticipated to hold a considerable share of the global connected tire market, with China and Japan contributing significantly to the demand in the region.
Prominent players operating in the global connected tire market include Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, Continental AG, and Pirelli & C.S.p.A.
The global connected tire market has been segmented as follows:
- Connected Tire Market, by Sales Channel
- Connected Tire Market, by Rim Size
- 12" – 17"
- 18" – 21"
- ≥ 22"
- Connected Tire Market by Vehicle
- Passenger Vehicles
- Commercial Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Connected Tire Market by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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