Automotive Intelligent Tires Market Size, Share, Growth, and Industry Growth by Type (Passenger Car Tire, Commercial Vehicle Tire, and Automotive Intelligent Tires), By Application (OEM, and Aftermarket), Regional Forecast To 2031

Updated On: 22 April 2024

Automotive Intelligent Tires Market REPORT OVERVIEW

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global automotive intelligent tires market size was USD 6386 million in 2022 and market is projected to touch 106961.31 Million by 2031, exhibiting a CAGR of 36.8% during the forecast period.

Automotive intelligent tires refer to the tires that are equipped with sensors and other electronic components that allow them to gather and transmit data related to their performance and the conditions of the road. These tires are part of the broader trend of smart vehicles, which use various sensors and advanced technologies to provide a safer and more efficient driving experience. Intelligent tires can collect a wide range of data, including tire pressure, temperature, and wear, as well as information about the road surface, such as grip and roughness.

One of the main benefits of intelligent tires is that they can help to improve safety on the roads. By providing real-time information about tire performance and road conditions, these tires can help drivers to avoid accidents and reduce the risk of skidding or losing control of the vehicle. They can also help to reduce fuel consumption by optimizing tire pressure and reducing rolling resistance.

COVID-19 Impact: Slowed Research Disrupted Market Demand.

COVID-19 had a life changing impact globally. The global automotive intelligent tires market share was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for automotive intelligent tires experienced a reduced demand.

The pandemic had caused disruptions to global supply chains, which has affected the availability of raw materials and components needed to manufacture intelligent tires. This has led to delays and price increases in some cases. It also caused significant disruptions to research and development activities, including those related to intelligent tires. Many companies have had to delay or reduce their R&D efforts due to lockdowns, travel restrictions, and other logistical challenges.

Furthermore, the economic impact of the pandemic has led to a decrease in consumer demand for new vehicles, including those equipped with intelligent tire technology. This has resulted in some companies delaying the launch of new products or reducing their production volumes. The pandemic had significant impact on the global automotive intelligent tires market share.

LATEST TRENDS

"Growth in Fleet Management to Benefit Market Prospects"

There has been a significant increase in the use of intelligent tires in fleet management. Companies are using this technology to track their vehicles' performance and optimize their maintenance schedules, which can help to reduce costs and improve efficiency. One of the latest developments in the automotive intelligent tires market is the integration of this technology with autonomous vehicles. These tires can provide real-time data about tire pressure, wear, and road conditions, which can be used to improve the performance and safety of autonomous vehicles.

Another recent development in the automotive intelligent tires market is the emergence of wireless sensor technology. This technology eliminates the need for physical wiring, making it easier and more cost-effective to install intelligent tire systems. Intelligent tire technology is also being used in commercial aviation to improve safety and efficiency. These tires can collect data on tire pressure, temperature, and wear, which can help airlines to optimize their maintenance schedules and reduce the risk of accidents. These latest developments are anticipated to boost the global automotive intelligent tires market growth.

Automotive Intelligent Tires Market SEGMENTATION

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• By Type

Based on type, the market is divided into Passenger Car Tire, Commercial Vehicle Tire, and Automotive Intelligent Tires.

• By Application

Based on application, the market is bifurcated into OEM, and Aftermarket.

DRIVING FACTORS

"Increasing Safety Concerns to Boost Market Share"

Road safety is a major concern for governments and consumers around the world. Intelligent tires can provide real-time data on tire pressure, temperature, and wear, as well as information about road conditions, which can help drivers to make informed decisions and avoid accidents. As a result, there is a growing demand for intelligent tires among safety-conscious consumers. Governments around the world are implementing regulations to improve road safety and reduce carbon emissions. Intelligent tires can help to meet these regulatory requirements by providing better performance and efficiency.

"Technology Integration to Boost Market Size"

Fuel efficiency is becoming increasingly important as consumers and governments seek to reduce carbon emissions and lower their environmental impact. Intelligent tires can help to improve fuel efficiency by optimizing tire pressure and reducing rolling resistance. Recent advancements in sensor technology have made it possible to collect real-time data on tire performance and road conditions. This has led to the development of more advanced intelligent tire systems, which can provide more accurate and detailed information to drivers and fleet managers. These factors are anticipated to boost the global automotive intelligent tires market share.

RESTRAINING FACTORS

"Security Concerns to Hamper Market Share"

Intelligent tire systems rely on sensors and data communication technologies that are vulnerable to cyber-attacks. Cybersecurity concerns can limit adoption among safety-conscious consumers and fleet managers. Despite the potential benefits of intelligent tires, many consumers and fleet managers are not aware of this technology. Intelligent tire systems may not be compatible with all vehicles, which can limit their adoption. These factors are expected to hinder the global automotive intelligent tires market share.

Automotive Intelligent Tires Market REGIONAL INSIGHTS

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"North America Dominates the Automotive Intelligent Tires Market"

North America is the major shareholder for the global automotive intelligent tires market share. North America has a large automotive industry and a high demand for advanced technologies that can improve vehicle safety and performance. The region is also home to several major tire manufacturers and research institutions that are actively developing intelligent tire technologies. The region is a major market for intelligent tires, with several automotive manufacturers and fleet operators adopting these tires for their vehicles. APAC is the second major shareholder in the global automotive intelligent tires market share.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Bridgestone [Japan]
• Continental AG [Germany]
• Goodyear [U.S.]
• Michelin [France]
• Pirelli [Italy]
• Yokohama Rubber [Japan]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.