The size of the automotive smart tire market was estimated to be worth USD 87.48 billion in 2022 and is projected to increase at a compound annual growth rate (CAGR) of 8% to reach USD 161.91 billion by 2030. The rising technological advancement in the automotive industry which will be supporting the overall growth of the market.   

Automotive Smart Tires, equipped with cutting-edge sensors and connectivity features, are gaining prominence in the automotive sector. These intelligent tires offer real-time data on tire pressure, temperature, and tread wear, enhancing vehicle safety and performance.

Market Scope:  

The market’s growth is fueled by the increasing demand for smart and connected vehicles, as well as a growing awareness of the importance of tire health for overall road safety. Moreover, the integration of these smart tires with existing automotive systems is seamlessly contributing to their widespread adoption. As the automotive industry moves towards greater automation and connectivity, the Automotive Smart Tire Market is poised for sustained growth, presenting manufacturers and stakeholders with lucrative opportunities for innovation and market expansion.  

Key Companies:

• Michelin Group (France)
• Bridgestone Corporation (Japan)
• The Goodyear Tire & Rubber Co (USA)
• NEXEN TIRE Corporation (Korea)
• Continental AG (Germany)
• Sumitomo Rubber Industries, Ltd. (Japan)
• Pirelli & C. S.p.A. (Italy)

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Opportunity Analysis:  

The integration of smart tire technologies, encompassing sensors and connectivity features, presents a promising avenue for market growth. As vehicles become increasingly connected and autonomous, the demand for intelligent tire solutions rises in tandem. Opportunities lie not only in enhancing safety through real-time monitoring but also in optimizing fuel efficiency and tread longevity. Moreover, the market is poised for expansion as manufacturers explore innovative materials and design elements to meet sustainability goals. The discerning analysis of these multifaceted prospects reveals a landscape ripe for innovation and collaboration, paving the way for a transformative era in the automotive industry.     

Segment Analysis:

Automotive smart tires are tires equipped with sensors and electronics that provide real-time information about tire pressure, temperature, and tread depth. This information can be used to improve vehicle safety, fuel efficiency, and performance. The automotive smart tire market is segmented by type of tire, including pneumatic tires, run-flat tires, and non-pneumatic tires. Pneumatic tires are the most common type of tire, and they are expected to remain the dominant segment of the automotive smart tire market in the near future. However, run-flat tires and non-pneumatic tires are gaining popularity due to their potential to improve safety and reduce maintenance costs.  

Regional Analysis:

APAC region will be the highest growing region as the APAC automotive landscape is witnessing a significant surge in the adoption of smart tire technologies, driven by the region’s burgeoning automotive industry and a growing emphasis on vehicle safety and efficiency. With a rising middle-class population and increasing urbanization, there is a heightened demand for advanced automotive solutions. Smart tires, equipped with sensors and integrated technologies, are gaining traction as they offer real-time monitoring of tire pressure, temperature, and tread wear. This not only enhances vehicle safety but also contributes to fuel efficiency and overall performance. The APAC region’s diverse market presents opportunities for both established players and emerging innovators in the automotive smart tire sector.

Key Takeaways:  

• The market is also experiencing a notable shift towards eco-friendly solutions, with smart tires designed to optimize fuel efficiency and reduce carbon emissions.
• The integration of smart tire technology with connected car ecosystems is fostering a new era of vehicle-to-everything (V2X) communication, paving the way for improved traffic management and overall road safety.

Recent Industry Development  

• Michelin is developing a new type of tire that can self-inflate when it is low on pressure. This tire will use sensors to monitor tire pressure and then use a compressor to inflate the tire if it is below a certain level. This technology could help to prevent tire blowouts and improve safety.
• Continental is developing a new type of tire that can change its shape to adapt to different driving conditions. This tire will use sensors to monitor road conditions and then adjust its shape to provide optimal grip and handling. This technology could improve fuel efficiency and performance.   

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