What Is The Scope Of The Global Connected Tires Market?
Connected tires are smart tires equipped with sensors and technology that allow them to communicate with other devices. These tires collect and transmit data about their performance, including information about tire pressure, temperature, wear, and other important metrics.
Connected Tires Global Market Report 2024 provides data on the global connected tires market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The connected tires market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Connected Tires Market?
The connected tires market has grown exponentially, projected to increase from $7.19 million in 2023 to $10.19 million in 2024, reflecting a CAGR of 41.7%. Growth drivers include a focus on reducing carbon emissions, rising demand for fleet management solutions, regulatory emphasis on vehicle safety, increased adoption of smart vehicle technologies, and the growing use of connected vehicles. The market is expected to continue its exponential growth, reaching $41.33 million by 2028 at a CAGR of 41.9%. Key factors include the demand for real-time tire performance monitoring, the rise of IoT and connected vehicle technologies, the focus on vehicle safety and predictive maintenance, growing demand for fuel efficiency, and the adoption of electric and autonomous vehicles. Trends to monitor include the integration with IoT ecosystems, advanced sensor technologies, smart tire technologies, digital twin technology, and subscription-based tire services.
Which Factors Are Boosting Growth In The Connected Tires Market?
The growing adoption of autonomous vehicles is expected to drive the growth of the connected tires market. Autonomous vehicles, which use advanced sensors, cameras, and AI to navigate without human intervention, are gaining traction due to technological advancements and environmental concerns. Connected tires are essential for these vehicles as they provide critical data to enhance safety, performance, and efficiency. For example, the National Association of Insurance Commissioners reported that the number of autonomous vehicles on U.S. roads is expected to reach 3.5 million by 2025. Therefore, the increasing adoption of autonomous vehicles is driving the connected tires market.
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What Key Areas Define The Segmentation Of The Global Connected Tires Market?
The connected tires market covered in this report is segmented –
1) By Component: Tire Pressure Monitoring System, Accelerometer Sensors, Strain Gauge Sensors, Radio-Frequency Identification chips
2) By Rim Size: 12-17 Inches, 18-22 Inches, More than 22 Inches
3) By Vehicle Type: Passenger Cars, Commercial Vehicles
4) By Application: Original Equipment Manufacturer (OEM), Aftermarket
How Are Emerging Trends Reshaping The Dynamics Of The Connected Tires Market?
Companies in the connected tires market are developing technologies like smart TPMS (tire pressure monitoring system) sensors to improve vehicle safety, performance, and efficiency. Smart TPMS sensors continuously monitor tire pressure and temperature, providing real-time data for better safety and vehicle performance. For example, in September 2023, Infineon Technologies AG, a German semiconductor company, introduced the XENSIV SP49 tire pressure sensor. This sensor offers precise measurements, durability, and wireless connectivity for seamless integration with vehicle systems to ensure accurate tire pressure monitoring and provide real-time alerts.
Which Region Has The Fastest Expansion In The Connected Tires Maket?
Asia-Pacific was the largest region in the connected tires market in 2023. The regions covered in the connected tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
