The connected tires market has experienced exponential growth, rising from $7.19 million in 2023 to $10.19 million in 2024, reflecting a CAGR of 41.7%. The market is driven by the need for real-time tire monitoring, fuel efficiency, and smart vehicle technologies. It is expected to reach $41.33 million by 2028, driven by IoT integration, demand for vehicle safety, and predictive maintenance. Key trends include digital twin technology, advanced sensor innovations, and subscription-based tire services.
Major Driver In The Connected Tires Market
The increasing adoption of autonomous vehicles is projected to boost the connected tires market. Autonomous vehicles, equipped with advanced technology, navigate without human intervention. Connected tires provide critical data for safety and performance monitoring. The National Association of Insurance Commissioners projected in December 2022 that there would be 3.5 million autonomous vehicles on U.S. highways by 2025, increasing to 4.5 million by 2030. Thus, the rise in autonomous vehicle adoption is driving the growth of the connected tires market.
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Connected Tires Market Competitive Landscape
MRF Limited, ZF Friedrichshafen AG, Continental AG, Bridgestone Corporation, Compagnie Générale des Établissements Michelin, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Toyo Tire Corporation, Trelleborg AB, Shandong Linglong Tire Co. Ltd., Titan International Inc., Nexen Tire Corporation, Nokian Tyres plc, CEAT Limited, Qingdao Doublestar Co. Ltd., Giti Tire Corporation, Sailun Group Co. Ltd., NIRA Dynamics AB, Transense Technologies plc
Key Connected Tires Market Trend
The connected tires market is seeing innovations like smart TPMS sensors designed to improve vehicle safety and performance. Smart TPMS sensors monitor tire pressure and temperature in real-time, ensuring safety and efficiency. In September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched the XENSIV SP49 tire pressure monitoring sensor. This sensor offers high accuracy, durability, and seamless integration with vehicle electronics for real-time monitoring and alerts, enhancing overall vehicle performance and safety.
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Connected Tires Market Segmentation
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
By Geography:The regions covered in the connected tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the connected tires market in 2023.
The Connected Tires Global Market Report 2024 furnishes information about the global connected tires market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
