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Global Automotive Smart Tire Market
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Global Automotive Smart Tire Market

Home Automotive And Transportation Global Automotive Smart Tire Market

Global Automotive Smart Tire Market, By Application (Commercial Vehicle, Passenger Vehicle), By Product (Tires, Sensors), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: August 2021
  • Report ID: BWC2165
  • Available Format: PDF
  • Page: 400

Report Overview

The global automotive smart tire market is immensely gaining popularity in the automobile industry because of the emergence of connected and autonomous vehicles and the introduction of technology in various automobile components.

Global Automotive Smart Tire Market - Industry Trends & Forecast Report, 2027

The global automotive smart tire market was worth USD 78.3 billion in 2020 and is further projected to reach USD 118.6 billion by the year 2027, growing at a CAGR of 6.2% during the forecast period. With the emergence of connected and autonomous vehicles and the use of technology in various automobile components, automotive smart tires are gaining huge popularity in the industry. A further driving factor for the global automotive smart tire market is the growing concern over safety and maintenance.

automotive smart tire market

Source: BlueWeave Consulting

Global Automotive Smart Tire Market- Overview

Automotive smart tires are tires equipped with modern sensors to track the tire pressure and alert the drivers when the automobile needs regular maintenance through smartphone devices. These technologically advanced tires are not only capable of automatically monitoring tire pressure, but they also provide a variety of conveniences such as registering abnormal temperatures, detecting small punctures, predicting hazards, and alerting drivers to potential damage. These features reduce repair and maintenance costs and provide comfortable rides.

Global Automotive Smart Tire Market Forecast and Trends

Growth Drivers

Growing Trend of Shared Vehicle and Automated Maintenance Alerts

From the perspective of the environment, sharing vehicles are benefiting urban cities as it helps in reducing carbon emissions per head. This is a primary factor that is creating immense growth opportunities for the global automotive smart tires market. This is because automatic route planning, error reporting, and servicing benefit the smart sensors fitted in the shared vehicles. These sensors self-report the issues to a cloud-based system so that preventive maintenance and repairs can be performed.

Technological Advancements in Automotive Smart Tire Technology

The automotive smart tire manufacturers are investing heavily in R&D to gain a competitive edge by advancing products and introducing innovative technologies. As smart tire technology becomes more accessible, this is expected to significantly expand the global market. For example, the Italian manufacturer Pirelli is developing smart tires and sensors capable of detecting street changes, predicting dangerous situations, and taking automatic options to prevent them. It is even possible for some technologies to predict potential damage to the automobile.

Restraints

Lack of Standard Regulations and Price Policy

Smart tires and sensors for vehicles are very expensive and difficult to deal with, which poses a restriction on the growth of the global automotive smart tire market. Even though tire pressure monitors are a mandatory feature in several countries, the adoption of automotive smart tires is still restricted among the elite. This is because of the lack of standard regulatory policies for the technology automakers, which allows them to control the price.

Impact of COVID-19 on Global Automotive Smart Tire Market

The global automotive smart tire market was tremendously hit by the COVID-19 pandemic. In the wake of the nationwide lockdowns imposed by several countries to check the spread of the virus, the automobile industry was among the most severely affected. Due to social distancing protocols and labor shortages, automobile manufacturing and production activities were completely restricted. Consequently, automakers suffered severe losses as a result of a sharp decline in sales of automotive smart tires and sensors. Also, the restrictions on imports and exports affected the distribution channels, although manufacturing activities had resumed after the lockdown restrictions were lifted.

Global Automotive Smart Tire Market - By Application

Based on applications, the global automotive smart tire market is segmented into commercial vehicles and passenger vehicles. The commercial vehicle segment held the largest market share and is likely to maintain its dominance even during the forecast period. As the shared vehicle market grows in urban areas, this segment is gaining significant traction. Ride-sharing is expected to be the future of the automobile industry, since it is flexible, convenient, reduces costs, and is environmentally friendly. Moreover, the growing adoption of smart tire sensors allows fleet owners to monitor elements like fuel consumption, carbon emission, and much more.

Global Automotive Smart Tire Market - By Product

Based on products, the global automotive smart tire market is segmented into tires and sensors. Sensors are in high demand in the market, and as a result, this segment accounts for the largest market share. Sensors connected to the tires can automate their own inspection of driving conditions such as grip on ice, aquaplaning resistance, even without manual inspection by a human. This ensures higher safety and better management and maintenance of automobiles. Due to these features, smart tire sensors are gaining significant traction and are also projected to grow at a high CAGR during the forecast period.

Global Automotive Smart Tire Market - Regional Insights

Geographically, the global automotive smart tire market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, Europe accounts for the largest market share because of the presence of several leading luxury automobile manufacturers like Ford, Mercedes-Benz, Porsche, Volkswagen, etc., which are increasingly adopting advanced technology like automotive smart tires into their products. Furthermore, the strong economic foothold and high disposable income of people belonging to this region also play a crucial role in fueling the growth of the automotive smart tire market.

Competitive Landscape

The leading market players in the global automotive smart tire market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revvo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc., Maxxis International, and other prominent players.

To expand their product portfolio and gain a competitive advantage, leading auto tire manufacturers often pursue competitive strategies such as mergers, partnerships, acquisitions, collaborations, etc. Collaboration provides companies with access to a wide range of resources and expertise that helps them develop and innovate to stay competitive in the market.

Recent Developments

  • In June 2021, Bridgestone, the tire-making giant, announced their investment as well as the partnership with Kodiak Robotics, the Silicon Valley-based startup autonomous truck, to test and develop smart tire technology.

  • In June 2021, Pirelli, an Italian multinational tire manufacturer, incorporated the tire-pressure monitoring system (TPMS) into the new McLaren Arturia plug-in hybrid supercar.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, the United Kingdom, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, United Arab Emirates, South Africa, Saudi Arabia

Product Service/Segmentation

By Application, By Product, By Region

Key Players

Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revvo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc., Maxxis International, and other prominent players.

 

By Application

  • Commercial Vehicle

  • Passenger Vehicle

By Product

  • Tires

  1. Connected Tires

  2. Intelligent tires

  • Sensors

  1. TPMS

  2. RFID

  3. Strain Gauge

  4. Accelerometer

  5. Others

By Region

  1. North America

  2. Europe

  3. The Asia-Pacific

  4. Latin America

  5. The Middle East & Africa

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Key Market Segments
  2. Research Methodology
    1. Qualitative Research
    2. Methodology
    3. Regional Split of Primary & Secondary Research
    4. Secondary Research
    5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
    6. Market Size Estimation
    7. Assumptions for the Study
    8. Market Breakdown & Data Triangulation
  3. Executive Summary
  4. Industry Insight and Growth Strategy
    1. Value Chain Analysis
    2. DROC Analysis
      1. Market Drivers
        1. Growing Trend of Shared Vehicle and Automated Maintenance Alerts
        2. Technological Advancements in Automotive Smart Tire Technology
      2. Market Restraints
        1. Lack Of Standard Regulations And Price Policy
      3. Market Challenges
        1. Negative Influence of the COVID-19
      4. Market Opportunity
        1. Growing Penetration Of 5G and AI
        2. Favorable Government Policies
    3. Recent Developments
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
  5. Global Automotive Smart Tire Market Overview
    1. Market Size & Forecast by Value, 2017-2027
    2. Market Size and Forecast, By Segment
      1. By Application
        1. Commercial Vehicle
        2. Passenger Vehicle
      2. By Product
        1. Tires
          1. Connected Tires
          2. Intelligent tires
        2. Sensors
          1. TPMS
          2. RFID
          3. Strain Gauge
          4. Accelerometer
          5. Others
      3. By Region
        1. North America
        2. Europe
        3. Asia-Pacific
        4. Latin America
        5. Middle East & Africa
  6. North America Automotive Smart Tire Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
      1. By Application
      2. By Product
      3. By Country
        1. U.S.
        2. Canada
  7. Europe Automotive Smart Tire Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
      1. By Application
      2. By Product
      3. By Country
        1. Germany
        2. U.K.
        3. Russia
        4. France
        5. Italy
        6. Spain
        7. Rest of Europe
  8. APAC Automotive Smart Tire Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
      1. By Application
      2. By Product
      3. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of APAC
  9. LATAM Automotive Smart Tire Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
      1. By Application
      2. By Product
      3. By Country
        1. Mexico
        2. Brazil
        3. Rest of LATAM
  10.  MEA Automotive Smart Tire Market Overview
    1. Market Size and Forecast
      1. By Value (USD Billion), 2020-2027
    2. Market Share and Forecast
    3. By Application
    4. By Product
    5. By Country
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Rest of MEA
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking by Operating Parameters
  12. Impact of COVID-19 on Global Automotive Smart Tire Market
  13. Company Profiles (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Continental AG
    2. Bridgestone Corporation
    3. Michelin
    4. The Goodyear Tire & Rubber Co.
    5. Pirelli & C. S.p.A
    6. The Yokohama Rubber Company, Limited
    7. Hankook Tire & Technology Co., Ltd.
    8. Nokian Tyres Plc.
    9. Toyo Tire Corporation
    10. Sumitomo Rubber Industries, Ltd.
    11. JK Tyres & Industries Ltd.
    12. Revvo Technologies, Inc.
    13. NXP Semiconductors
    14. Schrader TPMS Solutions
    15. Infineon Technologies AG
    16. Titan International Inc.
    17. Maxxis International
    18. Other Prominent Players
  14. Key Strategic Recommendations

 

List of Figures

 

Figure 1: Global Automotive Smart Tire Market Segmentation

 

Figure 2: Global Automotive Smart Tire Market Value Chain Analysis,

 

Figure 3: Company Market Share Analysis, 2020

 

Figure 4: Global Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 5: Global Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 6: Global Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 7: Global Automotive Smart Tire Market Share (%), By Country, By Value, 2017-2027

 

Figure 8: North America Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 9: North America Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 10: North America Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 11: North America Automotive Smart Tire Market Share (%), By Country, By Value, 2017-2027

 

Figure 12: Europe Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 13: Europe Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 14: Europe Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 15: Europe Automotive Smart Tire Market Share (%), By Country, By Value, 2017-2027

 

Figure 16: the Asia-Pacific Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 17: the Asia-Pacific Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 18: the Asia-Pacific Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 19: Asia-Pacific Automotive Smart Tire Market Share (%), By Country, By Value, 2017-2027

 

Figure 20: Latin America Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 21: Latin America Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 22: Latin America Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 23: Latin America Automotive Smart Tire Market Share (%), By Country, By Value, 2017-2027

 

Figure 24: Middle East & Africa Automotive Smart Tire Market Size, By Value (USD Billion), 2017-2027

 

Figure 25: Middle East & Africa Automotive Smart Tire Market Share (%), By Application, By Value, 2017-2027

 

Figure 26: Middle East & Africa Automotive Smart Tire Market Share (%), By Product, By Value, 2017-2027

 

Figure 27: Middle East & Africa Automotive Smart Tire Market Share (%), By Region, By Value, 2017-2027

 

 

List of Tables

 

 

Table 1: Global Automotive Smart Tire Market Size, By Application, By Value, 2017-2027

 

Table 2: Global Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 3: Global Automotive Smart Tire Market Size, By Region, By Value (USD Billion), 2017-2027

 

Table 4: North America Automotive Smart Tire Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 5: North America Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 6: North America Automotive Smart Tire Market Size, By Country, By Value (USD Billion), 2017-2027

 

Table 7: Europe Automotive Smart Tire Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 8: Europe Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 9: Europe Automotive Smart Tire Market Size, By Country, By Value (USD Billion), 2017-2027

 

Table 10: the Asia-Pacific Automotive Smart Tire Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 11: the Asia-Pacific Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 12: the Asia-Pacific Automotive Smart Tire Market Size, By Country, By Value (USD Billion), 2017-2027

 

Table 13: Latin America Automotive Smart Tire Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 14: Latin America Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 15: Latin America Automotive Smart Tire Market Size, By Country, By Value (USD Billion), 2017-2027

 

Table 16: The Middle-East & Africa Automotive Smart Tire Market Size, By Application, By Value (USD Billion), 2017-2027

 

Table 17: The Middle-East & Africa Automotive Smart Tire Market Size, By Product, By Value (USD Billion), 2017-2027

 

Table 18: The Middle-East & Africa Automotive Smart Tire Market Size, By Country, By Value (USD Billion), 2017-2027

 

Table 19: Continental AG Financial Analysis

Table 20: Continental AG Business Overview

Table 21: Bridgestone CorporationFinancial Analysis

Table 22: Bridgestone CorporationBusiness Overview

Table 23: Michelin Corporation Financial Analysis

Table 24: Michelin Corporation Business Overview

Table 25: The Goodyear Tire & Rubber Co.Financial Analysis

Table 26: The Goodyear Tire & Rubber Co.Business Overview

Table 27: Pirelli & C. S.p.AFinancial Analysis

Table 28: Pirelli & C. S.p.ABusiness Overview

Table 29: The Yokohama Rubber Company, Limited Financial Analysis

Table 30: The Yokohama Rubber Company, Limited Business Overview

Table 31: Hankook Tire & Technology Co., Ltd. Financial Analysis

Table 32: Hankook Tire & Technology Co., Ltd. Business Overview

Table 33: Nokian Tyres Plc. Financial Analysis

Table 34: Nokian Tyres Plc. Business Overview

Table 35: Toyo Tire CorporationFinancial Analysis

Table 36: Toyo Tire CorporationBusiness Overview

Table 37: Sumitomo Rubber Industries, Ltd. Financial Analysis

Table 38: Sumitomo Rubber Industries, Ltd. Business Overview

Table 39: JK Tyres & Industries Ltd.Financial Analysis

Table 40: JK Tyres & Industries Ltd. Financial Analysis

Table 41: Revvo Technologies, Inc. Financial Analysis

Table 42: Revvo Technologies, Inc. Business Overview

Table 43: NXP Semiconductors Financial Analysis

Table 44: NXP SemiconductorsBusiness Overview

Table 45: Schrader TPMS Solutions Financial Analysis

Table 46: Schrader TPMS Solutions Business Overview

Table 47: Infineon Technologies AG Financial Analysis

Table 48: Infineon Technologies AG Business Overview

Table 49: Titan International Inc.Financial Analysis

Table 50: Titan International Inc. Business Overview

Table 51: Maxxis International Financial Analysis

Table 52: Maxxis International Business Overview

Market Segmentation

By Application

  • Commercial Vehicle
  • Passenger Vehicle

By Product

  • Tires
  1. Connected Tires
  2. Intelligent tires
  • Sensors
  1. TPMS
  2. RFID
  3. Strain Gauge
  4. Accelerometer
  5. Others

By Region

  1. North America
  2. Europe
  3. The Asia-Pacific
  4. Latin America
  5. The Middle East & Africa
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Frequently Asked Questions (FAQs):

Ans: The global automotive smart tire market reached USD 78.3 billion in 2020.
Ans: The major factors driving the growth of the global automotive smart tire market are the growing trend of shared vehicles, automated maintenance alerts, and technological advancements in automotive smart tire technology.
Ans: The key players in the global automotive smart tire market are: Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revvo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc., Maxxis International, and other prominent players.
Ans: The commercial vehicle segment accounted for the largest share in the global automotive smart tire market.
Ans: Europe has the largest share in the global automotive smart tire market.