The Increasing Demand for Safety Features has Propelled the Growth of the Connected Tire Market in APAC!
- Himanshu Patni
- July 13, 2023
- AUTOMOTIVE, NEWS
- Connected Tire Market, Connected Tire Market Growth, Connected Tire Market share, Connected Tire Market size, Connected Tire Market trends
- 0 Comments
In the Asia-Pacific region, there is a growing need for enhanced safety measures when using connected tires. With the increasing adoption of digital technologies in the automotive industry, such as sensors and connectivity, there is a greater potential for tire-related incidents to occur. As a result, there is a heightened awareness of the importance of safety features in connected tires, such as real-time monitoring of tire pressure and temperature, and advanced warning systems to alert drivers of potential hazards. This emphasis on safety is driven by a desire to ensure that drivers and passengers can enjoy the benefits of connected technology without compromising their well-being. Moreover, the growing production rate of vehicles in this region also demands the need for the safety of passengers and vehicles.
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Further, the APAC Connected Tire Market is expected to grow at a strong CAGR of 60.0% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest-growing connected tire market primarily owing to the increase in demand for advanced technologies. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Amongst these, the passenger cars segment withholds a higher CAGR during the forecast period owing to the rising demand for road safety measures as a result of an increase in global road accidents. Additionally, the segment’s expansion has been helped along by an increase in passenger car sales around the world. For instance, in 2020, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that 54 million passenger cars and 24 million commercial vehicles will be sold worldwide. The availability of financial services to purchase vehicles, rising living standards, and consumer spending power are some of the main factors supporting passenger vehicle sales worldwide.
By rim size, the market is segmented into 12″ – 17″, 18″ – 21″, and more than 22″. Among these, 18”-21” captured the majority share of the connected tire market in 2021. The increase in sales of vehicles with rim sizes ranging from 18″ to 21″ is largely responsible for the segment’s expansion. Moreover, expanding interest in extravagance vehicles furnished with cutting edge includes further backings the segmental development as these wheels are much of the time utilized in extravagance vehicles.
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Global Connected Tire Market Segmentation
Market Insight, by Vehicle Type
o Passenger Car
o Commercial Vehicle
Market Insights, by Rim Size
o 12’’-17”
o 18”-21”
o More than 22’’
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of APAC
· Rest of the World