Connected Tire Market – Global Industry Analysis, Size, Share, Growth & Forecast (2022-2030)

Report Description

The connected tire market is expected to grow at a strong CAGR of around 40% during the forecast period owing to the increasing demand for smart and connected vehicles is driving the adoption of connected tires. These tires are equipped with sensors that collect real-time data about tire pressure, temperature, and wear, and transmit this information to the vehicle’s onboard computer or to a mobile app.

Moreover, connected tires are a new type of tire that is equipped with sensors and technology that allows 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. This data can be sent to a mobile app or to the vehicle’s onboard computer, providing drivers with real-time information about their tires and the road conditions.

Some of the major players operating in the market include Bridgestone Corporation; Continental AG.; Hankook Tire & Technology; Michelin; Nokian Tyres plc.; MRF Tyres.; Pirelli & C. S.p.A; KumhoIndia; The Goodyear Tire & Rubber Company; THE YOKOHAMA RUBBER CO., LTD. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle type, the commercial vehicle segment is expected to grow at the fastest rate during the forecast period.”

Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Amongst these, the commercial vehicle segment is expected to grow at the fastest rate during the forecast period. The segment’s expansion is anticipated to be aided by factors such as the rising demand for tire monitoring systems and predictive maintenance services from commercial vehicle fleet operators. Besides, the development and developing prevalence of trucks.

“Amongst rim size, the more than 22’’ to register the second-highest growth rate during the forecast period.”

By rim size, the market is bifurcated into 12″ – 17″, 18″ – 21″, and more than 22″. Among these, more than 22’’ is expected to register the second-highest growth rate during the forecast period. It is likely that segmental growth will be boosted by an increase in the use of large rim sizes in automobiles to improve cornering, traction, braking, and other aspects. In addition, the industry is anticipated to expand as a connected vehicle.

Connected Tire Market Report Coverage

“North America holds the second largest share of the connected tire market in 2021.”

The market’s second-largest region is North America. The primary driver of the region’s expansion is the rapid development and commercialization of connected and autonomous vehicles. The market’s expansion in North America will also be aided by the presence of prominent automotive technology players and an increased supply of infrastructure related to them. From 2022 to 2029, the Rest of the World is anticipated to experience a significant CAGR. Expanding reception of mechanically progressed vehicles in the areas combined with extending interest in related frameworks in Latin America and the Center East is probably going to fuel the market development before long.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global connected tire market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Connected Tire Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global connected tire market were the three major steps undertaken to create and analyze the adoption of connected tire in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global connected tire market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the connected tire market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the connected tire market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Vehicle type and rim size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the connected tire market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type and rim size of the connected tire market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the connected tire market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global connected tire market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the connected tire market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global connected tire market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global connected tire market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type and rim size in the global connected tire market.

The main objective of the Global Connected Tire Market Study

The current & future market trends of the global connected tire market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the connected tire market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type and rim size.
• Define and analysis of the regulatory framework for the connected tire
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the connected tire market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the connected tire market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team