Automotive Smart Tire Market - A Global Market and Regional Analysis:Analysis and Forecast, 2019-2025
Global Automotive Smart Tire Market to Reach $43.33 Billion by 2025
Key Questions Answered in this Report:
- How is the automotive smart tire market being impacted by the introduction of autonomous and connected vehicles?
- How is the role of governments with respect to environmental issues and safety changing the landscape of the automotive smart tire industry?
- How are emerging technologies such as Artificial Intelligence (AI), 5G communication, and the Internet of Things driving the growth of the automotive smart tire market?
- What are the key factors promoting the automotive smart tire market across different regions?
- Which smart tire technology is expected to lead the automotive automotive smart tire market by 2025?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- What are key consumer attributes that can help ensure market success in different countries?
Global Smart Tire Market Forecast, 2019-2025
The Automotive Smart Tire Industry Analysis by BIS Research projects the market to grow at a significant CAGR of 29.28% during the forecast period from 2020 to 2025. The automotive smart tire market size is estimated at $9.49 billion in 2019. The Asia-Pacific & Japan region dominated the global smart tire market in 2019, whereas the China region is expected to have the highest growth rate during the forecast period 2020-2025.
The automotive smart tire market is driven by the increasing concerns regarding environment and vehicle safety, rising adoption of 5G technology, advancements in fleet management solutions, and usage of smart tires in platooning systems. However, lack of standardization and commercialization of smart tires, reliability issues faced by smart tire sensors, and lower adoption rate of smart tires in passenger vehicles, are limiting the market growth.
Moreover, factors such as the surging demand for autonomous vehicles, highly automated driving, and implementation of 3D printing techniques for smart tires are anticipated to create numerous opportunities for market growth.
The passenger vehicle segment dominated the global smart tire market in 2019. This is mainly due to the increasing number of connected and autonomous cars in developed as well as developing regions, which offer connectivity and ADAS features. Additionally, factors such as the increase in investments by governments, automotive OEMs, smart tire providers, and self-driving technology providers aiming to develop advance connected and autonomous vehicles, are currently boosting the demand for cybersecurity solutions for passenger vehicles.
Scope of the Global Smart Tire Market
The report constitutes an in-depth study of the global automotive smart tire market, including a thorough analysis of the types of products and applications. The study also presents a detailed analysis of the market dynamics and the estimation of the market size over the forecast period 2020-2025. The scope of this report is focused on the different product types and vehicle types catering to the smart tire market for different regions. The industry analysis presents a detailed insight into the major market players in the global smart tire market using the value chain analysis.
The market analysis includes an in-depth examination of the key ecosystem players, and key strategies and developments taking place in this market. It includes business dynamics (business drivers, challenges, strategies, and opportunities) and industry analysis. The purpose of the study is to gain a holistic view of the global smart tire market in terms of various factors influencing it.
Global Automotive Smart Tire Market Segmentation
The automotive smart tire market segmentation (on the basis of product type) is further categorized into connected tires and temperature and pressure sensor enabled tire. The temperature and pressure sensor enabled tire segment dominated the global smart tire market in 2019, and the connected tires segment is anticipated to grow at the fastest rate throughout the forecast period 2020-2025.
The automotive smart tire market on the basis of application is segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the global smart tire market in 2019 and is anticipated to maintain its dominance throughout the forecast period 2020-2025.
The automotive smart tire market segmentation by region is segregated under seven major regions: North America, Europe, the U.K., Asia Pacific & Japan (AP&J), China, the Middle East and Africa, and South America. The AP&J segment dominated the global smart tire market in 2019 and is anticipated to maintain its dominance throughout the forecast period 2020-2025.
Key Companies in the Smart Tire Industry
The key market players in the global automotive smart tire market include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, and The Yokohama Rubber Company, among others.
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