Smart Tire Market Overview:
An under-inflated and worn out tire on a moving vehicle is a hazard. The introduction of smart tire concept by prominent tire manufacturers is expected to help in reducing road accidents. The smart tire is an integrated platform that makes use of sensors embedded to provide useful information pertaining to inflation pressure, tread wear, temperature, total no of potholes, and maintenance requirement from all the four tires to the on-board computer of the vehicle. This helps in enhancing driving experience, vehicle performance, reducing fuel consumption through managing the tires more effectively.
Global Smart Tire Market held a market is expected to grow at 18.5% CAGR during the forecast period.
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The prominent players in the global Automotive Smart Tire Market include The Goodyear Tire & Rubber Co (USA), Michelin Group (France), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Pirelli & C. S.p.A. (Italy).
Recently, ContiSense introduced a concept where tire sensors measure tread depth and temperature to alert drivers regarding tire damage and transmitting data. Furthermore, ContiAdapt adjusts rim width and tire pressure to adapt contact patch to road conditions.
Smart tires or intelligent tires for the passenger cars, light commercial, heavy commercial vehicles, earth-moving equipment with the sensors pre-fitted or retrofitted to existing tires is expected to drive the global smart tires market growth. System helps to send out notification via SMS or email to fleet managers whenever the maintenance is required.
Smart Tire Market Segmentation:
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region.
On the basis of technology type, the pneumatic segment is estimated to account for a dominant share in the global automotive smart tire market owing to its relative cost effectiveness and rising penetration across vehicle type. The non-pneumatic segment is expected to register substantial growth as it lies in the introductory stage of lifecycle.
In segmentation based on vehicle type, the passenger cars segment is expected to hold significant share in the global Automotive Smart Tire market. This is due to relatively high adoption rate and upgradation of existing passenger cars in developed regions. Furthermore, the automotive smart tires are expected to witness substantial growth in the commercial vehicles due to shifting focus towards fuel efficient alternative to meet profitability by fleet owners and other earth moving equipment owners.
On the basis of sales channel, the OEM segment is projected to hold the considerable share in the Automotive Smart Tire Market from 2018 to 2023. This growth is attributed to introduction of smart tires in the commercial vehicles. Furthermore, the aftermarket segment is projected to witness substantial growth in the future owing to increase in installation of Automotive Smart Tire in the existing vehicles or total fleet.
Geographically, the global Automotive Smart Tire Market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to account for a significant market share in the automotive smart tire market owing to relatively high adoption of sensor integrated tires and substantial investments by software giants to incorporate IoT platform. Besides, considerable sales of commercial vehicles (light commercial and heavy commercial) in the US are expected to augment the growth of global smart tire market in North America during the forecast period. Stringent emission norms, government measures to reduce accidental rates, and significant automotive production are some of the drivers which are expected to propel the demand for smart tires in the Asia Pacific region.
Table of Contents
1. Executive Summary
2. Scope of The Report
2.1. Market Definition
2.2. Scope of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat of New Entrants
3.1.2. Bargaining Power of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
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