Automotive Smart Tire Market worth USD 117.75 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Automotive Smart Tire Market by Application (Passenger Vehicle, Commercial Vehicle), by Products (Connected Tires, Intelligent Tires), and by Region - Global Trends, Market Share, and Forecast to 2027". The global automotive smart tire market was valued at USD 77.29 billion in 2020 to USD 117.75 billion by 2027, at a CAGR of 6.20% from 2021 to 2027. The automotive industry is witnessing an increasing adoption of smart technologies and artificial intelligence in tires and vehicles. The internet of things (IoT) has made its way into the automotive industry and is being introduced in various tire technologies to monitor itself and its surroundings. However, currently, the next-generation smart applications for passenger cars are limited. To integrate automotive smart tires in passenger vehicles, several challenges such as increasing the durability and safety of sensors and mass production and integration of these sensors need to be overcome.

Global Automotive Smart Tire Market Segmentation

The overall automotive smart tire market has been segmented into the application, product, and region.

• By Application (Passenger Vehicle, Commercial Vehicle)
• By-Products (Connected Tires, Intelligent Tires)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Intelligent Tire, by component, is estimated to hold the largest market share during the forecast period

Based on the products, the global automotive smart tire market has been segmented into the connected tire and intelligent tire. In 2020, intelligent tires accounted for the largest market share of 93.74% in the global automotive smart tire market and had a CAGR of 13.9% during the forecast period.

Temperature and pressure sensor-enabled tires are integrated with advanced pressure and temperature sensors that provide the temperature and pressure of the tire. The temperature sensor measures the amount of coldness and heat energy generated by the tire. The growing trend for advanced technologies and sensors being used in a vehicle and the increasing need for vehicle safety has led to the demand for temperature and pressure sensor-enabled tires. Technological advancements in vehicle tires have played an essential role in the growth of the market. Currently, several automotive OEMs have started providing tires with inbuilt sensors in their high-end vehicles. Some key companies manufacturing TPMS sensor systems are Schrader TPMS Solutions, Infineon Technologies AG, and NXP Semiconductors.

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North America accounts for the largest market share during the forecast period in the automotive smart tire market

Based on the regions, the global automotive smart tire market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 28.01% in the global automotive smart tire market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

North America comprises regional markets such as the U.S., Canada, and Mexico. The demand for intelligent and smart tires is comparatively new and evolving at a constant pace. The production and sales of passenger vehicles and light commercial vehicles in the region are growing at a significant pace, which is expected to raise the demand for tires in the coming years. Furthermore, the growth of the replacement tire market is anticipated to positively impact the region’s tire market during the forecast period. Therefore, to attain a firm grip over this region, many major automotive tire and sensor manufacturers are developing advanced tires and low-cost tire sensors. The growing fleet management technologies, due to a spike in demand for commercial vehicles in the region, especially in countries like the U.S. and Canada, will raise the demand for smart tires for enhanced vehicle performance. The well-developed infrastructure for information and communication technology (ICT) and higher adoption of connected devices is expected to provide a strong platform for the growth of the smart tire market.

Some of the major companies that operate in the global automotive smart tire market are Continental AG, The Goodyear Tire & Rubber Co., Bridgestone Corporation, Michelin, Pirelli & C. S.p.A, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology Co., Ltd., The Yokohama Rubber Company, Limited, Nokian Tyres Plc, Toyo Tire Corporation, JK Tyres & Industries Ltd., and Revvo Technologies, Inc.

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