Summary

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.

“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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