The market for smart tyres is expected to be worth US$ 95 billion in 2023 and US$ 200 billion by the end of 2033, growing at a notable CAGR of 7.8% throughout that time.
Smart tyres enhance tyre performance by detecting changes in the road’s surface and adjusting tyre pressure and terrain adaptation to operate efficiently. However, the features of a tyre vary depending on the manufacturer. All major tyre manufacturers are investing in the research and development of smart tyres.
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Key Features and Applications:
- Pressure Monitoring: Smart tires often include tire pressure monitoring systems (TPMS) that provide real-time data about tire pressure to the driver, helping prevent underinflation and improving fuel efficiency.
- Temperature Monitoring: Some smart tire systems monitor tire temperature, which can help prevent overheating and potential tire blowouts.
- Tire Wear and Tread Depth: Sensors embedded in smart tires can measure tread depth and provide alerts to drivers when tires are approaching the end of their safe usable life.
- Performance Optimization: Smart tire data can be used to optimize vehicle performance, including traction control, stability systems, and even adaptive suspension systems.
- Connectivity: Smart tires can communicate with the vehicle’s central control unit and may even connect to external devices or the cloud for data analysis and diagnostics.
- Tire Identification: Smart tires can uniquely identify each tire, making it easier to track and manage tire rotation and replacement schedules.
Market Competition
The competitive landscape in the smart tire market is characterized by the presence of several key players, including established tire manufacturers, technology companies, and automotive suppliers. These companies are actively investing in research and development, strategic partnerships, and product innovations to gain a competitive edge.
- March 2023: NFC-based sensing processors with energy-harvesting capabilities are critical for developing passive smart devices with high accuracy, efficiency, and design simplicity in a variety of IoT applications. Infineon Technologies AG expanded its line of NFC tag-side controllers with the release of the NGC1081.
- March 2023: Siemens delivered automation and driving technology to several factories of Continental Tires worldwide under a strategic supplier arrangement. The tire manufacturer intends to enhance its production capacities by using several smart technologies.
The global market for smart tyres is fairly fragmented, with a small number of large and medium-sized market players accounting for the great majority of sales. The development, testing, and release of more effective and high-performance smart tyres are just a few of the techniques that major corporations are employing, in addition to mergers and acquisitions, strategic partnerships, and contracts.
- Goodyear Tire & Rubber Company completed the acquisition of Cooper Tire & Rubber Company in June 2021. The merger brings together two top tire firms with complementary product portfolios, services, and capabilities, resulting in increased global tire industry leadership. The companies are set to work together to focus on consumers, cutting-edge technology, and high-quality products and solutions.
- Pirelli & C. S.p.A. introduced its first high-load index tire in July 2021, which is a new form of tire particularly catering to electric or hybrid cars and SUBs and meant to sustain larger vehicles while also supporting 20% more weight than regular types of tires.
Key Companies Profiled
- The Goodyear Tire & Rubber Co.
- NEXEN TIRE Corporation
- Michelin Group
- Bridgestone Corporation
- Continental AG
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart tire market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product type (connected tires, intelligent tires), technology (pneumatic tires, run-flat tires, non-pneumatic tires), sensor type (TPMS, accelerometer sensors, strain gauge sensors, RFID sensors), vehicle type (passenger cars, commercial vehicles, electric vehicles), and sales channel (OEMs, aftermarket), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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