The global Connected Tires Market is projected to grow from USD 4 million in 2023 to USD 54 million by 2028, registering a CAGR of 67.1%. New technological trends are shaping the market. One of the most notable is the emergence of 5G connectivity, which promises faster data transfer speeds and more reliable connections. This technology could enable real-time monitoring of tire data, even at high speeds, and allow for more advanced analytics and predictive maintenance. The Internet of Things (IoT) is increasingly integrated into connected tires systems, allowing seamless communication between tires and other devices, such as vehicles, smartphones, and cloud-based analytics platforms. These developments will likely drive innovations in the connected tires market and make them more valuable for consumers and businesses.
Increase demand for vehicle safety
One of the primary drivers of the connected tires market is the increasing demand for vehicle safety. There is a growing awareness of the importance of tire health, performance, and safety due to the increasing number of road accidents every year. Connected tires provide real-time data on tire pressure, temperature, tread depth, and other metrics, allowing drivers and fleet operators to identify potential issues before they become dangerous. Advancements in technology play a key role in the growth of the market. With the emergence of the Internet of Things (IoT) and 5G connectivity, connected tires can communicate wirelessly with other devices, such as vehicles, smartphones, and cloud-based analytics platforms, allowing for real-time monitoring and advanced analytics. Tire manufacturers are investing in R&D to create new materials, designs, and sensors to enhance tire performance and safety.
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Increased Acceptance of Connected Mobility
The widespread acceptance of connected mobility represents a tremendous opportunity for the connected tires market. As the concept of smart vehicles gains traction, there is a growing demand for tires that can seamlessly integrate with the Internet of Things (IoT). Connected tires offer a range of benefits, including real-time monitoring of tire performance, accurate pressure and temperature readings, and predictive maintenance insights. These features not only enhance safety but also optimize fuel efficiency and extend tire lifespan. With the increasing focus on intelligent transportation systems, the market is poised for significant growth, driven by the need for advanced tire technologies in the era of connected mobility.
Asia Pacific to be the largest market by volume during the forecast period
Asia Pacific is estimated to account for the largest market share by 2028, followed by North America and Europe. China is the leading country in the region, with a large number of vehicle sales and a growing demand for connected tires. Countries like China, India, and Japan are expected to drive growth in this region. They are home to some of the world’s leading tire manufacturers, such as Bridgestone, Michelin, and Goodyear. In addition, increasing government initiatives to promote the adoption of connected mobility solutions are also expected to contribute to the growth of this market in the region. The Asia Pacific region is witnessing a significant increase in the production of electric vehicles, which is further expected to boost the demand for connected tires with features such as tire pressure monitoring systems and real-time data analysis capabilities. As people in the region become more aware of the benefits of new technologies, including increased safety and performance, they are becoming more willing to adopt these innovations. Economic growth and rapid urbanization have also increased the number of vehicles on the road, creating a prospective market for connected tires.
Key Market Players
The connected tires market is dominated by major tire manufacturers, including Bridgestone (Japan), Michelin (France), Goodyear (US), Continental AG (Germany), and Pirelli (Italy).
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