February 18, 2021
According to the research report titled ‘Global Smart Tire Market Analysis, 2020’, available with Market Study Report LLC, global smart tire market is expected to register considerable growth during the period of 2020-2025.
Growing demand for electric vehicles in order to reduce GHG gas emissions coupled with increasing number of connected vehicles are some of the major factors driving the growth of global smart tire market.
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It is worth mentioning that smart tires are basically tires integrated with sensors and chips which provide real-time information about the tire condition. Thus, rising adoption of advanced sensors along with introduction of innovative pressure management system are aiding the overall market expansion.
In terms of technology type, the market is categorized into non-pneumatic tires and pneumatic tires.
By vehicle type, global smart tire market is split into passenger vehicles, commercial vehicles and electric vehicles. The commercial segment is further split into light vehicles, medium vehicles, and heavy vehicle. The electric vehicle segment is also bifurcated into plug-in hybrid vehicles, hybrid electric vehicles, and battery electric vehicles.
According to the research document, the passenger vehicle and commercial vehicle segments accounted for the largest market share and is anticipated to record consistent growth during the forecast years. Increasing production and proliferating sales of commercial and passenger vehicles and supportive regulatory outlook which promote the use of tire pressure monitoring systems are fueling the segmental share.
Meanwhile, global smart tire market share from electric vehicles is also predicted to expand significantly during the study period. Stringent government regulations towards reducing CO2 emissions coupled with rising development of electric vehicles are favoring the overall market scenario.
As per demand type, the market is divided into replacement and OEM segments.
The competitive landscape of global smart tire market is defined by companies such as Yokohama Rubber Company, Pirelli & C. S.p.A., Michelin, Goodyear Tire & Rubber Company, Continental AG, and Bridgestone Corp. among others.