February 18, 2021
According to the research report titled ‘Global Smart Tyre Market Size study, by Technology (Pneumatics Tyre, Non-Pneumatics Tyre), Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Distribution Channel (Original Equipment Manufacturer (OEM), Aftermarket) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global smart tyre market is expected to record a healthy CAGR over 2020-2027.
Escalating demand for real-time information of tyre pressure and temperature, along with rising production & sales of commercial vehicles and passenger cars are propelling global smart tyre market growth. In fact, the International Organization of Motor Vehicle Manufacturers (OICA) cites that about 67.1 million passenger cars unit were produced in 2019, indicating an upsurge from 65.7 million in 2013. This upward trend together with booming population and subsequent rising transportation needs will continue to stimulate the industry expansion in the upcoming years.
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For those unfamiliar, a smart tyre is an original automotive component that provides real-time data regarding the tyre condition by using smart sensors. It is an advanced technology that enhances tyre performance by sensing road conditions such as snow, sand, and rain, and accordingly adjust tyre pressure and width mechanically.
Smart tyre is equipped with IoT (Internet of Things) sensors and a rubber layer that assists the vehicle management system. These sensors help deliver signals at the time of switching tyre and provide information pertaining to severe tyre condition, which is encouraging its usage among automobile manufacturers.
On the downside, hefty costs of maintenance and implementation are likely to impede worldwide smart tyre industry expansion over the study period. In addition, the outbreak of COVID-19 pandemic has adversely impacted the business landscape, ravaging various economies. Capital investments were high before the pandemic but are now anticipated to be postponed, causing a slowdown in automobile production for at least a year.
Considering the regional terrain, Europe currently holds considerable portion of global smart tyre market share, creditable to strong presence of new technology-based automobile vendors and increasing production of vehicles with advanced components & systems.
Meanwhile, Asia Pacific smart tyre industry is poised to amass notable profits through 2027, on account of mounting demand for advanced safety, convenience, and comfort systems, along with rising disposable income of individuals in the region.
Major contenders influencing global smart tyre market trends are Goodyear Tire & Rubber Company, Nexen Tire Corporation, Yokohama Rubber Co., Ltd., Pirelli & C. S.p.A., Michelin Tyres, Sumitomo Rubber Industries Ltd., Bridgestone Corporation, and Continental AG.