Automotive Smart Tire Market Size to Reach USD 126.91 Billion in 2028 | Rising Demand for Sensor Systems in Vehicle Tires and Increasing Focus on Driver and Vehicle Safety are Some Key Factors Driving Industry Demand, says Emergen Research

Automotive Smart Tire Market Size to Reach USD 126.91 Billion in 2028 | Rising Demand for Sensor Systems in Vehicle Tires and Increasing Focus on Driver and Vehicle Safety are Some Key Factors Driving Industry Demand, says Emergen Research

PR Newswire

VANCOUVER, BC, Nov. 18, 2021

VANCOUVER, BC, Nov. 18, 2021 /PRNewswire/ -- The global automotive smart tire market size reached USD 76.78 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need for improving fuel efficiency of vehicles using smart tires is among the major factors expected to drive market revenue growth.

Emergen Research

Drivers:

Adoption of more fuel-efficient vehicles is increasing rapidly owing to various benefits including Corporate Average Fuel Economy (CAFE), and this trend is expected to continue over the forecast period. Fuel efficiency reduces impact on the environment and use of smart sensor-based tires will enable vehicles to reach compliance with pollution-related government regulations. Besides, rising demand for sensor systems in vehicle tires, which provide real-time data for vehicle users are key factors driving market revenue growth and this is expected to open up further opportunities for automotive smart tire solution providers.

Restraints:

Lower adoption rate of smart tires due to high cost and product availability for premium vehicle segment are restraining growth of the automotive smart tire market. Also, technology errors or malfunctioning which can occur as a result of incorrect data or information and low-quality tires can hamper growth of the automotive smart tire market.

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Growth Projections:

The global automotive smart tire market revenue is expected to register a CAGR of 6.6% over the forecast period and increase from USD 76.78 billion in 2020 to USD 126.91 billion in 2028. Increasing demand for Internet of Things (IoT) for efficient development for smart tires is another factor driving market growth.

COVID-19 Impact Analysis:

The COVID-19 pandemic led to downsizing of various businesses, and also negatively impacted growth of the automotive smart tire market owing to reduced manufacturing, production, and sales of new vehicles in 2020. Due to restrictions and lockdown imposed globally, vehicle usage was reduced drastically and tire wear also reduced in parallel. In addition, the number of vehicles being sent for repair, maintenance, and replacement of vehicle parts declined significantly. 

Current Trends and Innovations:

Technological advancements, deployment of Artificial Intelligence (AI), and Tire Pressure Monitoring System (TPMS) in automotive smart tire solutions are key factors boosting adoption of smart sensor tires. Also, rising concerns regarding environment sustainability with vehicle safety is expected to increase the implementation of automotive smart tire solutions.

Geographical Outlook:

The Europe automotive smart tire market is expected to register fastest revenue growth rate during the forecast period. Key factors contributing to fastest revenue growth rate is high demand for premium cars, increasing preference for vehicles with advanced safety features, technological advancements in vehicles, and the region being a hub of production for luxury cars manufacturing companies such as Ferrari, Renault, Volkswagen, and BMW. In addition, government regulations and safety norms are driving deployment of smart tires in countries in the region.

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Strategic Initiatives:

Major companies covered in the market report include Continental AG, Bridgestone Corporation, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., Toyo Tire Corporation, Nexen Tire Corporation, JK Tyre & Industries Ltd., Maxxis International, and Interco Tire Corporation

·  In August 2021, Bridgestone Corporation announced its acquisition of Azuga Holding Inc. in a deal valued at USD 391.0 million. The acquisition stimulates the company's development of comprehensive tire-centric and mobility solutions that will improve fleet safety, performance, and sustainability.

Emergen Research has segmented global automotive smart tire on the basis of vehicle type, features, technology, distribution channel, and region:

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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