Connected Tires Market worth $54 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 5, 2023 /PRNewswire/ -- Connected Tires Market size is projected to grow from USD 4 million in 2023 to USD 54 million by 2028, at a CAGR of 67.1%, according to a new report by MarketsandMarkets™. Growing demand for road safety, increased vehicle features are driving the demand for connected tires. With features like tire pressure monitoring, tread wear analysis, and temperature sensing, connected tires offer enhanced safety on the road. Drivers and fleet managers can receive timely alerts and notifications about tire issues, enabling them to take immediate action and prevent accidents. Additionally, connected tires can contribute to vehicle security by providing valuable data for tracking and recovering stolen vehicles.

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Connected Tires Market Scope:

More than 22 Inches segment to grow at the fastest rate during the forecast period.

The estimated market size of more than 22 inch rims is generally used in heavy-duty vehicle segments. They require real-time tire monitoring and maintenance solutions to improve safety and performance. Tier 1 providers have been developing connected tyees for these vehicles. Continental AG for instance, has developed the ContiConnect Live system, which uses IoT technology to collect data from sensors on truck tires larger than 22 inches in diameter. The system continuously monitors tire pressure, temperature, load, and speed, providing real-time alerts to drivers and fleet managers. This allows them to take action before a tire failure occurs, reducing the risk of tire-related incidents and saving money on tire replacements. This technology can also improve operational efficiency and reduce costs, making it a valuable solution for the commercial and heavy-duty vehicle segments.

Demand for TPMS systems to lead the market during forecast period.

TPMS is a vital sensing component in the connected tires industry as it helps in monitoring tire pressure in real-time, ensuring optimal tire performance and fuel efficiency. One of the primary growth drivers for TPMS is the increasing demand for safety and convenience features in vehicles. As a result, many automakers are now integrating TPMS systems in their vehicles as a standard feature. For instance, the Michelin Vision Concept tire is equipped with a built-in TPMS system that continuously monitors the tire pressure and transmits the data to the vehicle's onboard computer. This helps improve vehicle safety and reduce the risk of accidents caused by tire blowouts.

Another significant driving factor for TPMS is the stringent government regulations regarding vehicle safety and emissions. For instance, the National Highway Traffic Safety Administration (NHTSA) has mandated that all new passenger cars must have a TPMS system installed in the United States. This has led to a significant increase in the adoption of TPMS systems in the countries such as China, South Korea, Japan, etc. Some popular tire models equipped with TPMS systems include the Continental ContiSportContact 5P and the Pirelli P Zero.

Germany to lead the connected tyre market in Europe.

Germany is the largest Connected Tires Market in Europe due to its well-established automotive industry and technological advancements. The growth of the Connected Tires Market in Germany is driven by several factors. The country is home to several leading automotive companies. It has a strong culture of innovation, which has led to a high adoption rate of advanced technologies in the automotive sector. The demand for tire technologies, such as tire pressure monitoring systems and intelligent sensors, is increasing rapidly in Germany.

In addition to tire manufacturers, automotive companies in Germany are investing heavily in connected tire technologies. For example, BMW has developed the BMW Intelligent Personal Assistant, which provides drivers with tire pressure information. Mercedes-Benz offers a Tirefit system that automatically monitors tire pressure and temperature. Similarly, Continental's ContiConnect 2.0, the system's latest version, offers enhanced functionality and improved user experience. It features an intuitive dashboard that gives users a clear overview of their fleet's tire status, enabling them to identify potential issues and take proactive measures quickly. The system includes advanced analytics capabilities, allowing fleet operators to gain insights into their operations and make data-driven decisions.

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Connected Tires Market Dynamics:

Drivers:

1. Driving factors of Connected Tires Market

Restraints:

1. Restraining factors of Connected Tires Market

Opportunities:

1. Opportunities in Connected Tires Market

Challenges:

1. Challenging factors of Connected Tires Market

Key Market Players:

The Connected Tires Companies is dominated by major charging providers including Bridgestone (Japan), Michelin (France), Goodyear (US), Continental (Germany), and Pirelli (Italy) among others in the Connected tyre market.

Recent Developments:

• In March 2023, Continental AG showcased its digital tire management system, Conti Connect 2.0. The system enables fleet managers to monitor tire condition continuously, saving fuel and reducing CO2 emissions. This monitoring feature helps prevent early tire replacements and unscheduled downtime, resulting in better operational efficiency for fleets.
• In December 2022, Bridgestone showcased its vision for sustainable mobility at CES 2023. The company displayed a range of innovative technologies that aim to reduce carbon emissions, improve fuel efficiency and enhance safety on the road.
• In June 2022, Hyundai Motor Group and Michelin have partnered to develop next-generation tires for premium electric vehicles (EVs). The collaboration aims to address the challenges of optimizing tire performance for EVs, such as reducing rolling resistance to maximize range and improving noise and vibration characteristics. The partnership explored the use of sustainable materials for tire production. The two companies plan to conduct joint R&D and test the new tires on Hyundai Motor Group's EVs. The ultimate goal is to foster clean mobility and contribute to the transition to a low-carbon society.
• In October 2022, Pirelli invested USD 121.63 million in its plant in Silao, Mexico. The investment is part of its strategic plan to strengthen its industrial presence in the Americas and improve its competitiveness in the global tire market. The investment is used to expand and modernize the Silao plant, which produces high-performance tires for cars and light trucks. The plant is equipped with new production technologies, such as automated warehouses and robots, to increase efficiency and reduce costs. The expansion will also create new job opportunities for the local community. Pirelli's investment in the Silao plant is expected to enhance its production capacity, improve product quality, and support sustainable growth.
• In February  2022, Bridgestone Corporation has developed tire-sensing technology to detect real-time road conditions. Using advanced sensors and AI, it provides drivers with information about temperature, wetness, and slipperiness. The technology results from Bridgestone's investment of approximately USD 223 million and will be commercialized in 2024, enhancing tire safety and performance.

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