The global 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%. Connected tires will grow in demand due to their ability to enhance various aspects of driving, vehicle performance, and overall safety. These tires provide real-time monitoring of essential parameters such as tire pressure, tread wear, and temperature. By continuously tracking and analyzing this data, connected tires can promptly detect potential issues or abnormalities, such as underinflation or overheating, and immediately alert drivers or fleet managers. This proactive approach to tire management significantly improves road safety by reducing the risk of tire blowouts, loss of control, and accidents caused by tire-related failures. Moreover, these tires also contribute to improved fuel efficiency by enabling drivers and fleet managers to maintain optimal tire conditions, including proper inflation, tread depth, and reduced rolling resistance. Such factors will lead to a growing demand for connected tyres in coming years.
Based on Offering: The software segment is expected to grow strongly in the coming years. The increasing demand for real-time monitoring and maintenance solutions drives the adoption of advanced software solutions that collect and analyze data from connected tires. These solutions enable fleet managers and owners to optimize maintenance schedules, reduce downtime, and improve operational efficiency, leading to cost savings and better overall performance. The growing trend of smart cities and connected infrastructure is expected to create new opportunities for software providers in the connected tire market. For example, Michelin Connected Technologies offers a suite of software solutions that use advanced analytics and machine learning to monitor tire performance and predict maintenance needs in real-time. Its predictive maintenance software is designed to work with its Track&Trace solution, which provides real-time location and status tracking for connected tires, allowing fleet managers to optimize routes, reduce fuel consumption, and improve driver safety.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=55087515
Based on Vehicle Type: The commercial vehicle connected tires market has been experiencing rapid growth in recent years, driven by the increasing adoption of intelligent or smart tire technology. These advanced tires are equipped with sensors and communication technology to collect and transmit real-time data on tire performance, condition, and location. The integration of connected tires in commercial vehicles has revolutionized the way fleet operators manage their tires, providing unprecedented levels of insight and control over tire performance and maintenance. The growing focus on improving fleet management efficiency and reducing operating costs, the increasing adoption of IoT and data analytics technologies, and the rising demand for advanced safety and performance features in commercial vehicles. Additionally, the emergence of autonomous and electric Commercial Vehicles is expected to drive the adoption of connected tire technology. These vehicles require real-time monitoring and analysis of tire data to operate safely and efficiently.
By Sales Channel: The connected tires market can be divided into two main sales channels – OEM and aftermarket. The OEM channel involves original equipment manufacturers (OEMs) that provide connected tires as standard equipment for new vehicles. The aftermarket channel includes tire dealerships, retailers, and independent repair shops that retrofit existing vehicles with connected tire capabilities by installing sensors, communication modules, and other components. Aftermarket service providers offer installation, maintenance, repair, and additional value-added services such as remote monitoring, predictive maintenance, and tire performance optimization. Continental AG, Bridgestone Corporation, Michelin, Goodyear Tire, etc., have made significant developments to stay competitive in the connected tires market. For instance, Continental AG focuses on R&D for connected tire technology and has launched the ContiConnect Live tire monitoring system, which utilizes sensors to offer real-time tire data to fleet managers. The company has collaborated with top automobile manufacturers to integrate its connected tire technology into their vehicles.
By Region: The Asia Pacific region is expected to witness significant growth in the connected tires market due to increasing demand for advanced technologies and rising safety concerns. 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 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. In China, for instance, several new developments have taken place in the connected tire market, such as integration of tire sensors with the Internet of Things (IoT) technology. This integration has enabled the collection and analysis of real-time data related to tire pressure, temperature, and other parameters, which can help improve vehicle safety and performance. Additionally, domestic companies such as Linglong Tire and Aeolus Tire have developed their connected tire solutions, which are gaining popularity among customers. Similarly, Continental Tires India announced the launch of intelligent tires that can communicate with the vehicle’s electronic systems to provide real-time information on tire pressure, temperature, and wear. Additionally, in South Korea, major tire manufacturers like Hankook and Kumho are working on technology for smart and connected tyres.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=55087515
