Global Automotive Smart Tire Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Asia Pacific is projected to hold a major share of the global automotive smart tire market due to a rise in the demand for luxury vehicles across the region

The Global Automotive Smart Tire Market is estimated to be USD 46.08 Bn in 2023 and is expected to reach USD 63.45 Bn by 2028 growing at a CAGR of 6.61%.

The Automotive Smart Tire Market stands at the forefront of innovation within the automotive industry, driven by the pursuit of enhanced safety, performance, and connectivity in contemporary vehicles. Various factors shape the dynamics of this market, including the continuous evolution of tire technology, the rising demand for real-time vehicle data, regulatory mandates calling for enhanced vehicle safety, and consumers' expectations for a more connected and informed driving experience.

One of the primary catalysts propelling the Automotive Smart Tire Market is the escalating emphasis on vehicle safety and the pivotal role of tires in ensuring secure journeys. Smart tires incorporate sophisticated sensor technologies that enable real-time monitoring of tire pressure, temperature, tread wear, and road conditions. These sensors furnish valuable data to drivers and vehicle systems, facilitating the early detection of tire-related issues and enhancing overall vehicle stability. Given the paramount importance of road safety for consumers and regulatory authorities alike, smart tires are an effective solution to mitigate accidents stemming from tire failures or unfavorable road conditions.

Technological progress is a cornerstone of market expansion, characterized by continuous innovations in sensor technology, data analytics, and connectivity. Smart tires come equipped with sensors that transmit critical data to a vehicle's onboard computer and, in certain instances, directly to the driver's smartphone or infotainment system. This level of connectivity enables drivers to receive instantaneous alerts regarding tire health and performance, facilitating proactive maintenance and elevating road safety. Furthermore, the integration of smart tires with vehicle-to-everything (V2X) communication systems opens up avenues for enhanced vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication, thus contributing to comprehensive road safety and efficient traffic management.

Nevertheless, the Automotive Smart Tire Market encounters certain constraints, primarily related to cost considerations. Including advanced sensors and connectivity features can escalate the overall cost of smart tires compared to conventional counterparts. This cost differential may dissuade budget-conscious consumers, particularly in market price-sensitive markets. Additionally, data privacy and cybersecurity issues necessitate attention to ensure the secure transmission and storage of sensitive tire and vehicle data.

• The Automotive Smart Tire Market can be delineated based on technology, features, sales channel, and region. Different regions exhibit diverse levels of market adoption and regulatory support, influencing the prevalence of smart tire technologies.
• In conclusion, the Automotive Smart Tire Market represents a transformative leap in automotive safety and connectivity. As technology advances and consumer demand for intelligent tire systems grows, the market is poised to redefine vehicle safety norms and deliver a more informed and secure driving experience to consumers across the globe.

Market Segmentations

• The Global Automotive Smart Tire Market is segmented by Technology, Sales channel, Vehicle Type, and Geography.
• By Technology, In the Automotive Smart Tire Market, technology plays a pivotal role, encompassing various advanced systems and sensor technologies seamlessly integrated into tires. These intelligent tires use sensors to continuously monitor vital real-time data such as tire pressure, temperature, tread wear, and road conditions. This data is then transmitted to the vehicle's onboard computer and often directly to the driver's smartphone or infotainment system, enabling immediate alerts and proactive maintenance. Smart tires capitalize on innovations in sensor technology, data analytics, and connectivity, ultimately enhancing road safety, optimizing vehicle performance, and delivering valuable insights to drivers regarding tire conditions and road factors. This collectively contributes to a safer and more informed driving experience.
• By Sales Channel, the sales channel segment in the Automotive Smart Tire Market encompasses various avenues through which smart tires become available to consumers. These include original equipment manufacturers (OEMs) who incorporate smart tires as standard features in new vehicles, post-purchase sales through tire dealerships and retailers where consumers can choose to replace their current tires with smart alternatives, and the emerging trend of online retail platforms that provide convenient access to a wide range of smart tire options. OEMs are crucial in promoting smart tires by including them in new vehicle packages, aligning with technological advancements and safety standards. Post-purchase sales channels allow consumers to upgrade their vehicles with smart tires. In contrast, online platforms provide convenience and a diverse product selection, enabling consumers to explore and purchase smart tires from their homes. Collectively, these sales channels cater to consumer accessibility and preferences, contributing to the broader adoption of smart tire technology in the automotive market.

Recent Development

• Under a strategic supplier agreement, Siemens provided automation and driving technology to several Continental Tyres factories worldwide- March 2023
• To better serve electric or hybrid vehicles, Pirelli & C.S.p.A. unveiled its first high-load index tire- July 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are The Goodyear Tire & Rubber Co, Nexen Tire Corp, Michelin Group, Bridgestone Corporation, Continental AG and Sumitomo Rubber Industries Ltd.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyse and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Smart Tire Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Smart Tire Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Smart Tire Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market