Smart Tire Market – Global Trends and Forecast to 2028 - Techsci Research

MANHATTAN, N.Y. - Feb. 17, 2023 - PRLog -- The Global Smart Tire Market is expected to experience a steady growth rate in the years 2023-2030, according to a report by TechSci Research's "Global Smart Tire Market-Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2030F". Although the demand for smart tires is primarily limited to passenger cars, various tire manufacturers such as Bridgestone Corporation, Continental AG, and The Goodyear Tire & Rubber Co. are actively working on integrating temperature and pressure sensors into passenger car tires. With the rise of automated information systems in cars, tire manufacturers see a multitude of opportunities in connected fleet systems, as these tires would be connected to the Vehicle Information System and significantly contribute to the overall vehicle. In order to track the life cycle of their tires, commercial vehicle manufacturers and fleet managers are increasingly using Radio Frequency Identification (RFID) to collect data on tread depth, tire pressure, temperature, and tire condition. The global smart tire market is segmented into seven segments based on vehicle type, product type, sensor type, technology type, vehicle propulsion type, and distribution channel.

Globally, the total number of tire sales in 2021 was approximately 2073.95 million units, with the Asia Pacific region accounting for the highest market share. This region saw a high increase in the sales of all vehicle types, and many tire companies opened manufacturing plants in the area. North America accounted for approximately 406.05 million units of tire sales, with demand coming from both distributors and OEMs.

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As the automotive industry progresses towards linked and autonomous driving, technology development in all types of auto parts, including tires, has significantly increased. To keep up with the latest technological advancements and ensure safety on the roads, major tire manufacturers such as Bridgestone, Goodyear, and Michelin are developing smart tires that use Internet of Things (IoT) connected sensors and software platforms to track tire performance.

Some of the major players operating in the Global Smart Tire Market include:

• Continental AG
• Bridgestone Corporation
• The Michelin Group
• The Goodyear Tire & Rubber Co
• Pirelli & C. S.p.A
• The Yokohama Rubber Company, Limited
• Hankook Tire & Technology Co., Ltd
• Nokian Tyres Plc
• Toyo Tire Corporation
• JK Tyres & Industries Ltd

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