LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive intelligent tires market to grow at a CAGR of more than 291% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global automotive intelligent tires market for 2017-2021. The market is further segmented by vehicle type (commercial vehicles and passenger cars) and geography (EMEA, APAC, and the Americas).
Intelligent tires are expected to largely follow similar market dynamics as tire pressure measurement system (TPMS) or tire-mounted sensors (TMS) in terms of growth, supply chain, and customer base. There is a high market demand for such systems in developed automotive markets, such as Europe and North America due to the strict safety regulations on vehicles. In the APAC region, the demand for TPMS is higher in economies such as Japan, Korea, and Australia.
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Technavio automotive research analysts highlight the following three factors that are contributing to the growth of the global automotive intelligent tires market:
- Influence of backward integration of TPMS on the development of intelligent tires
- Rise of autonomy in intelligent tire era
- High anticipation of connected cars to enhance intelligent tires
Influence of backward integration of TPMS on the development of intelligent tires
There is a streamlined flow in the traditional automotive value chain where electronic component manufacturers supply components to OEMs that further integrates these components into a vehicle. But in the case of TPMS, the traditional value chain involves electronics suppliers, which offer sensors used in TPMS.
Siddharth Jaiswal, a lead automotive component research analyst at Technavio, says, “Manufacturers have backward integrated to provide TPMS as well as tires in the larger scheme of the supply chain. For instance, Bridgestone has been offering the automated TPMS system along with its tires since 2014.”
Rise of autonomy in intelligent tire era
The Society of Automotive Engineers International initiated a new standard known as J3016 for autonomous vehicles that define the various levels of automation in the increasing order of automation from level 0 to level 5.
Tires play an important role in physical contact use cases, including traction, stability, and handling of the vehicle, as well as the upcoming use cases that include vehicle information coordination, and storage spaces. Intelligent tires deal with information regarding the health of the tire and convey the same to the vehicle engine control unit (ECU).
High anticipation of connected cars to enhance intelligent tires
Connected cars are equipped with the Internet and wireless services that help the automobile to link with remotely connected networks or services. For automated data transmission between two electronic or mechanical devices, machine-to-machine (M2M) connections are established. M2M connected car services help in navigation, infotainment, tracking stolen vehicles, telematics, roadside assistance, video transmission, and making automated calls during emergencies.
With vehicles able to connect with each other and their surroundings, manufacturers are in discussion to introduce tires that have the ability to communicate. These tires should be able to slightly modify its traction by updating its tread patterns in real time based on various environmental and road conditions.
Top vendors:
- Bridgestone
- Continental
- Goodyear
- MICHELIN
- Pirelli
- Yokohama Rubber
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