DUBLIN--(BUSINESS WIRE)--The "Automotive Smart Tire Market - A Global Market and Regional Analysis: Focus on Smart Tire Product and Application, Supply Chain Analysis, and Country Analysis - Analysis and Forecast, 2019-2025" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Smart Tire Industry Analysis projects the market to grow at a significant CAGR of 29.28% during the forecast period from 2020 to 2025.
The market size is estimated at $9.49 billion in 2019. The Asia-Pacific & Japan region dominated the global smart tire market in 2019, whereas the China region is expected to have the highest growth rate during the forecast period 2020-2025.
The automotive smart tire market is driven by the increasing concerns regarding environment and vehicle safety, rising adoption of 5G technology, advancements in fleet management solutions, and usage of smart tires in platooning systems. However, lack of standardization and commercialization of smart tires, reliability issues faced by smart tire sensors, and lower adoption rate of smart tires in passenger vehicles, are limiting the market growth.
Moreover, factors such as the surging demand for autonomous vehicles, highly automated driving, and implementation of 3D printing techniques for smart tires are anticipated to create numerous opportunities for market growth.
Expert Quote
The passenger vehicle segment dominated the global smart tire market in 2019. This is mainly due to the increasing number of connected and autonomous cars in developed as well as developing regions, which offer connectivity and ADAS features. Additionally, factors such as the increase in investments by governments, automotive OEMs, smart tire providers, and self-driving technology providers aiming to develop advance connected and autonomous vehicles, are currently boosting the demand for cybersecurity solutions for passenger vehicles.
Global Automotive Smart Tire Market Segmentation
The automotive smart tire market segmentation (on the basis of product type) is further categorized into connected tires and temperature and pressure sensor-enabled tire. The temperature and pressure sensor-enabled tire segment dominated the global smart tire market in 2019, and the connected tires segment is anticipated to grow at the fastest rate throughout the forecast period 2020-2025.
The automotive smart tire market on the basis of application is segregated into passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the global smart tire market in 2019 and is anticipated to maintain its dominance throughout the forecast period 2020-2025.
The automotive smart tire market segmentation by region is segregated under seven major regions: North America, Europe, the U.K., Asia Pacific & Japan (AP&J), China, the Middle East and Africa, and South America. The AP&J segment dominated the global smart tire market in 2019 and is anticipated to maintain its dominance throughout the forecast period 2020-2025.
Key Companies in the Smart Tire Industry
The key market players in the global automotive smart tire market include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, and The Yokohama Rubber Company, among others.
Key Questions Answered
- How is the automotive smart tire market being impacted by the introduction of autonomous and connected vehicles?
- How is the role of governments with respect to environmental issues and safety changing the landscape of the automotive smart tire industry?
- How are emerging technologies such as Artificial Intelligence (AI), 5G communication, and the Internet of Things driving the growth of the automotive smart tire market?
- What are the key factors promoting the automotive smart tire market across different regions?
- Which smart tire technology is expected to lead the automotive smart tire market by 2025?
- What are the key developmental strategies implemented by the key players to sustain in the competitive market?
- What are key consumer attributes that can help ensure market success in different countries?
Key Topics Covered
Executive Summary
1 Markets
1.1 Industry Outlook
1.1.1 Smart Tire: Overview
1.1.1.1 Timeline: Evolution of the Tire Industry
1.1.1.2 Emergence of Smart Tire
1.1.2 Ecosystem Participants
1.1.3 Futuristic Trends
1.1.3.1 Green Tire
1.1.3.2 Self-Inflating Tire
1.1.3.3 Multi-Chamber Tire
1.1.3.4 Shape-Shifting Tire
1.1.4 Value Chain Analysis
1.1.5 Patent Analysis
1.1.5.1 Introduction
1.1.5.2 Patent Landscape
1.1.5.3 Patent Landscape: Connected Tire
1.1.5.4 Patent Landscape: Green Tire
1.1.5.5 Patent Landscape: Chip-Embedded Tire
1.1.5.6 Patent Landscape: Self-Inflating Tire
1.1.5.7 Patent Landscape: Multi-Chamber Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Concerns Regarding Environment and Vehicle Safety
1.2.1.2 Rising Adoption of 5G Technology in Smart Tires
1.2.1.3 Advancements in Fleet Management Solutions Through Smart Tires
1.2.1.4 Usage of Smart Tires in Platooning Systems
1.2.2 Business Challenges
1.2.2.1 Short-Term Challenges
1.2.2.1.1 Impact of Coronavirus Disease (COVID-19) on Automotive Tire Market
1.2.2.1.2 Impact of COVID-19 on Raw Material Providers
1.2.2.1.3 Impact of COVID-19 on Tire Sensor Providers
1.2.2.2 Long-Term Challenges
1.2.2.2.1 Lack of Standardization and Commercialization of Smart Tires
1.2.2.2.2 Reliability Issues Faced by Smart Tire Sensors
1.2.2.2.3 Lower Adoption Rate of Automotive Smart Tires in Passenger Vehicles
1.2.3 Business Strategies
1.2.3.1 Product Development and Innovation
1.2.3.2 Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Partnerships, Collaborations, Mergers and Acquisitions, and Joint Ventures
1.2.5 Business Opportunities
1.2.5.1 Surging Demand for Autonomous Vehicles and Highly Automated Driving
1.2.5.2 Implementation of 3D Printing Techniques for Automotive Smart Tires
2 Application
2.1 Application and Specification
2.1.1 Passenger Vehicle
2.1.2 Commercial Vehicle
2.2 Demand Analysis of Automotive Smart Tire (by Application)
2.2.1 Passenger Vehicle
2.2.1.1 Demand Analysis of Passenger Vehicle Smart Tire Market by Region
2.2.2 Commercial Vehicle
2.2.2.1 Demand Analysis of Commercial Vehicle Smart Tire Market by Region
3 Products
3.1 Global Smart Tire Market (by Product)
3.1.1 Connected Tire
3.1.2 Temperature and Pressure Sensor Enabled Tire
3.2 Demand Analysis of Automotive Smart Tire (by Product)
3.2.1 Connected Tire
3.2.1.1 Demand Analysis of Connected Tire Market (by Region)
3.2.2 Temperature and Pressure Sensor Enabled Tire
3.2.2.1 Demand Analysis of Temperature and Pressure Sensor Enabled Tire Market (by Region)
3.3 Demand Analysis of Global Automotive Smart Tire Market (by Mode of Sales)
3.3.1 Original Equipment Manufacturer (OEM)
3.3.2 Aftermarket
3.4 Qualitative Analysis of Automotive Smart Tire Market (by Engineering)
3.4.1 Pneumatic Tires
3.4.2 Run-Flat Tires
3.4.3 Non-Pneumatic Tires
4 Regions
4.1 North America
4.2 South America
4.3 Europe
4.4 The UK
4.5 Middle East and Africa
4.6 China
4.7 Asia-Pacific
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Continental AG
5.2.1 Company Overview
5.2.1.1 Role of Continental AG in Smart Tire Market
5.2.1.2 Product Portfolio
5.2.1.3 Production Sites
5.2.2 Business Strategies
5.2.2.1 Product Developments
5.2.2.2 Market Developments
5.2.3 Corporate Strategies
5.2.3.1 Partnership and Collaboration
5.2.4 Strength and Weakness of Continental AG
5.2.5 R&D Analysis
5.3 Bridgestone Corporation
5.4 Michelin
5.5 The Goodyear Tire & Rubber Co.
5.6 Pirelli & C. S.p.A.
5.7 The Yokohama Rubber Company, Limited
5.8 Hankook Tire & Technology Co. Ltd.
5.9 Nokian Tyres plc
5.1 Toyo Tire Corporation
5.11 Sumitomo Rubber Industries, Ltd.
5.12 JK Tyres & Industries Ltd.
5.13 Revvo Technologies, Inc.
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