Automotive Smart Tire Market
Global Automotive Smart Tire Market is expected to witness exponential growth during the forecast period.
Market Research Future published a Half Cooked Research Report Global Automotive Smart Tire Market that contains the information from 2018 to 2023. The Global Automotive Smart Tire Market is expected to progress with the CAGR of ~18.5% from 2018 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Smart Tire Market Information from 2018 to 2023″
Automotive Smart Tire Market Overview:
An under-inflated and worn out tire on a moving vehicle is a hazard. The introduction of smart tire concept by prominent tire manufacturers is expected to help in reducing road accidents. The smart tire is an integrated platform that makes use of sensors embedded to provide useful information pertaining to inflation pressure, tread wear, temperature, total no of potholes, and maintenance requirement from all the four tires to the on-board computer of the vehicle. This helps in enhancing driving experience, vehicle performance, reducing fuel consumption through managing the tires more effectively.
Recently, ContiSense introduced a concept where tire sensors measure tread depth and temperature to alert drivers regarding tire damage and transmitting data. Furthermore, ContiAdapt adjusts rim width and tire pressure to adapt contact patch to road conditions.
Smart tires or intelligent tires for the passenger cars, light commercial, heavy commercial vehicles, earth-moving equipment with the sensors pre-fitted or retrofitted to existing tires is expected to drive the global smart tires market growth. System helps to send out notification via SMS or email to fleet managers whenever the maintenance is required.
The global Automotive Smart Tire Market is estimated to witness ~18.5% CAGR during the forecast period
Automotive Smart Tire Segmentation:
The global Automotive Smart Tire Market is segmented on the basis of technology, vehicle type, sales channel, and region. On the basis of technology, the market has been segmented into pneumatic tires and non-pneumatic tires. On the basis of vehicle type, the market has been segmented into passenger cars, commercial vehicles, battery electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicle. On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
On the basis of technology type, the pneumatic segment is estimated to account for a dominant share in the global automotive smart tire market owing to its relative cost effectiveness and rising penetration across vehicle type. The non-pneumatic segment is expected to register substantial growth as it lies in the introductory stage of lifecycle.
In segmentation based on vehicle type, the passenger cars segment is expected to hold significant share in the global Automotive Smart Tire market. This is due to relatively high adoption rate and upgradation of existing passenger cars in developed regions. Furthermore, the automotive smart tires are expected to witness substantial growth in the commercial vehicles due to shifting focus towards fuel efficient alternative to meet profitability by fleet owners and other earth moving equipment owners.
On the basis of sales channel, the OEM segment is projected to hold the considerable share in the Automotive Smart Tire Market from 2018 to 2023. This growth is attributed to introduction of smart tires in the commercial vehicles. Furthermore, the aftermarket segment is projected to witness substantial growth in the future owing to increase in installation of Automotive Smart Tire in the existing vehicles or total fleet.
Key Players:
The prominent players in the global Automotive Smart Tire Market include The Goodyear Tire & Rubber Co (USA), Michelin Group (France), NEXEN TIRE Corporation (Korea), Continental AG (Germany), Bridgestone Corporation (Japan), Sumitomo Rubber Industries, Ltd. (Japan),and Pirelli & C. S.p.A. (Italy) among others.
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This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global Automotive Smart Tire Market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
