Smart Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F Segmented By Product Type (Connected Tire, Intelligent Tire/TPMS), By Sensor Type (TPMS, Accelerometer Sensor, Strain Gauge Sensor, RFID Chip, and Other Sensors), By Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Vehicle Propulsion (Conventional Vehicles and Electric Vehicles), By Distribution Channel (OEMs and Aftermarket), and By Region

The global smart tire market has shown growth in the past years, and it is anticipated to increase at a high rate in the forecast year 2023-2030. Smart tires have sensors and controls that allow them to adjust to diverse road conditions. Smart tires also keep an eye on a variety of tire characteristics that monitor the tire's health. The sidewall of the tires being below the minimal level of standardization is one of the main causes of accidents affecting tires. By digitalizing tires monitoring to encourage consumer road safety, tires producers are safeguarding the safety of drivers and passengers. To monitor tire and road conditions, advanced technologies are enabling faster connection between the tire and the vehicle. These technologies include artificial intelligence (AI), the internet of things (IoT), and 5G communication. The key challenges for the market driver are, keeping the safety of the tires, utilizing sensor technology for adaptability to various situations, eliminating the need for seasonal tire changes, a slower rate of tire wear, and self-repairing in the event of punctures. Since, most drivers are ignorant of their tire conditions, and still run the tires, it causes wear and tear to the tire. Many tires manufacturing companies are working to find solutions to address these problems for safer driving, which is driving up consumer demand for smart tires. For instance, Nokian Tires has a product called SnapSkan that notifies the driver of the tire condition and how it affects traffic safety.

Globally total number of tire sale in 2021 was around 2073.95 million units. The sales of all types of tires from North America region in which country including United States, Canada, and Mexico account for around 406.05 million units in the year 2021. The demand of sales for tire in North America region comes from the distributer end and from the OEMs (Original Equipment Manufacturers). 

Recent Development in Smart Tire

The SMART Tire Company, Inc. has announced to launch bike smart tires which will be based on shape memory alloy radial technology material. The smart tire for the bike has an innovative property called ‘super elasticity’ by this property tires can rearrange their molecular structure in response to strain and have 100% instant recovery. The SMART Tire Company, Inc. CEO has announced that the tire’s design and manufacturing will be done at company’s new STC innovation center in Akron, Ohio (United States). The production work has been started in the year 2022.

Increasing Concerns Regarding Environment and Vehicle Safety

Nowadays there is rising concern for the environment and vehicle safety among the people. By seeing these concern tire manufacturing companies have developed smart tires that match all standards for the ideal tire in the market. Automotive tires must be developed using a variety of raw materials and energy sources. Non-renewable natural resources are also among the raw materials, and greater tire production will hasten their rapid depletion. Smart tires serve to reduce the frequency of tire replacement for vehicles by being designed to last long than a standard tire. Another important energy consumer is the recycling of tires. A longer tire life can also reduce the number of tires disposed in landfills or recycled, and it can use less energy to produce replacement tires.

Rising Adoption of 5G Technology in Smart Tires

In the future, 5G technology, which has the potential to revolutionize the automotive sector, will be used for things like improved driving, infrastructure development for the side of the road, and vehicle connectivity. The rollout of the 5G network is anticipated to make cars smarter and safer while enhancing the driving experience. The first 5G-connected tyre in the world consists of a sensor, processor, and communications disc that are small and embedded inside the tire. It is made to continuously track different factors such as, tire pressure, tread depth, tire temperature, acceleration, and the ability to detect water and ice on the road. A higher frequency range and a stronger communication channel make 5G technology superior to the widely used Bluetooth technology used in wireless tire pressure monitoring systems. Because 5G technology makes it possible for effective vehicle-to-vehicle communication, it can also encourage the integration of smart tires in passenger vehicles. For instance, Pirelli was a pioneer in the development of "Cyber Tires," connected with 5G capabilities that are utilized in applications like truck fleet management.

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Market Segmentation

The Global Smart Tire Market is segmented based on product type, sensor type, technology, vehicle type, vehicle propulsion, distribution channel, by region, and competitional landscape. Based on the product type, the market is further fragmented into connected tire, and intelligent tire/TPMS. Based on sensor type, the market is divided into TPMS, accelerometer sensor, strain gauge sensor, RFID chip, and other sensors. Based on technology, the market is divided into Pneumatic Tire, Run-Flat Tire, and Non-Pneumatic Tire. Based on vehicle type, the market is divided into passenger cars and commercial vehicles. Based on propulsion type, the market is divided into conventional vehicles and electric vehicles. Based on distribution channel, the market is divided into OEMs and aftermarket. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

Continental AG, Bridgestone Corporation, Michelin, 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, are among the major market players in the global platform that lead the market growth of the Smart Tire Market.

Report Scope:

In this report, the Smart Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Smart Tire Market, By Product Type:

o   Connected Tire

o   Intelligent Tire/TPMS

·         Smart Tire Market, By Sensor Type:

o