Connected Tyre Market by Component, Rim Size (12-17 Inches, 18-22 Inches, More Than 22 Inches), Propulsion, Sales Channel

List of Tables

[193 Pages Report] The Connected Tyre Market size was estimated at USD 22.56 million in 2023 and expected to reach USD 30.70 million in 2024, at a CAGR 38.35% to reach USD 219.03 million by 2030.

The connected tyres are smart, technology-driven tyres designed to enhance vehicle safety, efficiency, and performance. These intelligent tyres utilize embedded sensors and communication systems to provide real-time information on various parameters such as air pressure, temperature, load capacity, and wear patterns. The data gathered enables predictive maintenance, proactive alerts for potential issues, and a streamlined driving experience for both personal vehicles and commercial fleet operations. Rapidly growing automotive sectors is offering the untapped potential for connected tyre product penetration, appealing to middle-class consumers prioritizing safety and technology. Increasing collaboration between tyre manufacturers, telematics service providers, and insurance companies that offer value-added services such as usage-based insurance pricing and fleet management tools to customers is driving the market growth. High costs with the integration of advanced sensor technology and communication systems and h increasing concerns surrounding cybersecurity hampers market growth. The rising development of cost-effective connected tyre solutions that cater to diverse customer segments is expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 22.56 million
Estimated Year [2024]	USD 30.70 million
Forecast Year [2030]	USD 219.03 million
CAGR (%)	38.35%

Component: Growing advancements of software solutions used in connected tyres

Hardware components form an essential part of connected tyres as they include sensors, actuators, and communication modules that facilitate real-time monitoring of tyre parameters such as pressure, temperature, wear, and load. These components help in improving vehicle safety by providing timely alerts to drivers about potential hazards or required maintenance tasks. The software component forms an integral part of connected tyres by enabling data collection from hardware elements, analyzing it and generating insights that help drivers make informed decisions on vehicle maintenance and driving behavior. The software systems include embedded algorithms for processing complex data streams from multiple sources such as GPS, accelerometer, gyroscope, and other vehicle sensors. This data can be used to optimize fuel consumption, extend tyre lifespan, and improve the overall driving experience. Both hardware and software segments are vital for the connected tyre market; however, their significance may vary based on specific customer needs. For instance, fleet operators may prioritize real-time monitoring of individual tyre performance through sophisticated hardware systems to ensure maximum operational efficiency. On the other hand, vehicle manufacturers might give precedence to seamless integration of various on-board systems using advanced software applications that offer a unified interface for end-users.

Propulsion: Higher potential for the use of connected tyres in electric vehicle with supportive government policies

The electric propulsion segment caters to the growing demand for environment-friendly vehicles with enhanced efficiency. Connected tyres are a critical component of electric vehicles (EVs), ensuring optimal performance through energy management, real-time monitoring of road conditions, and predictive maintenance. The demand for connected tyres in EVs is driven by the need for maximized range, reduced energy consumption, improved handling characteristics, lower emissions, and extended battery life. Furthermore, government policies supporting EV adoption create opportunities for growth in this segment. The internal combustion engine (ICE) propulsion segment primarily focuses on fuel efficiency improvements, emission reductions, safety enhancements, and cost-effectiveness. Connected tyres' demand in ICE vehicles is driven by factors such as fuel consumption optimization, reduced rolling resistance, enhanced safety features through real-time monitoring of tyre pressure and temperature, and cost-effective solutions that extend the life of tyres. While both propulsion segments leverage connected tyre technology to enhance vehicle performance and safety, their primary objectives vary. The electric segment seeks to optimize energy management and extend battery life, whereas the ICE segment focuses on maximizing fuel efficiency and reducing emissions. Furthermore, environmental concerns have led to a global shift towards electrification of automobiles; thus, EVs are expected to surpass conventional ICE vehicles in market share shortly.

Rim Size: Increasing demand for more than 22 inches rim size segment with advancements in heavy-duty vehicles

The 12-17 inches rim size segment caters primarily to compact and midsize vehicles, with an emphasis on fuel efficiency and safety. Consumers in this category are generally drawn to economical offerings without compromising quality. The 18-22 inches rim size segment focuses on luxury cars and high-performance vehicles that require enhanced handling capabilities and aesthetics as a priority over fuel efficiency. More than 22 inches segment targets heavy-duty vehicles, including commercial trucks, buses, and other industrial applications that require durability and load capacity. The connected tyre market's rim size segments cater to differing consumer needs based on vehicle type, driving preferences, and usage requirements. The 12-17 inches segment concentrates on fuel efficiency and safety requirements for compact cars. On the other hand, the 18-22 inches segment emphasizes performance-oriented luxury cars that prioritize handling capabilities over fuel efficiency. Furthermore, more than 22 inches rim size is designed for heavy-duty vehicles requiring tyres with high durability and load capacity.

Sales Channel: Rising availability of connected tyre solutions through the aftermarket sales segment

The aftermarket offers a wide range of connected tyre products and solutions to customers who are looking for replacement tyres or innovative technologies to enhance the performance and safety features of their existing vehicles. Customers prefer the aftermarket channel for various reasons such as competitive pricing, diverse product options from multiple brands, and easy access to expert advice from specialized retailers or service providers. The OEM segment caters to automotive manufacturers who integrate connected tyre technologies during the vehicle production process. This ensures that new vehicles are equipped with advanced tyre monitoring systems as a standard feature or optional add-on, thus enhancing overall safety and performance levels. Market preference for the OEM channel is driven by factors such as brand reputation, warranty coverage, seamless integration with vehicle systems, and reliable product quality. Both aftermarket and OEM sales channels offer unique advantages in terms of meeting customer needs for connected tyres. The aftermarket provides greater flexibility in product selection across various brands while offering competitive pricing options. On the other hand, the OEM market ensures that customers receive highly reliable products backed by manufacturer warranties and seamless integration with vehicle systems.

Regional Insights

The APAC region, particularly China and India, is experiencing significant growth in the connected tyre market with the increasing number of vehicles on the road and a growing awareness of environmental concerns. Developing the electric vehicle market in countries like China drives demand for specialized tires designed for EVs. These tires often have unique requirements to maximize the range of electric vehicles. The surge in demand for advanced automotive technology due to increasing safety regulations and rising consumer awareness towards fuel efficiency is expanding the growth of the market in the Americas. The presence of harsh weather conditions in Canada necessitating better road traction control systems creates a platform for connected tyres. Strong automotive industry driving innovation and investment in smart tyre solutions in European Union countries expands market growth in EMEA. In addition, increased focus on vehicle safety standards and environmental concerns, such as CO2 emissions reduction targets set by European governments, have led to accelerated adoption of connected tyre systems.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Connected Tyre Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Connected Tyre Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Connected Tyre Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company Europe Limited, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Innovative Tyres & Tubes Ltd., JK Tyre & Industries Ltd., Magna Tyres, Michelin, MRF Tyres, NEXEN TIRE Corporation, Nokian Tyres PLC, Pirelli & C. S.p.A., RPG Enterprises, The Yokohama Rubber Co., Ltd., Treel Pvt Ltd., and U.S. Tire Manufacturers Association.

Market Segmentation & Coverage

This research report categorizes the Connected Tyre Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Hardware
- Software

Rim Size
- 12-17 Inches
- 18-22 Inches
- More Than 22 Inches

Propulsion
- Electric
- ICE

Sales Channel
- Aftermarket
- OEM

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Connected Tyre Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Connected Tyre Market?

3. What are the technology trends and regulatory frameworks in the Connected Tyre Market?

4. What is the market share of the leading vendors in the Connected Tyre Market?

5. Which modes and strategic moves are suitable for entering the Connected Tyre Market?

Product Code: MRR-CF6C60CF959B

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising awareness towards the importance of tyre health, performance, and safety
  - 5.1.1.2. Continuous advancements in tyre technology globally
  - 5.1.1.3. Emergence of the Internet of Things and 5G connectivity
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with connected tyre technology
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing development and deployment of autonomous vehicles
  - 5.1.3.2. Expanding adoption of electric vehicles across the world
- 5.1.4. Challenges
  - 5.1.4.1. Lack of supporting infrastructure for implementation of connected tyre systems
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing advancements of software solutions used in connected tyres
- 5.2.2. Propulsion: Higher potential for the use of connected tyres in electric vehicle with supportive government policies
- 5.2.3. Rim Size: Increasing demand for more than 22 inches rim size segment with advancements in heavy-duty vehicles
- 5.2.4. Sales Channel: Rising availability of connected tyre solutions through the aftermarket sales segment
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Connected Tyre Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Software

7. Connected Tyre Market, by Rim Size

7.1. Introduction
7.2. 12-17 Inches
7.3. 18-22 Inches
7.4. More Than 22 Inches

8. Connected Tyre Market, by Propulsion

8.1. Introduction
8.2. Electric
8.3. ICE

9. Connected Tyre Market, by Sales Channel

9.1. Introduction
9.2. Aftermarket
9.3. OEM

10. Americas Connected Tyre Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Connected Tyre Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Connected Tyre Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Continental Enables Real-Time Digital Tire Monitoring also for Free-Standing Truck Trailers
- 13.3.2. Pirelli Launches Investment Of 114 Million Euro In The Plant At Silao, Mexico to Increase Production Capacity Of The Silao Plant By More Than One Million Pieces For A Total Of 8.5 Tires At Completion In 2025 Million
- 13.3.3. Bridgestone Collaborates with Microsoft to Accelerate Advanced Tire Analytics Integration Across Global Portfolio of Connected Tires and Mobility Solutions
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio