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Automotive Smart Tire Market Growth, Trend Analysis

The global automotive smart tire market is immensely gaining popularity in the automobile industry because of the emergence of connected and autonomous vehicles and the introduction of technology in various automobile components.<br>

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Automotive Smart Tire Market Growth, Trend Analysis

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  1. Automotive Smart Tire Market, By Product, Trend Analysis, Market Share & Forecast, 2020-2027

  2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global automotive smart tire market was worth USD 78.3 billion in the year 2020. The market is further estimated to grow at a CAGR of 6.2%, earning revenue of around USD 118.6 billion by the end of 2027. One of the main factors driving the growth of the global automotive smart tire market is the rapid emergence and advancement of autonomous and connected vehicles, as well as the increasing adoption of artificial intelligence (AI) and 5G networks. The lack of strict regulations that negatively impact smart tire and sensor prices may, however, hinder the growth of this market.

  3. Growth drivers Growing Trend of Shared Vehicle and Automated Maintenance Alerts From the perspective of the environment, sharing vehicles are benefiting urban cities as it helps in reducing carbon emissions per head. This is a primary factor that is creating immense growth opportunities for the global automotive smart tires market. This is because automatic route planning, error reporting, and servicing benefit the smart sensors fitted in the shared vehicles. These sensors self-report the issues to a cloud-based system so that preventive maintenance and repairs can be performed.

  4. Restraints Lack of Standard Regulations and Price Policy Smart tires and sensors for vehicles are very expensive and difficult to deal with, which poses a restriction on the growth of the global automotive smart tire market. Even though tire pressure monitors are a mandatory feature in several countries, the adoption of automotive smart tires is still restricted among the elite. This is because of the lack of standard regulatory policies for the technology automakers, which allows them to control the price.

  5. Impact of COVID-19 on Global Automotive Smart Tire Market The global automotive smart tire market was tremendously hit by the COVID-19 pandemic. In the wake of the nationwide lockdowns imposed by several countries to check the spread of the virus, the automobile industry was among the most severely affected. Due to social distancing protocols and labor shortages, automobile manufacturing and production activities were completely restricted. Consequently, automakers suffered severe losses as a result of a sharp decline in sales of automotive smart tires and sensors. Also, the restrictions on imports and exports affected the distribution channels, although manufacturing activities had resumed after the lockdown restrictions were lifted.

  6. Global Automotive Smart Tire Market - Regional Insights Geographically, the global automotive smart tire market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, Europe accounts for the largest market share because of the presence of several leading luxury automobile manufacturers like Ford, Mercedes-Benz, Porsche, Volkswagen, etc., which are increasingly adopting advanced technology like automotive smart tires into their products. Furthermore, the strong economic foothold and high disposable income of people belonging to this region also play a crucial role in fueling the growth of the automotive smart tire market.

  7. Competitive Landscape The leading market players in the global automotive smart tire market are 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., NokianTyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revvo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc., Maxxis International, and other prominent players. Sample Copy of the Report :https://www.blueweaveconsulting.com/report/global-automotive-smart-tire-market/report-sample

  8. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  9. Contact Us: +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662    info(@)blueweaveconsulting.com www.blueweaveconsulting.com

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