Smart tires have sensors and integrated systems that provide real-time information on tire pressure, temperature, tread wear, and other critical factors. This information allows for increased safety, higher fuel efficiency, and optimised vehicle performance. Smart tires enhance tire performance by sensing road conditions and adjusting tire pressure and terrain adaptability to operate with little wear and tear. All major tire manufacturers are engaging in smart tire research and development, however tire features vary by company.
According to SPER market research, ‘Global Smart Tire Market Size- By Offering, By Vehicle, By Technology, By Sales Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Smart Tire Market is predicted to reach 219.07 billion by 2034 with a CAGR of 8.26%.
Drivers:
The rise of connected and autonomous vehicles is a key factor driving the Global Smart Tire Market. These vehicles use real-time data from smart tires for better performance and safety. Smart tires with advanced sensors provide important info about tire pressure, temperature, and road conditions, improving vehicle-road interaction. As car manufacturers focus on safety and efficiency in autonomous systems, the need for intelligent tire solutions is increasing. Governments are also promoting connected technologies, boosting this trend. Smart tires are essential in modern vehicles, aiding market growth through their integration with onboard systems.
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Restraints:
Smart tyre systems require compatibility with a wide range of automobile models. Technical challenges include establishing a smooth interaction with cloud-based analytics tools, telematics platforms, and vehicle onboard systems. Differences in hardware interfaces, software platforms, or communication protocols might create compatibility issues that inhibit interoperability and limit the scalability of smart tyre technology. Smart tyre systems also use wireless communication protocols to deliver tyre data to telematics platforms, cloud-based analytics tools, and vehicle onboard systems. Communication protocols that do not operate with existing automobile communication networks or standards can cause compatibility concerns.
North America holds the largest market share in 2024 and is expected to grow rapidly until 2034. There is high demand for connected vehicle solutions and advanced automotive technology in this region. Awareness of smart tire technology's benefits, such as convenience, safety, and fuel efficiency, is increasing. As a result, the sector is developing and gaining investment. The rise of electric and autonomous vehicles in the U. S. is also boosting the need for advanced tire technologies, promoting innovation in the smart tire industry. Some of the key market players are Bridgestone Corporation, Continental AG, Hankook Tire & Technology Group, Michelin Group, NIRA Dynamics AB, and others.
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