Connected Tires Market Projected to Surge to US$ 96.50 Million by 2030, Registering a CAGR of 58.5%
Summary
The global Connected Tires Market, valued at US$ 3.84 million in 2023, is anticipated to experience exponential growth, reaching approximately US$ 96.50 million by 2030. This robust expansion is driven by a compound annual growth rate (CAGR) of 58.5% during the forecast period of 2024 to 2030. The market growth is fueled by increasing adoption of smart vehicle technologies, advancements in sensor technologies, and rising demand for enhanced vehicle safety and performance monitoring.
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Article Body
A) Market Size
The Connected Tires Market is in its nascent stage but poised for rapid growth. The market valuation of US$ 3.84 million in 2023 is expected to witness a transformative increase to US$ 96.50 million by 2030. This growth reflects the accelerating integration of intelligent tire systems equipped with sensors that monitor tire pressure, temperature, and overall health in real time, contributing significantly to vehicle safety and efficiency.
B) Scope and Research Methodology
This comprehensive market study is based on detailed primary and secondary research, including insights from key industry experts, manufacturers, and stakeholders. It incorporates quantitative and qualitative data analysis to evaluate market dynamics, trends, opportunities, and challenges. The report covers extensive segmentation and regional analysis to provide strategic guidance for industry participants.
C) Report Coverage
The report analyzes the Connected Tires Market across multiple dimensions—product offerings, components, vehicle types, propulsion types, rim sizes, and sales channels. It evaluates competitive positioning and strategic initiatives of leading market players and provides actionable insights to capitalize on emerging opportunities.
D) Overview
Connected tires, also known as smart tires, incorporate advanced sensors and communication technologies that deliver real-time data to drivers and vehicle management systems. These tires enable predictive maintenance, improve road safety, enhance fuel efficiency, and optimize tire performance. The adoption of connected tire technology aligns with the broader trends of vehicle connectivity, electrification, and autonomous driving.
E) Dynamics
Key growth drivers include the increasing penetration of electric vehicles (EVs), rising focus on road safety regulations, and growing consumer awareness regarding vehicle maintenance. Technological advancements in sensor miniaturization and wireless communication are facilitating product innovation. However, challenges such as high costs, data security concerns, and lack of standardization may impede market growth.
F) Segmentation
By Offering: Hardware, Software
By Component: TPMS (Tire Pressure Monitoring Systems), Accelerometer Sensors, Strain Gauge Sensors, RFID Chips, Other Sensors
By Vehicle Type: Passenger Cars, Commercial Vehicles
By Propulsion: Electric Vehicles (EV), Internal Combustion Engine (ICE) Vehicles
By Rim Size: 12-17 Inches, 18-22 Inches, More Than 22 Inches
By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
G) Key Players Include:
Bridgestone Corporation
Michelin
Continental AG
Pirelli & C. S.p.A
Goodyear Tire and Rubber Company
Sumitomo Rubber Industries, Ltd.
Hankook Tire & Technology Co., Ltd.
Yokohama Rubber Co., Ltd.
Giti Tire Corporation
Kumho Tire Co., Inc.
...and several other major industry leaders driving innovation and market expansion.
H) Reasons to Buy
Acquire detailed insights into global Connected Tires Market trends and forecasts.
Understand key drivers, challenges, and opportunities shaping the market landscape.
Gain competitive intelligence on leading companies’ strategic initiatives.
Make informed decisions on investments, product development, and market entry.
Explore customized research solutions tailored to specific business requirements.
I) Table of Contents
Executive Summary
Market Introduction
Research Methodology
Market Dynamics
Market Segmentation Analysis
Competitive Landscape
Regional Market Analysis
Company Profiles
Market Opportunities and Future Outlook
Appendix and Data Sources
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