The Global Smart Tires Market is projected to grow at a considerable CAGR in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the capabilities of these tires to reduce heat build-up, monitor vehicle safety, driving hours, & tread-wear, among others, boosting its demand across locations.
Besides, massive investments by the governments of different countries, encouraging automakers to develop advanced technologies for tires & avail commercialization in connected vehicles for greater safety is another aspect of curating the market dynamics or smart tires.
Moreover, the integration of sensors into tires to attain real-time information about the vehicle & monitor areas like tire pressure, load capacity, tread wear, & deformation to enhance vehicle safety are also backing the demand & installation of smart tires and stimulating the overall market growth globally through 2027.
Furthermore, the integration of advanced technologies like Artificial Intelligence (AI) into tires is also instigating tire manufacturers to indulge themselves in several research & development activities and bring new material for tires to reduce heat build-up and innovations in the product, further states the research report, “Global Smart Tires Market Analysis, 2022.”
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Private Vehicle Ownership to Boost the Sales of Passenger Cars & Drive the Smart Tire Market
Based on the Vehicle Type, Passenger cars are anticipated to dominate the Global Smart Tires Market with the largest share during the forecast years. This growth is driven by the growing disposable income of people & their mounting inclination toward private vehicle ownership, demonstrating a rise in the vehicle fleet globally.
It, in turn, is demonstrating a direct influence on the demand for tires and also triggering the popularity of smart tires for passenger cars. Besides, the peaking demand for high-quality, durable, & technologically advanced tires is also exemplifying a surge for smart tires in passenger cars, with the principle aim to enhance overall vehicle safety.
Expansive Automotive Industry in Asia-Pacific to Stimulate the Market Growth for Smart Tires
On the geographical front, Asia-Pacific is anticipated to dominate the Smart Tires Market with the largest share during the forecast period. This growth is driven by the rapidly expanding automotive sector & exponentially growing population across the region, demonstrating a burgeoning interest in private ownership of vehicles. The same aspect is also propelling the demand for sensor systems in tires to attain better performance without compromising safety, thereby promulgating the adoption of smart tires across Asia-Pacific.
Besides, a swift escalation in the sales of luxury vehicles entwined with the presence of various government initiatives encouraging the adoption of Electric Vehicles (EVs), is also generating lucrative growth opportunities for the leading players. It, in turn, is instigating the players to increase their development, production, and distribution capacities and cater to the rising demands through Asia-Pacific.
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The leading players in the Global Smart Tires Market are Bridgestone, Continental, Goodyear, Michelin, Pirelli, and Yokohama, among others.
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