Connected Tire Market size globally set to touch USD 390 million at CAGR 74% by 2026
Acumen Research and Consulting
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Connected Tire market size is set to grow at a stunning 74% for the forecast period between 2019 and 2026, As per market research firm Acumen Research and Consulting. Rapid technological advancements have dramatically revolutionized the automobile business, reshaping every aspect of automobile in this sector. Technical advancements in vehicle automation have improved operational functional performance of vehicle and its associated parts. Vehicle tires are being reinvented in light of these changes, as well as the development of data science and IoT, emphasizing the connected tire concept. Connected tires successfully fit into the image of autonomous driving technology as well as car sharing, which are becoming a rising trend in the automobile sector.?Real-time transmission of collected data to the vehicle. The tires are outfitted with a variety of lOT devices and sensor-based systems, such as pressure monitoring, temperature management systems, advanced support system etc.? It transmits data such as tire pressure, road condition, tread depth, acceleration, and tire temperature, which aids in predicting tire working conditions, maintenance requirements, and deviation alerts, as well as adjusting suspension, traction control, emergency braking etc.?
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Dynamics of Connected Tire Market?
Key aspect encouraging future improvements in this technology is noted as the surge in technological development in the automobile industry. Factors like increasing demand for road safety and an increase in demand for passenger cars equipped with enhanced safety systems are also fueling market expansion. Furthermore, the growing deployment of connected features in vehicles, as well as the increased development and implementation of self-driving mobility, is a crucial growth element. The increased requirement for effective tire management from fleet operators to reduce tire maintenance and replacement costs will also drive technological demand. Furthermore, government assistance for the development and deployment of smart vehicles in both developing and developed nations would present the industry with lucrative growth prospects.?
Growth of connected tire market is mainly driven due to growing numbers of vehicles, strict government regulation about safety feature in the vehicles. Also, the consumer preferences toward advancement in tires. There are also the factors like technological advancement in the connected tire segment. Moreover, government regulations for the automotive industry sector due to the safety has driven automotive OEMs.?
Connected Tire Market?Regional overview
North America have been dominating the regional market having maximum market share, also this region is expected to hold its dominance during forecast period. This region has been experiencing maximum growth given the rapid usage of the connected tire, along with presence of the connected tire key vendors, as well as the fast growth in automotive industry. The increase in demand towards the connected tires over the passenger vehicles from numerous countries of this region, namely Canada, US and Mexico. The increasing manufacturing facility and supporting government incentives along with ever expanding manufacturing bases have also propelled growth of the connected tire in North American market.?
Europe is the second largest market after North America region in this market., there is a robust automobile industry in European with countries like Germany, France and UK leading the race in the continent.?
The Asia-Pacific region is also expected to witness the fastest growth and is estimated to hold highest CAGR amongst the global market for the forecast period. Growing vehicle production in countries like China and India, with increase in the development and innovation in the connected tire segment, as well as the growing automotive industries in India. All of these factors are expected to accelerate the growth of the market for the forecast period.?
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