Intelligent Tires Market to Witness Promising Growth, Opportunities and Forecast
Intelligent Tires Market size was estimated at USD 5,275.8 million in 2024 and is projected to reach USD 9,120.0 million in 2031 at a CAGR of 7.3 % during the forecast period 2025-2031.
The intelligent tires market refers to the development and adoption of tires equipped with sensors and embedded technologies that provide real-time data and insights about tire performance. These tires monitor various parameters such as pressure, temperature, tread wear, and road conditions, transmitting this data to connected systems within the vehicle.
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The market is categorized by vehicle type into passenger and commercial vehicles, with the passenger vehicle segment anticipated to capture more than 65% of the revenue share by 2031. The growth of this segment is being driven by the integration of connected vehicle technologies.
Smart tire systems enable smooth integration and easy access to tire data via wireless communication with telematics platforms, smartphone applications, and onboard vehicle systems. This connectivity allows drivers to enhance their overall driving experience by remotely monitoring tire conditions, receiving maintenance alerts, and obtaining personalized recommendations for tire pressure adjustments or replacements.
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America region is projected to hold the largest market share. Factors such as rising demand for vehicle safety, advancements in IoT and connectivity, growing adoption of electric vehicles, demand for predictive maintenance, stricter regulatory standards, enhanced consumer awareness, and cost-effectiveness in fuel efficiency and maintenance have triggered the Intelligent Tires Market in the region.
Top Key Competitors of Intelligent Tires Market
·??????? Bridgestone Corporation
·??????? Continental AG
·??????? Hankook Tire & Technology Group
·??????? Michelin Group
·??????? NIRA Dynamics AB
·??????? Nokian Tyres plc
·??????? Pirelli & C. S.p.A.
·??????? Sumitomo Rubber Industries, Ltd.
·??????? The Goodyear Tire & Rubber Company
·??????? Toyo Tire Corporation and More
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Recent Developments:
In January 2024, Goodyear formed a partnership with TDK to develop advanced next-generation tire solutions. By combining TDK's expertise in software, sensors, and electrical components with Goodyear's tire development and intelligent solutions, the two companies aim to introduce an effective tire sensing system through a collaborative approach.
In July 2023, Continental AG unveiled the integration of next-generation sensors into their Conti urban tire line. By August 2023, the Conti Urban HA3, Conti UrbanScandinavia HA3+, and Conti UrbanScandinavia HD3 smart tires were launched. This made Continental the first manufacturer to offer a full range of sensor-equipped tires, further advancing fleet digitization.
The Intelligent Tires Market is segmented into various segments such as Product Type, Vehicle Type, Electric Vehicle Type and Region.
Based on Product Type
·??????? Inflatable Tires
·??????? Solid Tires
Based on Vehicle Type
·??????? Passenger Cars
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·??????? Commercial Vehicles
Based on Electric Vehicle Type
·??????? Battery Electric Vehicles (BEV)
·??????? Hybrid Electric Vehicles (HEV)
·??????? Fuel Cell Electric Vehicles (FCEV)
·??????? Plug-in Hybrid Electric Vehicles (PHEV)
The Report helps to identify the opportunities in Global Regions:
·??????? North America (the United States, Canada, and Mexico)
·??????? Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
·??????? Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
·??????? South America (Brazil etc.)
·??????? The Middle East and Africa (North Africa and GCC Countries)
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