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Automotive Smart Tire Market, By Product, Trend Analysis, Market Share & Forecast, 2020-2027

Industry Trends & Forecast Report 2027A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global automotive smart tire market was worth USD 78.3 billion in the year 2020. The market is further estimated to grow at a CAGR of 6.2%, earning revenue of around USD 118.6 billion by the end of 2027. One of the main factors driving the growth of the global automotive smart tire market is the rapid emergence and advancement of autonomous and connected vehicles, as well as the increasing adoption of artificial intelligence (AI) and 5G networks. The lack of strict regulations that negatively impact smart tire and sensor prices may, however, hinder the growth of this market.

Growth driversGrowing Trend of Shared Vehicle and Automated Maintenance AlertsFrom the perspective of the environment, sharing vehicles are benefiting urban cities as it helps in reducing carbon emissions per head. This is a primary factor that is creating immense growth opportunities for the global automotive smart tires market. This is because automatic route planning, error reporting, and servicing benefit the smart sensors fitted in the shared vehicles. These sensors self-report the issues to a cloud-based system so that preventive maintenance and repairs can be performed.

RestraintsLack of Standard Regulations and Price PolicySmart tires and sensors for vehicles are very expensive and difficult to deal with, which poses a restriction on the growth of the global automotive smart tire market. Even though tire pressure monitors are a mandatory feature in several countries, the adoption of automotive smart tires is still restricted among the elite. This is because of the lack of standard regulatory policies for the technology automakers, which allows them to control the price.

Impact of COVID-19 on Global Automotive Smart Tire MarketThe global automotive smart tire market was tremendously hit by the COVID-19 pandemic. In the wake of the nationwide lockdowns imposed by several countries to check the spread of the virus, the automobile industry was among the most severely affected. Due to social distancing protocols and labor shortages, automobile manufacturing and production activities were completely restricted. Consequently, automakers suffered severe losses as a result of a sharp decline in sales of automotive smart tires and sensors. Also, the restrictions on imports and exports affected the distribution channels, although manufacturing activities had resumed after the lockdown restrictions were lifted.

Global Automotive Smart Tire Market - Regional InsightsGeographically, the global automotive smart tire market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, Europe accounts for the largest market share because of the presence of several leading luxury automobile manufacturers like Ford, Mercedes-Benz, Porsche, Volkswagen, etc., which are increasingly adopting advanced technology like automotive smart tires into their products. Furthermore, the strong economic foothold and high disposable income of people belonging to this region also play a crucial role in fueling the growth of the automotive smart tire market.

Competitive LandscapeThe leading market players in the global automotive smart tire market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Co., Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd.,

Revvo

Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, Infineon Technologies AG, Titan International Inc.,

Maxxis

International, and other prominent players

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Sample Copy of the Report

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https://www.blueweaveconsulting.com/report/global-automotive-smart-tire-market/report-sample

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