Enjoy complimentary customisation on priority with our Enterprise License!
The automotive intelligent tires market share is expected to increase by USD 13.39 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 41.96%.
This automotive intelligent tires market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive intelligent tires market segmentations by application (commercial vehicles and passenger cars) and geography (Europe, North America, APAC, South America, and MEA). The automotive intelligent tires market report also offers information on several market vendors, including Bridgestone Corp., Continental AG, Hankook Tire & Technology Co. Ltd., Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Co., Toyo Tire Corp., and Yokohama Rubber Co. Ltd. among others.
Download Report Sample to Unlock the Automotive Intelligent Tires Market Size for the Forecast Period and Other Important Statistics
The increasing need for safe tires is notably driving the automotive intelligent tires market growth, although factors such as the commercial viability of intelligent tires may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive intelligent tires industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Intelligent Tires Market Driver
The increasing need for safe tires is one of the key factors driving the growth of the global automotive intelligent tires market. Tires form a critical point of contact between the vehicle and the road. The grip of a tire plays a crucial role in maintaining vehicle control during a sudden braking situation. The increasing number of on-road accidents is a major cause that is driving automakers to develop advanced driver-assisted safety technologies. A significant percentage of road accidents are caused due to under-inflated or worn-out tires. Intelligent tires provide advanced warning to the driver and the tire manufacturer regarding the stability of the tire and the impending need for a tire replacement. This enables tire manufacturers to make the necessary stock available at the nearest tire dealership. Most tire-related issues are caused due to the development of slow air leaks in the tire. Tire makers can leverage the big data generated by intelligent tires to detect the root cause of slow air leaks and work to eliminate this threat in their future tire models. Hence, with the increasing awareness among customers, the demand for TPMS will increase in the market, which, in turn, will push the adoption of intelligent tires during the forecast period.
Key Automotive Intelligent Tires Market Trend
The use of IMU sensors in intelligent tires will fuel the global automotive intelligent tires market growth. An inertial measurement unit (IMU) refers to a fusion sensor unit (a combo sensor), which is basically a box containing three accelerometers and three gyroscopes. The accelerometers are oriented in such a manner that their axes are orthogonal to each other. These serve to measure the amount of G-force that the IMU is being subjected to. The gyroscopes are also placed in a similar pattern. These measure the rotational position of the unit using either absolute or relative coordinate reference systems. The choice of the coordinate reference system depends on the end-use of the gyroscope in the vehicle. However, Intelligent TPMS typically uses an acceleration sensor module, which is known as a G sensor. These sensors are quite rugged, as they are placed inside tires where there is the incidence of both extreme heat and high torque. The sensors used here need to be capable of withstanding vehicle speeds of up to 300 kmph, as well as an acceleration of up to 1,000 G. It is expected that an integrated and fool-proof approach for the G sensor will be substituted by an IMU sensor.
Key Automotive Intelligent Tires Market Challenge
The commercial viability of intelligent tires is a major challenge for the global automotive intelligent tires market growth. Intelligent tires require advanced connectivity systems, hardware consisting of an array of sensors, supporting vehicle hardware and software, and subscription services to operate. Equipping a vehicle with intelligent tires will significantly increase production costs, driving up vehicle prices. Hence, initially, the practical application of intelligent tires will be limited to luxury or top-end vehicle models with inflated price tags. The high cost of installing and operating intelligent tires limits its commercial viability in entry-level and mid-segment passenger cars. The sensors used in intelligent tires cost close to $1,000 due to their complex-built. Geography and availability of local resources further affect the pricing of these sensors. The majority of the market for intelligent tires exists in the Americas and Europe. Hence, vehicle makers based in APAC need to import the required sensors for intelligent tires. The adoption of intelligent tires will be limited to luxury vehicles during the forecast period.
This automotive intelligent tires market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive intelligent tires market as a part of the global tires and rubber market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive intelligent tires market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive intelligent tires market encompasses successful business strategies deployed by the key vendors. The automotive intelligent tires market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive intelligent tires market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive intelligent tires market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global auto components market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.