The global Intelligent Tire Market is estimated to be valued at US$ 87.16 Mn or Million in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Intelligent tires integrate sensors and electronics allowing them to monitor tire pressure, temperature, vibration and road conditions in real-time. This helps in improving vehicle safety and performance. They provide convenience through automatic pressure adjustment and prevent hazardous situations through early detection of tire failure.
Market key trends:
One of the major trends driving growth in the intelligent tire market is the integration of the Internet of Things (IoT) and artificial intelligence. The use of IoT sensors allows tires to generate and transmit real-time data about pressure, temperature, tread-wear and other conditions. This data is then analyzed using AI and machine learning algorithms to detect anomalies and predict failures. The insights gained help optimize maintenance, extend tire lifetime and reduce road accidents significantly. The growing adoption of advanced driver-assistance systems and self-driving vehicles will further propel the demand for intelligent tires in the coming years.
Segment Analysis
The intelligent tire market is segmented into tire type, vehicle type, and component. The tire type segment is further divided into pneumatic tires and run-flat tires. Pneumatic tires account for the largest market share as they are more cost-effective compared to run-flat tires. The technology integrated pneumatic tires can immediately detect defects in air pressure and automatically alert drivers through sensors fitted inside the tires.
Key Takeaways
The global intelligent tire market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing focus on vehicle and passenger safety.
Regional analysis
The Asia Pacific region is expected to dominate the market during the forecast period due to rapid adoption of new technologies and increasing production of vehicles in countries like China, Japan, and India. Europe is another major contributor to the market owing to stringent regulations regarding fuel-efficiency and safety in the region.
Key players
Key players operating in the intelligent tire market are The Goodyear Tire & Rubber Company, Continental AG, Michelin Group, The Yokohama Rubber Company, Limited, Sumitomo Rubber Industries, The Hankook TireGroup, Pirelli & C. S.p.A., and Bridgestone Corporation, ATG Tires, and Apollo Tires Limited. The Goodyear Tire & Rubber Company holds the leading position in the global market due to its robust product portfolio and widespread distribution network across major regions.
