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The Connected Tyre Market grew from USD 22.56 million in 2023 to USD 30.70 million in 2024. It is expected to continue growing at a CAGR of 38.35%, reaching USD 219.03 million by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The connected tyre market refers to the integration of advanced technologies like IoT, sensors, and data analytics into tyres, enabling real-time monitoring of various parameters such as air pressure, tread depth, tyre temperature, and load capacity. The necessity for connected tyres stems from the demand for increased automotive safety, optimized fuel efficiency, and reduced maintenance costs, catering primarily to fleet operators, passenger vehicles, and commercial vehicles. The application scope extends to predictive maintenance, environmental sensing, and enhanced performance metrics, creating a value proposition for stakeholders including automotive OEMs, tyre manufacturers, logistics companies, and end consumers. Market growth is significantly influenced by factors such as the burgeoning development of smart cities, the proliferation of IoT technology, and increasing consumer awareness regarding vehicle safety and efficiency. Furthermore, stricter government regulations regarding vehicle safety and carbon emissions are propelling the adoption of connected tyre technology. Currently, substantial opportunities lie in the expansion of IoT infrastructure, partnerships for joint R&D development, and tapping into emerging markets with high vehicle growth rates. Innovators can focus on areas like seamless integration with vehicle systems, enhancing cybersecurity measures, and developing cost-effective sensor technologies to capitalize on this growth trajectory. However, challenges persist in the form of high initial costs, standardization issues across platforms, and data privacy concerns, which may hamper widespread adoption. Moreover, the integration complexity with existing vehicle systems and the need for robust infrastructure to support connectivity are notable limitations. Therefore, businesses are recommended to invest in collaborative partnerships and scalable IoT solutions while focusing on these innovation areas to enhance market penetration. The market is dynamically poised for substantial growth as innovations in autonomous driving and connected ecosystems create new avenues, making it crucial for businesses to stay forward-thinking and adaptive to technological advances and consumer demands.
Understanding Market Dynamics in the Connected Tyre Market
The Connected Tyre Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Rising awareness towards the importance of tyre health, performance, and safety
- Continuous advancements in tyre technology globally
- Emergence of the Internet of Things and 5G connectivity
- Market Restraints
- High cost associated with connected tyre technology
- Market Opportunities
- Ongoing development and deployment of autonomous vehicles
- Expanding adoption of electric vehicles across the world
- Market Challenges
- Lack of supporting infrastructure for implementation of connected tyre systems
Exploring Porter’s Five Forces for the Connected Tyre Market
Porter’s Five Forces framework further strengthens the insights of the Connected Tyre Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Connected Tyre Market
External macro-environmental factors deeply influence the performance of the Connected Tyre Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Connected Tyre Market
The Connected Tyre Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Connected Tyre Market
The Connected Tyre Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Strategic Recommendations for Success in the Connected Tyre Market
The Connected Tyre Market strategic analysis is essential for organizations aiming to strengthen their position in the global market. A comprehensive review of resources, capabilities, and performance helps businesses identify opportunities for improvement and growth. This approach empowers companies to navigate challenges in the increasingly competitive landscape, ensuring they capitalize on new opportunities and align with long-term success.Key Company Profiles
The report delves into recent significant developments in the Connected Tyre Market, highlighting leading vendors and their innovative profiles. These include Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company Europe Limited, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Innovative Tyres & Tubes Ltd., JK Tyre & Industries Ltd., Magna Tyres, Michelin, MRF Tyres, NEXEN TIRE Corporation, Nokian Tyres PLC, Pirelli & C. S.p.A., RPG Enterprises, The Yokohama Rubber Co., Ltd., Treel Pvt Ltd., and U.S. Tire Manufacturers Association.Market Segmentation & Coverage
This research report categorizes the Connected Tyre Market to forecast the revenues and analyze trends in each of the following sub-markets:- Component
- Hardware
- Software
- Rim Size
- 12-17 Inches
- 18-22 Inches
- More Than 22 Inches
- Propulsion
- Electric
- ICE
- Sales Channel
- Aftermarket
- OEM
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Connected Tyre Market, by Component
7. Connected Tyre Market, by Rim Size
8. Connected Tyre Market, by Propulsion
9. Connected Tyre Market, by Sales Channel
10. Americas Connected Tyre Market
11. Asia-Pacific Connected Tyre Market
12. Europe, Middle East & Africa Connected Tyre Market
13. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Connected Tyre Market, which are profiled in this report, include:- Bridgestone Corporation
- Continental AG
- Cooper Tire & Rubber Company Europe Limited
- Goodyear Tire & Rubber Company
- Hankook Tire & Technology Co., Ltd.
- Innovative Tyres & Tubes Ltd.
- JK Tyre & Industries Ltd.
- Magna Tyres
- Michelin
- MRF Tyres
- NEXEN TIRE Corporation
- Nokian Tyres PLC
- Pirelli & C. S.p.A.
- RPG Enterprises
- The Yokohama Rubber Co., Ltd.
- Treel Pvt Ltd.
- U.S. Tire Manufacturers Association
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 187 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 30.7 Million |
| Forecasted Market Value ( USD | $ 219.03 Million |
| Compound Annual Growth Rate | 38.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 18 |
