Connected Tires Global Market Report 2024

Connected tires are equipped with sensors and advanced technology that enable them to communicate with other devices, providing real-time data on their performance. This includes crucial information such as tire pressure, temperature, wear levels, and other key metrics.

The primary components of connected tires include a tire pressure monitoring system (TPMS), accelerometer sensors, strain gauge sensors, and radio-frequency identification (RFID) chips. TPMS is an electronic system specifically designed to monitor the air pressure within pneumatic tires across various vehicle types. These tires are available in different rim sizes ranging from 12 to 17 inches, 18 to 22 inches, and over 22 inches, catering to passenger cars and commercial vehicles. They find applications in both original equipment manufacturer (OEM) installations and the aftermarket.

The connected tires market research report is one of a series of new reports that provides connected tires market statistics, including connected tires industry global market size, regional shares, competitors with a connected tires market share, detailed connected tires market segments, market trends, and opportunities, and any further data you may need to thrive in the connected tires industry. This connected tires research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The connected tires market size has grown exponentially in recent years. It will grow from $7.19 million in 2023 to $10.19 million in 2024 at a compound annual growth rate (CAGR) of 41.7%. The growth observed in the historical period can be attributed to several factors, heightened emphasis on reducing carbon emissions, growing demand for fleet management solutions, increased regulatory attention to vehicle safety, expanded adoption of smart vehicle technologies, and rising popularity of connected vehicles.

The connected tires market size is expected to see exponential growth in the next few years. It will grow to $41.33 million in 2028 at a compound annual growth rate (CAGR) of 41.9%. The projected growth in the forecast period can be attributed to several factors, increasing demand for real-time monitoring of tire performance, widespread adoption of IoT and connected vehicle technologies, heightened focus on vehicle safety and predictive maintenance, growing emphasis on fuel efficiency and sustainability in transportation, and the expanding deployment of electric and autonomous vehicles. Key trends expected in this period include integration with IoT ecosystems, advancements in sensor technologies, development of smart tire technologies, implementation of digital twin technology, and the emergence of subscription-based tire services.

The connected tires market is poised for growth driven by the increasing adoption of autonomous vehicles. Autonomous vehicles, which operate using advanced sensors, cameras, radar, and artificial intelligence, are gaining traction due to technological advancements, environmental considerations, and evolving consumer preferences. Connected tires play a crucial role in these vehicles by providing essential data that enhances safety, performance, efficiency, and overall user experience, thus becoming indispensable in the evolution of modern transportation. For example, projections from the National Association of Insurance Commissioners indicate that the number of autonomous vehicles on US highways is expected to reach 3.5 million by 2025 and 4.5 million by 2030. This trend underscores how the rising adoption of autonomous and electric vehicles will stimulate growth in the connected tires market.

Key players in the connected tires sector are focusing on technological innovation, such as smart TPMS sensors, to improve vehicle safety, efficiency, and performance. These sensors are embedded within tires to continuously monitor tire pressure and temperature in real-time, providing critical data to drivers and vehicle systems. For instance, in September 2023, Infineon Technologies AG introduced the XENSIV SP49 tire pressure monitoring sensor. This sensor offers precise measurement accuracy, durability in harsh environmental conditions, and seamless integration with vehicle electronics. It supports wireless connectivity for efficient data transmission, enabling real-time monitoring and timely alerts to drivers about tire pressure variations.

In June 2021, Goodyear Tire and Rubber Company acquired Cooper Tire and Rubber Company to bolster its leadership in the global tire industry. This acquisition combines two complementary brand portfolios, strengthening Goodyear's ability to offer a comprehensive range of products across different market segments, including connected tires. Cooper Tire and Rubber Company, renowned for its automotive tire manufacturing, contributes to Goodyear's strategy of expanding its market presence and product offerings.

Major companies operating in the connected tires market are MRF Limited, ZF Friedrichshafen AG, Continental AG, Bridgestone Corporation, Compagnie Générale des Établissements Michelin, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co. Ltd., Hankook Tire & Technology Co. Ltd., Kumho Tire Co. Inc., Toyo Tire Corporation, Trelleborg AB, Shandong Linglong Tire Co. Ltd., Titan International Inc., Nexen Tire Corporation, Nokian Tyres plc, CEAT Limited, Qingdao Doublestar Co. Ltd., Giti Tire Corporation, Sailun Group Co. Ltd., NIRA Dynamics AB, Transense Technologies plc.

Asia-Pacific was the largest region in the connected tires market in 2023. The regions covered in the connected tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the connected tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The connected tires market consists of sales of smart tire sensors, tire telemetry systems, adaptive tire systems, and connected tire apps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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