Tire and rubber manufacturers are making significant investments to develop connected solutions and products that have improved productivity potential. Likewise, stakeholders in the connected tire market are focusing on increased offerings for new tire products with intelligent functions and systems that help leverage the uptime of connected tires.
Similarly, connected tires are becoming a large segment of the Internet of Things (IoT) network. Connected tires are embedded with sensors that make driving safer and more convenient for consumers. The sensors collect important data and information that can be used to assess the vertical load in cars. Thus, the technology used in connected tires is not only beneficial for consumers, but the collected data and information can also be assessed by OEMs (Original Equipment Manufacturers) with the help of the IoT network, so as to identify the limitations of the tires and strategize technological innovations to overcome the same. Information acquired from connected tires can help stakeholders provide personalized and proficient advice for uses such as optimal tire pressure adjustment, to improve their performance in the long run.
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Drivers of Connected Tire Market
The use of embedded sensors in tires helps collect and process various parameters related to tire performance, such as pressure, temperature, tread wear, and rubber defect. Based on the type of terrain, the connected tire adjusts its pressure and subsequently enhances the quality of the ride.
- The rising demand for predictive maintenance and digital monitoring of tires, particularly for vehicles used in ride-hailing and logistics fleets, is projected to drive the connected tire market.
- Connected tires alert the driver in case of a pressure deflation or puncture, thereby improving vehicle safety. Rise in consumer demand for safer vehicles and automakers to improve the safety ratings of vehicles is anticipated to drive the connected tire market.
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Segment Analysis
- The global connected tire market has been segmented based on sales channel, rim size, and vehicle.
- Based on sales channel, the aftermarket segment is anticipated to hold a notable share of the global connected tire market. Tire manufacturer Pirelli is offering a connected tire and platform, named Connesso, in the aftermarket. Connected tires can be retrofitted in vehicles enabled with connected systems, and as the sensor is embedded in the rubber, the entire tire needs to be replaced in case of failure of the sensor. The OEMs segment is projected to expand at a steady pace, as auto manufacturers adopt connected tires owing to the rise in consumer demand.
- In terms of rim size, the > 22″ segment is expected to expand significantly, owing to the rising demand for predictive maintenance by haulage fleet owners in order to reduce the operating cost. Incorporation of higher rim size wheels in passenger cars, as they are esthetically more appealing, and sales of vehicles with high clearance level, are rising. Consequently, the 18″ – 21″ segment is anticipated to hold a notable share of the market by 2030.
- In terms of vehicle, the passenger vehicles segment is anticipated to account for a major share of the global connected tire market, due to the high penetration of connected tires in exotic, luxury, and premium cars. The advent of shared mobility and ride-hailing services is expected to boost the adoption of connected tires in cars, and subsequently, boost the passenger vehicles segment.
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Global Connected Tire Market: Regional Analysis
- In terms of region, North America is anticipated to hold a dominant share of the global connected tire market by 2030. High spending power of customers and higher sales of premium and luxury vehicles in the U.S. are expected to drive the connected tire market in North America.
- Europe is anticipated to hold a prominent share of the global market, with Germany and the U.K. contributing to the high demand for connected tires in the region.
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