The Global Smart Tire market is estimated to grow at a significant rate over the forecasted period on account of decline cost of smart tire, introduction of new sensor technology and introduction of pressure management system in smart tires by the manufacturers. Apart from this, burgeoning trend of autonomous driving and connected vehicle, rising customer interest towards real time data of tire temperature and pressure coupled with snowballing deployment of advance sensors in tire to track the status is projected to proliferate the demand for the smart tires in the forthcoming years.
According to MarkNtel Advisors’ research report “Global Smart Tire Market Analysis, 2020”, the Global Smart Tire market is anticipated to grow at a CAGR of around 7.5% during 2020-25. Based on the technology, the pneumatics tire acquired the considerable market share in the global smart tire market in 2019 due to its low-cost associated with the tire compared to non-pneumatics smart tires.
“Global Smart Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Smart Tire providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Launch of New Technology in Smart Tire would Exhibit Fastest Growth in Asia-Pacific Region
North America accounted the substantial market share in the Global Smart Tire market in 2019.The surging need for vehicle connectivity and driving sustainability, elevating adoption of sensor integrated tires along with surging spending by software giants towards the incorporation of IoT platform in the tires is anticipated to foster the growth of smart tire market in the forecasted years.
Asia-Pacific is also projected to attain high growth in the near future. Rising customer inclination towards the adoption of smart tires and introduction of new smart tire technology for enabling smart monitoring and maintenance in the countries like India is predicted to significantly propel the growth of Global Smart Tire market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Smart Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Smart Tire market are Bridgestone, Continental, Goodyear, Michelin, Pirelli, Yokohama etc.
Key questions answered in the study