According to a recent research report published by MarkNtel Advisors, the Global Smart Tire Market is expecting a considerable CAGR during 2022-27, on account of the imposition of stringent norms by governments of different countries worldwide to address the rising number of road accidents. Besides, growing consumer awareness about the importance & benefits of smart tires like reduced heat build-up, alerts on tread wear & load, and monitoring driving hours, among others, are other prominent factors stimulating the demand for smart tires & driving the global market.
Moreover, the growing inclination of various companies dealing with the transportation of goods across different locations toward smart tires to monitor aspects like load capacity, tread wear, tire pressure, & deformation are also projected to promote the overall market expansion through 2027, further states the research report, “Global Smart Tire Market Analysis, 2022.”
Increasing Demand for Non-Pneumatic Tires to Drive the Market through 2027
The increasing commercial activities worldwide are leading to more and more transportation of heavy materials on commercial vehicles and, in turn, driving the demand for non-pneumatic tires. It owes to the growing awareness about their benefits like they do not go flat and offer better cost-effectiveness than conventional tires.
Moreover, their enhanced functionality on uneven road conditions enables heavy vehicles to carry more weight & heavy equipment than vehicles with traditional tires, i.e., another crucial aspect promoting the demand for non-pneumatic tires and fueling the overall market growth.
With Rapidly Expanding Logistics Sector, North America Dominates the Market
Countries across North America are the early adopters of advanced technologies across their respective automotive & tire industries, i.e., portraying a mounting adoption of smart tires for new vehicles within the region to provide people with benefits like monitoring tire conditions and sending alerts to drivers in order to avoid any mishaps.
Besides, the expanding transportation & logistic sector is another crucial aspect leading to the rapidly accelerating adoption of smart tires by various fleet companies for asset management & tracking and, in turn, fueling the market growth across North America, reveals MarkNtel Advisors in their research report, "Global Smart Tire Market Analysis, 2022."
The leading players in the Global Smart Tire Market include Bridgestone, Continental, Goodyear, Michelin, Pirelli, and Yokohama.
Key Questions Answered in the Research Report