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The increasing demand for sensor systems in vehicle tires and the increasing demand for motive power and vehicle protection are key points driving the market’s profit growth.
Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) — The length of the global automotive tire market reached $76. 78 billion in 2020 and is expected to register a particularly strong earnings CAGR during the forecast period, according to the most recent research conducted by Emergen Research. The growing desire to improve the fuel output of cars using smart tires is one of the major points expected to drive the market’s profit growth.
Drivers:
The adoption of more fuel-efficient automobiles is expanding rapidly due to various benefits, adding up to average commercial fuel consumption (CAFE), and this trend is expected to continue during the forecast period. The power of the fuel reduces the effect on the environment. And the use of sensor-based smart tires will allow cars to comply with government regulations such as pollution. In addition, the growing demand for sensor systems in vehicle tires, which provide real-time data to vehicle users, is a key element for driving. The growth of the market’s profits, which is expected to open up new opportunities for automotive tire solution providers.
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Restrictions:
The low adoption rate of smart tires due to peak load and product availability for the premium vehicle segment is holding back the expansion of the smart car tire market. In addition, technological errors or malfunctions that could occur due to knowledge or data and low-quality tires could hinder the expansion of the smart auto tire market.
Growth projections:
The global smart auto tire market earnings are expected to register a CAGR of 6. 6% during the forecast period, from $76. 78 billion in 2020 to $163. 88 billion in 2032. The growing demand for the Internet of Things (IoT) for effective progression of smart tires are what drives the expansion of the market.
COVID-19 Impact Assessment:
The COVID-19 pandemic has led to a reduction in businesses and has also had a negative impact on the expansion of the smart automotive tire market due to the relief in new vehicle manufacturing, production, and sales in 2020. Due to global restrictions and lockdowns, the use of cars has been significantly reduced and tire wear has also decreased at the same time. In addition, the number of cars sent for repair, maintenance, and replacement of auto parts has decreased significantly.
Current Trends & Innovations:
Technological advancements, the implementation of synthetic intelligence (AI), and the tire pressure monitoring system (TPMS) in smart car tire responses are key points driving the adoption of smart sensor tires. In addition, developing considerations on environmental sustainability and vehicle protection are expected to drive the implementation of smart responses on automotive tires.
Geographic Perspectives:
The European automotive tire market is expected to register the fastest profit expansion rate of the forecast period. The main points contributing to the faster rate of profit expansion are the major demand for premium cars, the growing preference for cars with complex protection features, technology advancements in automobiles, and the fact that the region is a production hub for luxury car production corporations such as Ferrari, Renault, Volkswagen, and BMW. In addition, government regulations and protection criteria are driving the deployment of smart tires in countries in the region.
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Scope of the investigation
Report Details
Result
Market in 2020
$76. 78 billion
CAGR (2023-2032)
6,6%
Revenue forecast to 2032
$163. 88 billion
Basis for Estimation
2020
Historical information
2018-2019
Forecast period
2023-2032
Quantitative Units
Revenue in Billions of Dollars and CAGR from 2023 to 2032
Report Coverage
Revenue forecasts, company rankings, competitive landscape, growth drivers, and trends
Segments covered
Vehicle Type, Features, Technology, Distribution Channel, and Region
Regional Scope
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Nationwide Outreach
United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of Latin America, Saudi Arabia, United Arab Emirates, South Africa, Turkey, Rest of MEA
Key Profiled Companies
Continental AG, Bridgestone Corporation, Goodyear tire
Scope of Customization
10 hours of customization and free consultation.
Large Enterprises and Competitive Landscape
The global automotive tire market is quite fragmented, with a number of giant and medium-sized players accounting for the major share of the market’s revenue. Major players are implementing strategies, entering into mergers and acquisitions, strategic deals and contracts, developing, testing and introducing more efficient and high-performance automotive tires. The corporations included in the Global Smart Automotive Tire Market Report are:
Continental SA
Bridgestone Company
The Goodyear Tire Company
Sumitomo Rubber Industries Ltd.
Pirelli
Toyo Tire Corporation
Nexen Tire Corporation
JK Tires
Maxxis International
Interco Tire Company
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Strategic development
In June 2021, Goodyear Tire
In July 2021, Pirelli
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Emergen Research has segmented global smart automotive tires based on vehicle type, features, technology, distribution channel, and region:
Vehicle Type Outlook (Revenue, Billion Dollars; 2019-2032)
Heavy Duty Truck
Passenger Vehicle
Electric vehicle
Commercial Vehicle
Outlook (revenue, billions of dollars; 2019-2032)
Connected Tire
Tire Pressure Monitoring System (TPMS)
Other
Technology Outlook (Revenue, Billions of Dollars; 2019-2032)
Non-pneumatic tire
Tire
Channel Outlook (Revenue, Billions of Dollars; 2019-2032)
Secondary Market
Original Equipment Manufacturer (OEM)
Regional outlook (revenue, billions of U. S. dollars; 2019-2032)
North America
WE.
Canada
Mexico
Europe ×
Germany
France
UNITED KINGDOM.
Italy
Spain
Benelux
Europe’s
Pacific
Porcelain
India
Japan
South korea
Rest of ACPA
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
United Arab Emirates
South Africa
Turkey
Rest of the AMEP
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About Emerging Research
Emergen Research is a market research and consulting firm that provides syndicated study reports, traditional study reports, and consulting services. Our responses focus solely on your goal: to locate, target, and analyze changes in customer habits across all demographics and industries, and to help customers. Make smarter business decisions. We offer market intelligence studies that ensure relevant, fact-based studies across industries, aggregating healthcare, touchpoints, chemicals, types, and energy.
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