Impact of COVID-19 on Connected Tire Market 2024 | Trends, Growth Demand, Opportunities & Forecast To 2030

Connected Tires and IoT Act as Bridge for Efficient Tire Performance Management

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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Data Science Technology: A Mine of Information for Automotive Driving and Car Sharing

Self-driving technology and car sharing are the emerging norms in the automotive industry. Connected tires are effectively fitting into the picture of the new buzz word ‘CASE’ ? connected, autonomous, smart, and electric vehicles. Likewise, OEMs and stakeholders in the aftermarket are innovating on Internet-connected smart tires. The growing trend of autonomous driving and car sharing is projected for the intense use of passenger vehicles on the road. With the help of data analytics, the information culled from sensor-embedded connected tires will aid stakeholders in getting an average about the total distance travelled and vehicle usage. This information can be used by OEMs to provide value added customer service for regular maintenance and repairs on the wear and tear of the tires.

Market players are offering connected tire technologies that monitor tire pressure and internal temperature to alert logistic operators. In the heavy commercial vehicles segment, technology wizards are innovating on GPS-based truck fleet management services.

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Stakeholders Adopt High-level Information Technology amidst Technological Limitations

The high cost of connected tires is primarily due to operational and supply chain limitations. Important information and data depend upon the network strength for IoT-connected tires. Technological drawbacks also pose a challenge, since connected tires are ingrained with several sensors, motors, and complex controls that need to withstand harsh environments and rough terrains.

Manufacturers are focusing on lucrative product offerings to the aftermarket, for connected tires that work in tandem with remote monitoring systems. OEMs are developing tire sensors in autonomous driving systems that assess road conditions. Tires are connected with high-level IT (Information Technology) systems that analyze data for continuous process improvement. For instance, Michelin — a leading French tire manufacturing company, announced a joint research agreement with GM (General Motors) — a leading American vehicle manufacturing company. This agreement was made to develop airless wheel technology — Uptis Prototype, which is in tandem with Michelin’s VISION concept for airless, connected, 3D printed tires, and made from sustainable renewable or bio-sourced materials.

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Connected Tire Market – Key Insights

  • The global connected tire market is anticipated to expand at a CAGR of ~75% between 2020 and 2030.
  • The aftermarket segment is estimated to hold a notable share, as tire manufacturers develop digital platforms to monitor tires and deploy connected tires as aftermarket replacement.
  • The connected tire market is in the nascent phase. Tire manufacturers are investing to develop connected tires in order to cater to the future demand for autonomous vehicles.
  • The passenger vehicles segment is projected to hold a dominant share of the global connected tire market, while the heavy commercial vehicles sub-segment is estimated to expand at a high growth rate during the forecast period.

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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Challenges for Connected Tire Market

  • The cost of connected tires is high due to the integration of sensors in the rubber. The deployment of connected tires needs a vehicle to be equipped with a connectivity platform in order to monitor, assess, and display the data. A tire pressure monitoring system (TPMS) is a cost-effective technology that is employed to monitor the tire pressure and alert the driver in case of a deflation. TPMS is widely adopted in Europe and North America; however, it does not monitor parameters such as rubber defect, terrain change, or predict the maintenance schedule.

Global Connected Tire Market: 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.

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.

Global Connected Tire Market: Competitive Landscape

Key players operating in the global connected tire market include

  • Michelin,
  • Pirelli & C.S.p.A.,
  • Continental AG,
  • Bridgestone Corporation
  • The Goodyear Tire & Rubber Company.

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