Global Connected Tires Market Insights Forecasts to 2033

• The Global Connected Tires Market Size was Valued at USD 7.93 Million in 2023
• The Market Size is Growing at a CAGR of 44.36% from 2023 to 2033
• The Worldwide Connected Tires Market Size is Expected to Reach USD 311.73 Million by 2033
• Asia Pacific is expected to Grow the fastest during the forecast period.

The Global Connected Tires Market Size is Anticipated to Exceed USD 311.73 Million by 2033, Growing at a CAGR of 44.36% from 2023 to 2033.

Market Overview

Tires with built-in sensors to track tire health and transmit data to the vehicle instantaneously are said to be connected tires. In addition to numerous other sensor-based systems, such as temperature management systems, pressure monitoring systems, enhanced assistance systems, and others, the tires are outfitted with a variety of Internet of Things devices. It sends the information gathered, such as tire temperature, tread depth, road condition, and tire pressure. This data aids in forecasting tire performance, maintenance needs, and deviation alerts. It also helps with suspension, traction control, emergency braking, and other adjustments. Future technical improvements are mostly supported by the automotive industry's increased technological innovation. Moreover, the expansion of the worldwide connected tire market is being driven by the increase in the use of connected, autonomous, shared, and services (CASE) mobility. The use of telematics and Advanced Driver Assistance Systems (ADAS) is increasing, causing the automobile industry to undergo fast development globally. Connected tires are cutting-edge parts that promote defensive driving and increase traffic safety. Consequently, during the projection period, an increase in traffic accidents is anticipated to fuel demand for innovative tires equipped with sensors and IoT. Manufacturers of rubber and tires are making large investments in connected mobility products and solution R&D. Market participants are introducing new products with clever features and systems that increase the uptime of tires that are connected.

Report Coverage

This research report categorizes the market for the global connected tires market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global connected tire market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global connected tires market.

Driving Factors

The growing need for vehicle safety is one of the main factors propelling the market for connected tires. The yearly increase in traffic accidents has led to a greater understanding of the significance of tire performance, safety, and health. By giving drivers and fleet managers access to real-time data on tire pressure, temperature, tread depth, and other metrics, connected tires help them see possible problems before they become harmful. Furthermore, a major factor in the market's expansion is technological improvements. Real-time monitoring and sophisticated analytics are made possible by linking tires' wireless communication with other gadgets, including cars, cellphones, and cloud-based analytics platforms, due to the development of the Internet of Things (IoT) and 5G connectivity. To improve tire performance and safety, tire makers are spending money on research and development to develop new materials, designs, and sensors.

Restraining Factors

Throughout the forecast period, it is anticipated that customer ignorance and the high initial expenditures of the technology will hinder the growth of the connected tire market. Moreover, it is projected that the lack of sufficient infrastructure in several developing countries globally will hinder the market's growth.

Market Segmentation

The global connected tires market share is classified into rim size, vehicle type, and sales channel.

• The 12 - 17 inches segment is expected to hold the largest share of the global connected tires market during the forecast period.    

Based on the rim size, the global connected tires market is divided into 12 - 17 inches, 18 - 22 inches, and others. Among these, the 12 - 17 inches segment is expected to hold the largest share of the global connected tires market during the forecast period. This is mainly because 12 - 17-inch tire size covers the conventional rim sizes that are typically seen on a variety of vehicles, ranging from little cars to midsize SUVs, making it the most popular option for both manufacturers and customers.

• The commercial vehicles segment is expected to grow at the fastest pace in the global connected tires market during the forecast period.    

Based on the vehicle type, the global connected tires market is divided into passenger cars, commercial vehicles, and others. Among these, the commercial vehicles segment is expected to grow at the fastest pace in the global connected tires market during the forecast period. The demand for fleet management, efficiency optimization, and improved safety measures in the commercial transportation sector is driving this expansion. Commercial vehicle tiers can be better monitored and managed, with lower operating costs and enhanced overall performance, due to connected tires. The commercial tire industry is anticipated to experience a significant increase in linked tire adoption in the upcoming years as a result of its continued emphasis on these advantages.

• The aftermarket segment is expected to grow at the fastest pace in the global connected tires market during the forecast period.    

Based on the sales channel, the global connected tires market is divided into aftermarket, OEM, and others. Among these, the aftermarket segment is expected to grow at the fastest pace in the global connected tires market during the forecast period. This increase can be linked to tire upgrades and replacements as consumers expect to improve both the appearance and performance of their vehicles. Tire stores and service providers can meet the increasing demand for tire replacements and personalization by entering the aftermarket segment.

Regional Segment Analysis of the Global Connected Tires Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe is anticipated to hold the largest share of the global connected tires market over the predicted timeframe.

Europe is anticipated to hold the largest share of the global connected tires market over the predicted timeframe. Due to a spike in demand for automobile smart tires in these nations, Germany and the United Kingdom are two of the market's main growth engines in Europe. In addition, the region's significant concentration of major players including Michelin, Pirelli & C.S.p.A., and Continental AG as well as technical developments are anticipated to propel market expansion. Further expected to support market expansion in the future is the region's quick adoption of connected and autonomous vehicles. Furthermore, the tire industry in Europe is one of the most highly advanced industries in the world, according to ETRMA (European Tire & Rubber Manufacturers' Association). Moreover, tires are tightly controlled components of vehicles in Europe and are directly linked to vehicle laws. This element directly affects tire technology and has a major role in propelling advancements in tire technology. This has affected the need for connected tires in the region, subsequently strengthening its market growth.

Asia Pacific is expected to grow at the fastest pace in the global connected tires market during the forecast period. This growth is attributed to several factors, including the rapidly increasing demand for connected and intelligent automobiles in countries like China and India, which is driving growth in the automotive industry. Authorities' requirements encouraging vehicle safety and lowering emissions are also pressuring automakers and customers to use linked tire technologies. As a result of every national and international producer investing in the region, Asia Pacific is experiencing full-scale market expansion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global connected tires market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Continental AG
• Michelin
• Pirelli & C. S.p.A.
• Goodyear Tire & Rubber Company
• Hankook Tire & Technology Co. Ltd.
• Bridgestone Corporation
• Yokohama Rubber Co. Ltd.
• Nexen Tire Corporation
• Sumitomo Rubber Industries Ltd.
• BFGoodrich Tires
• Toyo Tire & Rubber Co. Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Developments

• In March 2024, Continental launched ContiConnect Lite, a new software that serves as a portal to professional tire monitoring using sensor technology and data sharing. The technology is intended to integrate tires with the vehicle network, delivering real-time data on tire pressure and temperature.

• In March 2023, Michelin Group announced an investment in TyreConnect, a leading developer of connected tire solutions. The investment will enable Michelin to broaden its portfolio of linked tire solutions and speed up the adoption of connected tire technology.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global connected tires market based on the below-mentioned segments:  

Global Connected Tires Market, By Rim Size

• 12 - 17 Inches
• 18 - 22 Inches
• Others  

Global Connected Tires Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicle
• Others

Global Connected Tires Market, By Sales Channel

• Aftermarket
• OEM
• Others

Global Connected Tires Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa