Automotive Smart Tire Market Growth, Trends, Absolute Opportunity and Value Chain 2022-2030

Description

The global automotive smart tire market was valued at USD 77.29 billion in 2020 to USD 117.75 billion by 2027, at a CAGR of 6.20% from 2021 to 2027. The growth of connected vehicles and autonomous vehicles has accelerated the evolution of smart technology housed in all automotive parts. Another inevitable evolution is automotive smart tires. Sensors embedded in them provide users with more accurate data than today’s tire pressure and monitoring system (TPMS) offers. These sensors can signal when to change a tire and transfer details about uneven and odd tire conditions.

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With the rising concerns toward environmental conservation, various eco-friendly cars like hydrogen cars and electric cars are being developed. Accordingly, tires that help in saving fuel and help protect the environment are also in development. Moreover, in 2000, tire pressure monitoring systems (TPMS) got heavy recognition due to the enactment of The Transportation Recall Enhancement Accountability and Documentation (TREAD) Act by the Clinton Administration. Among other transportation safety improvements, the TREAD Act mandated that all new vehicles sold in the U.S. after September 2007 be equipped with TPMS. Most passenger cars and light commercial vehicles with the model year 2008 or newer have tire pressure monitoring systems. Various other countries also face similar problems due to under-inflated tires. For instance, in France, according to the Sécurité Routière, approximately 9% of all fatal road accidents per year are due to underinflated tires, which led to the imposing of TPMS regulation in the European Union for all newly produced vehicles.

The growth in the demand for smart tires can be attributed to the assistance being provided to the fleet managers to prevent costly and time-consuming tire failures by deploying a display mounted on the self-contained fuel station that transmits and receives data from vehicle tires in the distribution fleet. Moreover, the smart tires are overcoming several challenges in vehicle platooning, such as the considerable maintenance and operating costs of the caravans, tire failures in autonomous trucks and platoons, and the cost and delay associated with these failures. The global market for smart tires is witnessing a massive potential in the commercial vehicle sector due to its numerous tire maintenance benefits that have opened new ventures for autonomous truck manufacturers. All these factors in the passenger and commercial vehicles industries have led to the emergence of smart tires in the automotive industry.

Global Automotive Smart Tire Market Dynamics

Drivers: Increasing Concerns Regarding Environment and Vehicle Safety

Smart tires incorporate sensors and controls that enable the tire to adapt to different road conditions and keep a check on various tire parameters monitoring the tire's health. One of the primary reasons for accidents related to tires accounts for the tread depth of the tire being below the minimum level of standardization. The tire manufacturers ensure driver and passenger safety by digitalizing tire monitoring to promote road safety among consumers. The emergence of advanced technologies, such as artificial intelligence (AI), the internet of things (IoT), and 5G communication enables faster communication between the tire and the vehicle to monitor tire and road conditions. The primary concerns of drivers include maintaining the safety of their tires, utilization of sensor technology for adaptation to different situations, eliminate the need for a seasonal tire change, a slower rate of tire wearing, and self-repairing in case of punctures. As most drivers are unaware of their tire conditions, companies are spearing toward developing solutions to mitigate such challenges for safer driving, resulting in consumers' higher demand for smart tires. For instance, the company Nokian Tyres offers its solution called SnapSkan, which alerts the driver of the tire condition and its impact on road safety.

Challenges: Lack of Standardization and Commercialization of Smart Tires

The current prototypes of smart tires have been very unconventional, with design features unique to serve various purposes for an advanced vehicle tire but not compatible with a conventional vehicle in the current scenario. For instance, Goodyear’s Eagle 360 tire, which is spherical, needs specially designed vehicles for its incorporation. Moreover, the installation of sensors in a tire can cause considerable problems such as the compatibility of the sensors with the tire rubber, stiffness issues, and inefficiency of the sensor in unfavorable tire environments, efficiently managing energy during wireless transmission of gathered data, and meeting the power requirements for all the electronic components.

Opportunities: Surging Demand for Autonomous Vehicles and Highly Automated Driving

The introduction of autonomous and connected vehicles is expected to change the paradigm of the automobile and the associated industries. Essential parameters such as steering, accelerating, and braking depends upon tires to exert such forces. Moreover, the tires provide critical information regarding the vehicle, tire, and roadway. The advanced tire technologies that are being developed to benefit autonomous vehicles are classified into two vast categories: active tires and smart tires. The active tires respond concerning various conditions, including environmental, vehicular, and state of the tire. These tires are able to change the vehicle conditions by remedying the problem or notifying the driver of the problem.

Many drivers are used to evaluating tires and road conditions based on the ride steering and handling, known as haptic feedback. In autonomous vehicles, these vehicle components are not available, and the rider is not required to drive the vehicle; hence, haptic feedback would not be crucial. In such cases, the smart tire’s aerodynamics, durability, and rolling resistance need to improve to drive safely. Smart tires possess the ability to sense the state of the tire and the surrounding environment of the operating vehicle, with the ability to communicate the corresponding data with autonomous vehicle systems that operate and monitor the vehicle for optimum performance. The integration of tire-related information with the autonomous vehicle system is critical for avoiding unsafe and suboptimal autonomous vehicle operation, resulting from the misalignment between vehicle performance parameters and the present state of the tires.

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Scope of the Report

The study categorizes the automotive smart tire market based on application, product, and regions.

By Application Outlook (Revenue, 2017-2027, USD Billion)

• Passenger Vehicle
• Commercial Vehicle

By Product Outlook (Revenue, 2017-2027, USD Billion)

• Connected Tires
• Intelligent Tires

By Region Outlook (Revenue, 2017-2027, USD Billion)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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Commercial Vehicle, by application, is estimated to be the fastest-growing segment during the forecast period

Based on the application, the global automotive smart tire market has been segmented into passenger vehicle and commercial vehicle. Commercial vehicles is the fastest-growing region, registering a CAGR of 7.75% during the forecast period 2021-2027, whereas in 2020, passenger vehicle have highest revenue share of 78.32% in the market of automotive smart tire.  

The tire manufacturers see many opportunities in connected fleet systems, as numerous vehicles are becoming equipped with automated information systems. The tires will contribute to the overall vehicle as they would be connected to the vehicle information system. The usage of radio frequency identification (RFID) is also increasing among commercial vehicle manufacturers and fleet operators to monitor their tire’s life cycle by providing information regarding tread depth, tire pressure, temperature, and tire condition. For instance, Tyrata Inc. showcased its Intellitread Drive-Over System (DOS) with an integrated RFID solution. In 2020, the company planned to test its system on Durham buses that uses Continental’s tires. The DOS would measure the tire tread depth of the buses and provide tire maintenance.

Moreover, widespread application of tires is also being observed in truck platoons to mitigate the risk of tire failure even in a single vehicle of the platoon through predictive failure analysis. Therefore, many companies are developing temperature and pressure sensor-enabled tires to be equipped in heavier trucks. Some of these companies include DAF trucks, Scania Group, Daimler, and Volvo.

The Asia Pacific accounts for the highest CAGR during the forecast period in the automotive smart tire market

Based on region, the global automotive smart tire market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific is the fastest-growing region, having a growth rate of 8.46% and have a revenue share of 22.58% globally. Asia-Pacific and Japan comprise regional markets of China, Japan, South Korea, and India. Asia-Pacific currently contributes the highest share in the automotive industry regarding the number of vehicles sold or manufactured. The Asia-Pacific automotive market is mainly dominated by the South Asian countries comprising some of the most prominent automotive manufacturers globally. The primary trend in the APAC automotive smart tire market is the increasing demand for next-generation high-performance tires that are increasingly gaining popularity among automotive manufacturers and several players in the aftermarket due to their properties such as low noise and fuel-efficient.

The increasing research and development activities and large-scale adoption of driving assistance systems technology in the region have positively impacted the growth of the autonomous vehicle industry. The already developed countries, along with emerging economies in the region such as India, Singapore, and Malaysia, are creating infrastructure for the growth of electric vehicles, autonomous vehicles, and connected vehicles, which is anticipated to provide ample growth opportunities for smart tire manufacturers looking to establish their stronghold in the region.

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Key Market Players

The global automotive smart tire market is fragmented into a few significant players, and other local, small, and mid-sized manufacturers are Continental AG, The Goodyear Tire & Rubber Co., Bridgestone Corporation, Michelin, Pirelli & C. S.p.A, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology Co., Ltd., The Yokohama Rubber Company, Limited, Nokian Tyres Plc, Toyo Tire Corporation, JK Tyres & Industries Ltd., and Revvo Technologies, Inc. These manufactures have generated the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market

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