Smart Tire Market to Grow with a CAGR 7.99% Globally through to 2029F

The rising demand for advanced vehicle safety features, the growing trend of electric and autonomous vehicles, and the increasing need for enhanced tire performance and durability are the factors driving the market in the forecast period. 

According to TechSci Research report, “Smart Tire Market-Global Industry Size, Share, Trends, competition Forecast & opportunities, 2029F”, the The Global Smart Tire Market was valued at USD 82.57 Billion in 2023 and is expected to reach USD 130.74 Billion by 2029 with a CAGR of 7.99% during the forecast period.  The Smart Tire Market is growing rapidly, driven by rising demand for advanced safety features, better vehicle performance, and enhanced operational efficiency. One significant factor is the increased adoption of electric vehicles (EVs), which require specialized tire technology to optimize efficiency. Smart tires offer real-time monitoring of pressure, temperature, and wear, aligning with the growing interest in vehicle safety and fuel efficiency. As consumer awareness continues to grow, more individuals are investing in these innovative solutions, which further propels market expansion.

Advancements in tire materials, sensor technology, and data analytics are transforming the automotive sector. Tires equipped with sensors can monitor a range of parameters and share the data with vehicle systems, ensuring safer and more efficient driving. The incorporation of Internet of Things (IoT) capabilities has allowed manufacturers to develop more durable, efficient, and easy-to-maintain tires. This trend supports the transition towards connected vehicles, where smart tires play an essential role in enhancing both safety and convenience for drivers.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the “Global Smart Tire Market".

The Global Smart Tire Market is segmented into technology type, vehicle type, sensors type, Sales Channel type and region.

The global smart tire market is segmented by vehicle type, including passenger cars and commercial vehicles. For passenger cars, the fastest adoption of advanced technologies and growing consumer preference for enhanced safety, fuel efficiency, and performance are driving the integration of smart tire systems. Smart tires for passenger cars provide real-time data on tire pressure, temperature, and wear, contributing to improved safety, longer tire life, and reduced maintenance costs. These features appeal to consumers seeking vehicles with better performance and lower long-term operational costs. In the commercial vehicle segment, smart tires are gaining the fastest traction due to the focus on reducing fleet maintenance costs, improving fuel efficiency, and enhancing vehicle safety. Commercial fleets benefit from smart tire technology, which helps in monitoring tire conditions, preventing tire-related breakdowns, and optimizing tire replacements. The integration of sensors and data analytics in smart tires allows fleet operators to monitor tire health across large vehicle fleets, thus reducing downtime and increasing operational efficiency. The demand for smart tires is growing rapidly in both vehicle types as consumers and businesses look for solutions that offer better performance, safety, and cost-effectiveness. As both passenger and commercial vehicle markets continue to evolve with the rise of electric and autonomous vehicles, the need for innovative tire solutions, such as smart tires, is expected to increase. The expansion of the smart tire market is driven by advancements in sensor technology and the growing focus on enhancing vehicle performance through real-time tire monitoring in both passenger and commercial vehicle segments.

In 2023, Asia-Pacific emerged as the fastest-growing region in the Smart Tire Market. This growth is fueled by the rapid expansion of automotive industries across key countries like China, India, Japan, and South Korea. The increasing demand for electric vehicles (EVs) and advancements in automotive technologies in this region have driven the adoption of smart tire solutions. As governments in several Asia-Pacific countries push for greener technologies and improved fuel efficiency, the market for smart tires has seen significant growth, particularly in electric and hybrid vehicles, where tire optimization plays a crucial role in enhancing performance and range. The region's large automotive manufacturing base and growing focus on innovation in connected car technologies have further contributed to the rapid development of smart tires. With the automotive industry in Asia-Pacific investing heavily in smart technologies, including tire pressure monitoring systems and real-time tire health monitoring, the demand for these solutions continues to rise. Furthermore, as commercial vehicles and fleets expand across the region, the need for more efficient fleet management through tire monitoring has boosted the adoption of smart tires. The region is poised for sustained growth, driven by technological advancements, rising consumer awareness, and increasing regulatory support for sustainable automotive solutions. The market’s expansion is expected to continue as the Asia-Pacific automotive sector embraces smarter, more efficient vehicle components.

Major market players operating in Global Smart Tire Market are:

• Continental AG
• Bridgestone Corporation
• Michelin
• The Goodyear Tire & Rubber Company
• Pirelli Tyre S.p.A.
• The Yokohama Rubber Co., Ltd
• Hankook Tire & Technology Co., Ltd.
• Nokian Tyres plc
• Toyo Tire Corporation
• JK Tyre & Industries Ltd

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“The region is witnessing rapid growth in the global smart tire market, driven by rising investments in automotive manufacturing and the increasing adoption of advanced tire technologies. Automotive production hubs are significantly contributing to this growth, with a focus on high-performance vehicles and innovations in tire monitoring systems. The expanding consumer demand for fuel-efficient, safe, and connected vehicles is further boosting the adoption of smart tires. Growing interest in electric vehicles (EVs) and government initiatives promoting clean energy solutions are also supporting the market's expansion. The commitment to innovation in automotive technologies positions the region as a key driver of the global smart tire market's growth during the forecast period” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Smart Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Pneumatic, Non-Pneumatic), By Vehicle Type (Passenger Car, Commercial Vehicle), By Technology Type (Tire Pressure Monitoring, Temperature Monitoring, Tire Tread Monitoring, Load Monitoring), By Sales Channel Type (OEM, Aftermarket), Region, By Competition, 2019-2029F”,  the report evaluates the future growth potential of the Global Smart Tire Market, offering insights into market size, structure, and projected growth. It aims to provide comprehensive market intelligence to support decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes emerging trends, key drivers, challenges, and opportunities in the Global Smart Tire Market.

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