India Smart Tire Market is Dominated by the Passenger Car Segment Until 2029.
India Smart Tires Market is
growing due to the technological advancements in the tire industry and rising
demand from the OEMs.
According to TechSci Research
report, “India Smart Tires
Market - By Region, Competition
Forecast & Opportunities, 2019-2029”. India
Smart Tires Market is expected to grow because the government initiatives are driving
the industry growth in the country. The government is supporting the
manufacturing in the country by offering multiple benefits. The need for smart tires is being driven by
the India government's numerous measures to encourage the use of electric
vehicles (EVs) in the nation. EVs' performance and economy may be improved with
the aid of smart tires, which is essential for their success in the Indian
market. The Faster Adoption and
Manufacturing of Electric Vehicles (FAME) program provides financial incentives
to EV producers and purchasers, particularly those of intelligent EVs. It is
anticipated that these activities would increase demand for smart tires in
India.
These
companies are investing heavily in research and development to improve the
performance and functionality of their smart tires and to cater to the
increasing demand in the Indian market. The market for smart tires in India is
primarily driven by the growing demand for efficient and safer transportation
systems. The government's focus on road safety and the increasing number of
road accidents in the country have resulted in the implementation of various
regulations that mandate the use of advanced safety technologies in vehicles.
This has created a significant demand for smart tires that offer enhanced
safety features, including improved traction control and real-time monitoring
of tire pressure and temperature. In addition to safety, smart tires offer
several other benefits such as reduced fuel consumption, improved vehicle
performance, and longer tire life. These benefits have made them popular among
commercial vehicle operators, who look for ways to optimize their fleet's
efficiency and reduce operating costs.
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India Smart Tires Market can be segmented based on vehicle type, product type, sensor type, technology, , vehicle
propulsion, distribution channel, and region. By vehicle type, the market is
segmented into passenger cars and commercial vehicles. The passenger car segment has the major
market share, and in the forecast years it is expected to dominate the market
share in the country. Based on product type, the market is segmented into connected
tire, intelligent tire/TPMS. Based on sensor type, the market is segmented into
TPMS, accelerometer sensor, strain gauge sensor, RFID chip, and other sensors.
Based on technology the market is segmented into pneumatic tire, run-flat tire,
non-pneumatic tire.
By vehicle propulsion, the market is segmented into conventional
vehicles and electric vehicles, the segment is currently dominated by the
conventional category and the electric vehicles segment is expected to grow
with an impressive growth rate as the sales of electric vehicles in the country
is expected to rise. By distribution, the market is segmented into OEMs and aftermarket.
Regionally, the market is segmented into central, western, eastern, southern,
and northern region.
Some of the major companies operating in the India Smart
Tires Market include:
- JK Tyre and Industries
- Bridgestone Corporation
- Balakrishna Industries Limited
- Continental AG
- Michelin Group
- Pirelli & C SpA
- Apollo Tyres Limited
- Goodyear Tire & Rubber Company
- Yokohama Rubber Company Limited
- MRF Limited
These are the key smart tire companies
in Saudi Arabia and these companies are implementing competitive strategies which
includes mergers with the research and development firms, new product
developments, and marketing activities to increase customer outreach. These
companies are also focusing on meeting the regulations of different regional
governments and are also partnering with different research bodies to stay
competitive in the market.
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“The adoption of smart tires in the country is expected to rise in the
coming years because of the increase in the sales of electric vehicles and the
rising safety concerns globally is also one of the factors that is fueling the demand
of smart tires in the country. Similarly, the favorable government policies are
also expected to drive the market in the coming years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India
Smart Tires Market, By Vehicle Type (Passenger Cars, and Commercial Vehicles),
By Product Type (Connected Tire, Intelligent Tire/TPMS), By Sensor Type (TPMS,
Accelerometer Sensor, Strain Gauge Sensor, RFID Chip, and Other Sensors), By
Technology (Pneumatic Tire, Run-Flat Tire, Non-Pneumatic Tire), By Vehicle
Propulsion (Conventional Vehicles, and Electric Vehicles), By Distribution
Channel (OEMs, and Aftermarket) By Region, Competition, Forecast and
Opportunities, 2019-2029”
has evaluated the future growth potential of India Smart Tires Market and
provides statistics & information on market size, structure, and future
market growth. The reports intend to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global India Smart Tires Market.
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