According to a new report published by UnivDatos Markets Insights, the connected tire market was valued at USD XX million in 2021 & is expected to grow at a CAGR of 40% from 2022-2030. The analysis has been segmented into vehicle Type (Passenger Cars and Commercial vehicles); Rim Size (12" – 17", 18" – 21", and more than 22".]; Region/Country.
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The connected tire market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the connected tire market. The connected tire market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the connected tire market at the global and regional levels.
Key Market Dynamics
The automotive industry has been witnessing a rapid advancement in technology, particularly in the area of connected tires. With the integration of sensors, communication technologies, and cloud computing, connected tires have become more intelligent and capable than ever before. These tires can now monitor and transmit real-time data on tire pressure, temperature, wear, and road conditions to the driver, vehicle, and even to the cloud for analysis. Moreover, the integration of artificial intelligence and machine learning has enabled these tires to learn from past data and predict future tire performance, improving safety, fuel efficiency, and overall driving experience. As the demand for more intelligent and efficient vehicles continues to grow, the market for connected tires is expected to expand rapidly, creating new opportunities for innovation and growth in the automotive industry. For instance, Monolith, artificial intelligence (AI) software provider, is looking to accelerate growth opportunities in the automotive industry with a new addition to its senior management team. The London-based company has appointed Oliver J Walter to head up its automotive division and meet the increasing demand for AI software in automotive R&D. He will lead global sales and account operations with key automotive clients.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on many aspects of daily life, including the automotive industry. One area that has been affected is the development and adoption of connected tire technology. Connected tires are equipped with sensors that allow them to communicate with a vehicle's onboard computer, providing real-time information about tire pressure, temperature, and wear. This technology has the potential to improve safety and efficiency on the road. However, the pandemic has slowed the adoption of connected tires as many manufacturers have had to reduce production and focus on essential products due to supply chain disruptions and decreased demand.
· Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Amongst these, the passenger cars segment withhold a higher CAGR during the forecast period.
· By rim size, the market is bifurcated into 12" – 17", 18" – 21", and more than 22". Among these, 18”-21” captured the majority share of the connected tire market in 2021.
Connected Tire Market Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
The market's second-largest region is North America. The primary driver of the region's expansion is the rapid development and commercialization of connected and autonomous vehicles. The market's expansion in North America will also be aided by the presence of prominent automotive technology players and an increased supply of infrastructure related to them. The Rest of the World is anticipated to experience a significant CAGR. Expanding reception of mechanically progressed vehicles in the areas combined with extending interest in related frameworks in Latin America and the Center East is probably going to fuel the market development before long.
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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the connected tire market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
Otonomo, a connected automotive company that has seen its stock price plummet since going public in 2021, has announced that it is coming together with Urgently, a roadside assistance tech provider, in a reverse merger. The two are combining in an all-share deal that will see Urgently shareholders take 67% of the company and Otonomo shareholders take 33%. The stock, which had traded under OTMO on Nasdaq, will now trade under the ULY ticker.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the connected tire market?
• Which factors are influencing the connected tire market over the forecast period?
• What are the global challenges, threats, and risks in the connected tire market?
• Which factors are propelling and restraining the connected tire market?
• What are the demanding global regions of the connected tire market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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About UnivDatos Market Insights (UMI)
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Target Audience:
· Raw material providers
· Original Equipment Manufacturers (OEMs)
· Aftermarket service providers
· Government bodies, such as regulating authorities and policymakers.
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· Distributors and sales firms
· Research institutes, organizations, and consulting companies
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