The next-generation automotive industry is in the process of constant evolution, with various technological developments taking place in the industry that have enhanced features in vehicles to make the driving experience better. The dynamic evolution of the automobile industry is attributed primarily to the changing consumer preferences, growing focus toward driver safety, environmental concerns, and stringent government regulations, which are focusing on mitigation of crashes to enhance driver safety. In the past years, automobiles have undergone rapid technological advancements in terms of vehicle performance, passenger safety, communication capabilities, and driving comfort. These improvements have led to a surge in the number of on-road vehicles, thus raising the need for the safer movement of vehicles. These goals of automakers are profoundly supported by several federal authorities such as National Highway Traffic Safety Administration (NHTSA), European Commission (EC), and Ministry of Land, Infrastructure, Transport and Tourism (MLIT).
Over the last 100 years, tires have evolved drastically and have made advances in parallel with the development of automobiles. In 1888, Benz created the first gasoline car that featured unique metal tires having a rubber layer and filled with air, leading to the development of pneumatic tires. Widespread use of the pneumatic tire began in 1895, and it was featured in an automobile race from Paris to Bordeaux. In 1979, run-flat tires were developed, which were designed to enable the vehicle to be continuously driven at high speeds without needing a replacement with a new tire when punctured. Even with damages such as scratches or holes caused due to obstacles or tire abrasion while driving, these tires were capable of maintaining a constant driving speed, which secured the driver from numerous accidents that could arise in emergencies.
There are several use cases of smart tire technology with great future development potential. One of such potentials is vehicle platooning, where vehicles are equipped with state-of-the-art driving support systems. With one closely following the other, vehicles form a platoon, which is kept together by smart technology, rely on sensory data input and vehicle-to-vehicle communication. With advanced processing of vehicle data, tire manufacturers are able to evaluate in real time the braking potential of the vehicles and optimize the convoy composition to maximize fuel economy while driving safely.
Emergence of Smart Tire:
The increasing connectivity has led to immense data generation in modern-day vehicles. The TPMS has also reached its limitation in regard to the data required for the proper functioning of the next generation of tires. Under-inflated tires and worn-out tires have led to major fatal road accidents, which has increased the urgency of developing smart tires. Moreover, major tire manufacturers, such as Bridgestone, Goodyear, and Michelin, are developing smart tires relying on the Internet of Things (IoT) connected sensors along with software platforms to monitor tire performance. The automotive industry is witnessing an immense spread of IoT technologies, and the inclusion of 5G communication technology is going to enable robust communication for data transmission between the tire and the vehicle. The incorporation of 5G technology in tires is promoting the integration of smart tires in passenger vehicles due to its ability to propagate efficient vehicle-to-vehicle communication.
The passenger vehicle segment dominated the global automotive smart tire market in 2020. This was mainly due to the increasing production of passenger vehicles as well as the rise in sales of high-end passenger cars in developing regions. Also, increasing demand for connected and temperature and pressure sensor enabled tires owing to their benefits over conventional tires is expected to boost the market growth.
Intelligent Tires to Generate the Highest Demand in Global Automotive Smart Tire Market:
Intelligent tires generates the highest revenue in the smart tire market, and connected tire segment is anticipated to witness the highest growth rate during the forecast period 2021-2026. This is mainly due to the increase in the production of connected vehicles and the rise in the development of 5G for automotive.
TPMS Sensor to Generate the Highest Demand in Global Automotive Smart Tire Market:
Temperature and pressure sensor enabled tires are integrated with advanced pressure and temperature sensors that provide temperature and pressure of the tire. The temperature sensor measures the amount of coldness and heat energy generated by the tire. The growing trend for advanced technologies and sensors being used in a vehicle, along with the increasing need for vehicle safety, has led to the demand for temperature and pressure sensor-enabled tires.
Asia-Pacific and Japan to Witness Fastest Growth in Global Automotive Smart Tire Market:
Asia-Pacific and Japan (APJ) region dominated the global automotive smart tire market in 2019 and is anticipated to uphold its dominance throughout the forecast period. The global automotive smart tire market in APJ is majorly driven by the increasing research and development activities and large-scale adoption of connected vehicles in China. Also, increasing demand for high-end passenger vehicles from developed as well as developing countries is also expected to boost the market growth in the region.
Key Questions Answered by This Report:
What are the underlying structures resulting in the emerging trends within the global automotive smart tire market?
How is the global automotive smart tire market impacted by the introduction of autonomous and connected vehicles?
How are automotive OEMs, tire manufacturers, and other players entering the market?
How are emerging technologies such as artificial intelligence (AI), 5G communication, and the internet of things (IoT) driving the growth of the global automotive smart tire market?
Which are the major patents filled in the global automotive smart tire market?
How is the role of government regarding environmental issues and safety changing the landscape of the automotive smart tire industry?
Which smart tire technology is expected to lead the global automotive smart tire market by 2026?
What was the market value of the leading segments and sub-segments of the Asia-Pacific market in 2020, and how is the market estimated to grow during the forecast period 2021-2026?
How is the smart tire industry expected to evolve during the forecast period 2021-2026?
What are the key developmental strategies implemented by the key players to sustain in the competitive market?
What has been the impact of COVID-19 on the global automotive smart tire market?
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