Connected tires market forecast at $54 million by 2028
Pune, India – Connected Tires Market size is projected to grow from USD 4 million in 2023 to USD 54 million by 2028, at a CAGR of 67.1%, according to a new report by MarketsandMarkets™. Growing demand for road safety, increased vehicle features are driving the demand for connected tires. With features like tire pressure monitoring, tread wear analysis, and temperature sensing, connected tires offer enhanced safety on the road. Drivers and fleet managers can receive timely alerts and notifications about tire issues, enabling them to take immediate action and prevent accidents. Additionally, connected tires can contribute to vehicle security by providing valuable data for tracking and recovering stolen vehicles.
The estimated market size of more than 22 inch rims is generally used in heavy-duty vehicle segments. They require real-time tire monitoring and maintenance solutions to improve safety and performance. Tier 1 providers have been developing connected tyees for these vehicles. Continental AG for instance, has developed the ContiConnect Live system, which uses IoT technology to collect data from sensors on truck tires larger than 22 inches in diameter. The system continuously monitors tire pressure, temperature, load, and speed, providing real-time alerts to drivers and fleet managers. This allows them to take action before a tire failure occurs, reducing the risk of tire-related incidents and saving money on tire replacements. This technology can also improve operational efficiency and reduce costs, making it a valuable solution for the commercial and heavy-duty vehicle segments.
TPMS is a vital sensing component in the connected tires industry as it helps in monitoring tire pressure in real-time, ensuring optimal tire performance and fuel efficiency. One of the primary growth drivers for TPMS is the increasing demand for safety and convenience features in vehicles. As a result, many automakers are now integrating TPMS systems in their vehicles as a standard feature. For instance, the Michelin Vision Concept tire is equipped with a built-in TPMS system that continuously monitors the tire pressure and transmits the data to the vehicle’s onboard computer. This helps improve vehicle safety and reduce the risk of accidents caused by tire blowouts.
Another significant driving factor for TPMS is the stringent government regulations regarding vehicle safety and emissions. For instance, the National Highway Traffic Safety Administration (NHTSA) has mandated that all new passenger cars must have a TPMS system installed in the United States. This has led to a significant increase in the adoption of TPMS systems in the countries such as China, South Korea, Japan, etc. Some popular tire models equipped with TPMS systems include the Continental ContiSportContact 5P and the Pirelli P Zero.
Germany is the largest Connected Tires Market in Europe due to its well-established automotive industry and technological advancements. The growth of the Connected Tires Market in Germany is driven by several factors. The country is home to several leading automotive companies. It has a strong culture of innovation, which has led to a high adoption rate of advanced technologies in the automotive sector. The demand for tire technologies, such as tire pressure monitoring systems and intelligent sensors, is increasing rapidly in Germany.
In addition to tire manufacturers, automotive companies in Germany are investing heavily in connected tire technologies. For example, BMW has developed the BMW Intelligent Personal Assistant, which provides drivers with tire pressure information. Mercedes-Benz offers a Tirefit system that automatically monitors tire pressure and temperature. Similarly, Continental’s ContiConnect 2.0, the system’s latest version, offers enhanced functionality and improved user experience. It features an intuitive dashboard that gives users a clear overview of their fleet’s tire status, enabling them to identify potential issues and take proactive measures quickly. The system includes advanced analytics capabilities, allowing fleet operators to gain insights into their operations and make data-driven decisions.