Automotive tires nowadays require proving far more than only grip and profile. Tires are not only a crucial aspect associated with driving safety but are also important for lowering the hazardous CO2 emission and the overall vehicle operating costs. Intelligent tire systems help to significantly improve fleet management by minimizing tire costs, vehicle breakdowns and fuel consumption. Thus, the advantages associated with intelligent tires include, extended tire life, efficient fuel consumption, reduced vehicular CO2 emissions, optimized fleet management and reduced possibilities of accidents and breakdowns.
The global automotive intelligent tires market is being primarily driven by the increase in adoption of connected cars globally. Such cars are equipped with certain wireless services and the internet which help the vehicle to connect to networks and services that are remotely connected. The increasing focus of auto manufacturers to equip connected cars with such tires which can modify its traction by updating the trend patterns in real time on the basis of several road and environmental conditions is boosting the adoption of connected cars which in turn is driving the demand for intelligent tires. Furthermore, a key trend that is expected to gain popularity in the global automotive intelligent tires market during the forecast period is the adoption of battery less sensors for these tires. These sensors ensure comparatively low power which would ensure lifetime service of the intelligent tires.
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The global automotive intelligent tires market can be classified by vehicle type and by geography. The global market can be segmented on the basis of vehicle type into commercial vehicles and passenger vehicles. The automotive intelligent tires market was dominated by the commercial vehicles segment in 2016 and this segment is set to dominate the market throughout the forecast period from 2017-2025. The commercial vehicles make up the bulk of the end user requirements for intelligent tires since most of the end users of these intelligent tires are fleet operators. However, it is estimated that the passenger vehicles segment would record significant growth during the forecast period and witness increases in its global market share.
The global automotive intelligent tires market can be further classified geographically into North America, Europe, Asia Pacific, South America and Middle East and Africa. In terms of the five geographic segments, North America held the highest share of the global market in 2016 and is anticipated to retain strong hold on the market throughout the forecast period. There has been a steady shift in the focus of auto makers in this region towards the deployment of TPMS or direct tire pressure measurement system sensors, owing to stringent regulations introduced by the government for improving the safety of passengers and this is the major factor boosting the market growth of automotive intelligent tires in North America. Asia Pacific is expected to record steady growth during the forecast period. In this region, the demand for direct tire pressure measurement system is higher and is set to steadily increase in the economies of Koreas, China, Australia and Japan.
The global automotive intelligent tires market report provides the market share analysis of the key industry participants operating in the industry. The global market is highly competitive with various prominent players looking at enhancing their market shares. These players have been exhaustively profiled and their business overview, financial overview, business strategies and recent developments have been covered under the purview of the report. Some of the major players operating in the global automotive intelligent tires market include Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, The Yokohama Rubber Company, Limited, Pirelli & C. S.p.A., Sumitomo Rubber Industries and The Hankook TireGroup among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.