Connected Tires Market Size, Trends and Insights By Rim Size (12 - 17 Inches, 18 - 22 Inches, More Than 22 Inches), By Vehicle Type (Passenger Cars, Commercial Vehicle), By Sales Channel (Aftermarket, OEM), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Continental AG (Germany)
- Michelin (France)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (US)
- Pirelli & C. S.p.A. (Italy)
- Nokian Tyres plc (Finland)
- Others
Reports Description
Global Connected Tires Market was valued at USD 5.1 Million in 2024 and is expected to reach USD 234.39 Million by 2033, at a CAGR of 47.65% during the forecast period 2024 – 2033.
A Connected Tires is an Advanced system with sensors and communication technologies that monitor tire conditions in real time, such as pressure, temperature, and tread wear, which are known as Connected Tires.
Connected Tires Market: Growth Factors
Ever-Increasing Prominence on Vehicle Safety & Performance
The connected tires market is progressively focused on enhancing safety features and optimizing vehicle performance. With advanced monitoring abilities, the connected tires market is providing solutions that aid reduce the risk of accidents.
Furthermore, the connected tires market is seeing growth due to the growing need for efficient fuel consumption and the complete improvement in vehicle performance. The increasing adoption of these technologies underscores the essential role of the connected tires market in modern automotive safety and efficiency.
With the advent of various emerging technologies such as the Internet of Things, Block chain, and Artificial Intelligence, tire manufacturers are inclining toward diverse telematics solutions for mobility, data sharing, and connected vehicles.
Leading tire manufacturers operating in the tire industry such as Michelin, Bridgestone, Continental, and Goodyear are testing IoT-connected sensors to provide longer tire life, higher fuel efficiency, and enhanced safety to vehicle fleet owners.
Apart from tire manufacturers, leading technology aggregators such as Microsoft, Google, and Amazon are also investing and focusing on the integration of various Internet of Things (IoT) systems and sensors to enhance overall vehicular safety.
Connected Tires Market: Restraints
Higher Costs of Connected Tire Technologies & Data Privacy Concerns.
The execution cost of connected tires innovations, which include sensors, correspondence modules, and programming combinations, is a huge hindrance to their reception for certain customers and manufacturers.
In addition, since these high-level tire advances comprise the assortment, transmission, and capacity of vehicle and tire-related information, data protection and security concerns can affect customer trust and, thusly, control the reception of innovation.
Subsequently, the essentially significant costs of associated tires and customer worries over data security and protection are substantial barriers to the development of the Global Connected Tires Market. Furthermore, the lack of universal directives about the usage of connected tires is restraining the market growth.
Every country has different directives pertaining to usage of connected tires, companies operating in market finds it very difficult to cope with country wide regulations, which in turn restraining investment in market and market growth.
Connected Tires Market: Opportunities
Growing Emphasis on Autonomous Vehicles
As self-driving vehicles become a reality, there is a rising interest in advanced sensor-based tire monitoring systems that can effortlessly communicate with autonomous vehicle control systems. These connected tire solutions are vital for the connected tires market, as they not only expand safety by providing real-time data about the condition of the tires but also boost the performance and safety of autonomous vehicles.
This aligns with the global trend toward autonomous transport and further strengthens the demand in the connected tires market. The addition of connected tires in autonomous vehicles is a main driver for the connected tires market, as it highlights the importance of reliable, real-time tire data.
As a result, the connected tires market continues to increase, driven by the need for advanced technologies that support the safety and efficiency of self-driving vehicles.
Connected Tires Market: Segmentation Analysis
The Global connected tires market is segmented by Rim size, vehicle type, sales channel and by region. By Rim size, the 12 to 17-inch segment, is mainly due to the popularity of this tire size among manufacturers and customers. It covers the standard edge widths regularly tracked down on a scope of vehicles, from little vehicles to fair size SUVs.
The growth of the connected tires market is driven by different variables, with the growing interest in vehicle security & continuing checking arrangements. The connected tires market is also earning from headways in innovation and the reconciliation of IoT in auto applications.
Manufacturers in the connected tires market are steadily advancing to offer improved highlights and better execution. This development is vital for keeping an upper hand in the connected tires market.
The dominance of the 12 to 17-inch size range in the connected tire market proves the significance of this size range in satisfying the supplies of a diverse range of vehicles and significantly contributing to the market’s development.
By vehicle type, the Passenger vehicle segment held the highest market share in the global connected tires market in 2023 and is expected to keep its dominance during the forecast period. Growing production and sales of passenger vehicles across the globe is expected to drive the market growth during the forecast period.
However, the Commercial vehicles segment is expected to rise at the fastest pace during the forecast period. The commercial transportation industry’s need for fleet management, efficiency optimization, and boosted safety measures is driving this growth in the connected tires market.
Connected tires in commercial vehicles permit for easier monitoring and control, leading to lower operating costs and enhanced complete performance. This capability is crucial for fleet managers looking to optimize their operations and ensure vehicle safety. As a result, the demand for connected tire solutions is rising, further driving the growth of the connected tires market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 5.1 Million |
| Projected Market Size in 2033 | USD 234.39 Million |
| Market Size in 2023 | USD 4.76 Million |
| CAGR Growth Rate | 47.65% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Rim Size, Vehicle Type, Sales Channel and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Connected Tires Market: Regional Analysis
By Region, the global connected tires market is segmented into North America, APAC, Europe, the Middle East and Africa and Latin America. Among all of these, North America is expected to expand as a result of customer’s inclination to adopt new technologies and the increasing demand for safety.
The market is expected to rise altogether over the forecast period, attributable to the expanded reception of refined tire advances and the need for constant tire observing outlines. The increasing demand for luxury vehicles, which require the use of tires designed specifically for them, is likely to fuel this growth.
North America’s Connected Tires Market is supposed to increase essentially, determined by focused headways, administrative orders, and increasing client interest for security and accommodation. Customers are becoming more likely to include cutting-edge safety features in their vehicles.
This outline is clear in the increasing prominence of Associated tires, which empower continuous checking of tire execution and wellbeing through sensors coordinated in the tire. Michelin is a trailblazer in this area, with its Michelin Connected Advances stage furnishing drivers and fleet chiefs with continuous tire execution information and checks.
In addition, new technologies like RFID chips, which offer greater accuracy and security than standard TPMS, have recently been introduced in the US Connected Tire Market.
Connected Tires Market: Recent Developments
- January 2023: Continental AG announced a partnership with Microsoft to develop and commercialize cloud-based solutions for connected tires. This collaboration will utilize Microsoft’s Azure cloud platform to provide Continental’s customers with real-time insights into tire performance and condition.
- February 2023: Bridgestone Corporation launched a new connected tire management solution, Bridgestone Connect. This solution offers fleet managers real-time data on tire pressure, temperature, and tread wear, enabling improvements in fuel efficiency, reduced downtime, and extended tire life.
- March 2023: Michelin Group announced an investment in TyreConnect, a leading provider of connected tire solutions. This investment aims to expand Michelin’s portfolio of connected tire technologies and accelerate their adoption in the market.
- April 2023: Goodyear Tire & Rubber Company introduced its new connected tire platform, Goodyear IntelliSense. This platform provides real-time data on tire pressure, temperature, and tread wear, enhancing safety, reducing fuel consumption, and extending tire life.
- May 2023: Yokohama Rubber Company announced a partnership with IBM to develop and commercialize connected tire solutions. Leveraging IBM’s Watson AI platform, this partnership aims to offer Yokohama’s customers real-time insights into tire performance and condition.
List of the prominent players in the Connected Tires Market:
- Continental AG (Germany)
- Michelin (France)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (US)
- Pirelli & C. S.p.A. (Italy)
- Nokian Tyres plc (Finland)
- Sumitomo Rubber Industries Ltd. (Japan)
- Hankook Tire & Technology Co. Ltd. (South Korea)
- Yokohama Rubber Co. Ltd. (Japan)
- Toyo Tire Corporation (Japan)
- Cooper Tire & Rubber Company (US)
- Kumho Tire Co. Inc. (South Korea)
- Giti Tire (Singapore)
- Apollo Tyres Ltd. (India)
- MRF Ltd. (India)
- Maxxis International (Taiwan)
- Falken Tire Corporation (Japan)
- CEAT Limited (India)
- ZC Rubber (Zhongce Rubber Group Co. Ltd.) (China)
- BFGoodrich (US)
- Others
These key players are adopting various growth strategies such as merger & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Connected Tires Market is segmented as follows:
By Rim size
- 12 – 17 Inches
- 18 – 22 Inches
- More Than 22 Inches
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
By Sales Channel
- Aftermarket
- OEM
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Connected Tires Market, (2024 – 2033) (USD Million)
- 2.2 Global Connected Tires Market: snapshot
- Chapter 3. Global Connected Tires Market – Industry Analysis
- 3.1 Connected Tires Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Ever-Increasing Prominence on Vehicle Safety & Performance
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Rim Size
- 3.7.2 Market Attractiveness Analysis By Vehicle Type
- 3.7.3 Market Attractiveness Analysis By Sales Channel
- Chapter 4. Global Connected Tires Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Connected Tires Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Connected Tires Market – Rim Size Analysis
- 5.1 Global Connected Tires Market Overview: By Rim Size
- 5.1.1 Global Connected Tires Market Share, By Rim Size, 2023 and 2033
- 5.2 12 – 17 Inches
- 5.2.1 Global Connected Tires Market by 12 – 17 Inches, 2024 – 2033 (USD Million)
- 5.3 18 – 22 Inches
- 5.3.1 Global Connected Tires Market by 18 – 22 Inches, 2024 – 2033 (USD Million)
- 5.4 More Than 22 Inches
- 5.4.1 Global Connected Tires Market by More Than 22 Inches, 2024 – 2033 (USD Million)
- 5.1 Global Connected Tires Market Overview: By Rim Size
- Chapter 6. Global Connected Tires Market – Vehicle Type Analysis
- 6.1 Global Connected Tires Market Overview: By Vehicle Type
- 6.1.1 Global Connected Tires Market Share, By Vehicle Type, 2023 and 2033
- 6.2 Passenger Cars
- 6.2.1 Global Connected Tires Market by Passenger Cars, 2024 – 2033 (USD Million)
- 6.3 Commercial Vehicle
- 6.3.1 Global Connected Tires Market by Commercial Vehicle, 2024 – 2033 (USD Million)
- 6.1 Global Connected Tires Market Overview: By Vehicle Type
- Chapter 7. Global Connected Tires Market – Sales Channel Analysis
- 7.1 Global Connected Tires Market Overview: By Sales Channel
- 7.1.1 Global Connected Tires Market Share, By Sales Channel, 2023 and 2033
- 7.2 Aftermarket
- 7.2.1 Global Connected Tires Market by Aftermarket, 2024 – 2033 (USD Million)
- 7.3 OEM
- 7.3.1 Global Connected Tires Market by OEM, 2024 – 2033 (USD Million)
- 7.1 Global Connected Tires Market Overview: By Sales Channel
- Chapter 8. Connected Tire’s Market – Regional Analysis
- 8.1 Global Connected Tire’s Market Regional Overview
- 8.2 Global Connected Tire’s Market Share, by Region, 2023 & 2033 (USD Million)
- 8.3. North America
- 8.3.1 North America Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.3.1.1 North America Connected Tire’s Market, by Country, 2024 – 2033 (USD Million)
- 8.3.1 North America Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.4 North America Connected Tire’s Market, by Rim Size, 2024 – 2033
- 8.4.1 North America Connected Tire’s Market, by Rim Size, 2024 – 2033 (USD Million)
- 8.5 North America Connected Tire’s Market, by Vehicle Type, 2024 – 2033
- 8.5.1 North America Connected Tire’s Market, by Vehicle Type, 2024 – 2033 (USD Million)
- 8.6 North America Connected Tire’s Market, by Sales Channel, 2024 – 2033
- 8.6.1 North America Connected Tire’s Market, by Sales Channel, 2024 – 2033 (USD Million)
- 8.7. Europe
- 8.7.1 Europe Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.7.1.1 Europe Connected Tire’s Market, by Country, 2024 – 2033 (USD Million)
- 8.7.1 Europe Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.8 Europe Connected Tire’s Market, by Rim Size, 2024 – 2033
- 8.8.1 Europe Connected Tire’s Market, by Rim Size, 2024 – 2033 (USD Million)
- 8.9 Europe Connected Tire’s Market, by Vehicle Type, 2024 – 2033
- 8.9.1 Europe Connected Tire’s Market, by Vehicle Type, 2024 – 2033 (USD Million)
- 8.10 Europe Connected Tire’s Market, by Sales Channel, 2024 – 2033
- 8.10.1 Europe Connected Tire’s Market, by Sales Channel, 2024 – 2033 (USD Million)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.11.1.1 Asia Pacific Connected Tire’s Market, by Country, 2024 – 2033 (USD Million)
- 8.11.1 Asia Pacific Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.12 Asia Pacific Connected Tire’s Market, by Rim Size, 2024 – 2033
- 8.12.1 Asia Pacific Connected Tire’s Market, by Rim Size, 2024 – 2033 (USD Million)
- 8.13 Asia Pacific Connected Tire’s Market, by Vehicle Type, 2024 – 2033
- 8.13.1 Asia Pacific Connected Tire’s Market, by Vehicle Type, 2024 – 2033 (USD Million)
- 8.14 Asia Pacific Connected Tire’s Market, by Sales Channel, 2024 – 2033
- 8.14.1 Asia Pacific Connected Tire’s Market, by Sales Channel, 2024 – 2033 (USD Million)
- 8.15. Latin America
- 8.15.1 Latin America Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.15.1.1 Latin America Connected Tire’s Market, by Country, 2024 – 2033 (USD Million)
- 8.15.1 Latin America Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.16 Latin America Connected Tire’s Market, by Rim Size, 2024 – 2033
- 8.16.1 Latin America Connected Tire’s Market, by Rim Size, 2024 – 2033 (USD Million)
- 8.17 Latin America Connected Tire’s Market, by Vehicle Type, 2024 – 2033
- 8.17.1 Latin America Connected Tire’s Market, by Vehicle Type, 2024 – 2033 (USD Million)
- 8.18 Latin America Connected Tire’s Market, by Sales Channel, 2024 – 2033
- 8.18.1 Latin America Connected Tire’s Market, by Sales Channel, 2024 – 2033 (USD Million)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.19.1.1 The Middle-East and Africa Connected Tire’s Market, by Country, 2024 – 2033 (USD Million)
- 8.19.1 The Middle-East and Africa Connected Tire’s Market, 2024 – 2033 (USD Million)
- 8.20 The Middle-East and Africa Connected Tire’s Market, by Rim Size, 2024 – 2033
- 8.20.1 The Middle-East and Africa Connected Tire’s Market, by Rim Size, 2024 – 2033 (USD Million)
- 8.21 The Middle-East and Africa Connected Tire’s Market, by Vehicle Type, 2024 – 2033
- 8.21.1 The Middle-East and Africa Connected Tire’s Market, by Vehicle Type, 2024 – 2033 (USD Million)
- 8.22 The Middle-East and Africa Connected Tire’s Market, by Sales Channel, 2024 – 2033
- 8.22.1 The Middle-East and Africa Connected Tire’s Market, by Sales Channel, 2024 – 2033 (USD Million)
- Chapter 9. Company Profiles
- 9.1 Continental AG (Germany)
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Michelin (France)
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Bridgestone Corporation (Japan)
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 The Goodyear Tire & Rubber Company (US)
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Pirelli & C. S.p.A. (Italy)
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Nokian Tyres plc (Finland)
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Sumitomo Rubber Industries Ltd. (Japan)
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Hankook Tire & Technology Co. Ltd. (South Korea)
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Yokohama Rubber Co. Ltd. (Japan)
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Toyo Tire Corporation (Japan)
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Cooper Tire & Rubber Company (US)
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Kumho Tire Co. Inc. (South Korea)
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Giti Tire (Singapore)
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Apollo Tyres Ltd. (India)
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 MRF Ltd. (India)
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Maxxis International (Taiwan)
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Falken Tire Corporation (Japan)
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 CEAT Limited (India)
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 ZC Rubber (Zhongce Rubber Group Co. Ltd.) (China)
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 BFGoodrich (US)
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 Continental AG (Germany)
List Of Figures
Figures No 1 to 23
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Continental AG (Germany)
- Michelin (France)
- Bridgestone Corporation (Japan)
- The Goodyear Tire & Rubber Company (US)
- Pirelli & C. S.p.A. (Italy)
- Nokian Tyres plc (Finland)
- Sumitomo Rubber Industries Ltd. (Japan)
- Hankook Tire & Technology Co. Ltd. (South Korea)
- Yokohama Rubber Co. Ltd. (Japan)
- Toyo Tire Corporation (Japan)
- Cooper Tire & Rubber Company (US)
- Kumho Tire Co. Inc. (South Korea)
- Giti Tire (Singapore)
- Apollo Tyres Ltd. (India)
- MRF Ltd. (India)
- Maxxis International (Taiwan)
- Falken Tire Corporation (Japan)
- CEAT Limited (India)
- ZC Rubber (Zhongce Rubber Group Co. Ltd.) (China)
- BFGoodrich (US)
- Others
FAQs
The high cost of connected tires and consumer concerns over data security & privacy are the major growth restraints for the Connected Tires Market.
The major driver for Growth is the increasing emphasis on safety and efficiency in the automotive industry.
The “12 – 17 Inches” category dominated the market in 2023.
The key players in the market are Continental AG (Germany), Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Pirelli & C. S.p.A. (Italy), Nokian Tyres plc (Finland), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tire & Technology Co. Ltd. (South Korea), Yokohama Rubber Co. Ltd. (Japan), Toyo Tire Corporation (Japan), Cooper Tire & Rubber Company (US), Kumho Tire Co. Inc. (South Korea), Giti Tire (Singapore), Apollo Tyres Ltd. (India), MRF Ltd. (India), Maxxis International (Taiwan), Falken Tire Corporation (Japan), CEAT Limited (India), ZC Rubber (Zhongce Rubber Group Co. Ltd.) (China), BFGoodrich (US), Others.
“North America” had the largest share in the Connected Tires Market.
The global market is projected to grow at a CAGR of 47.65% during the forecast period, 2024-2033.
The Connected Tires Market size was valued at USD 5.1 Million in 2024.