Connected Tires Industry - Forthcoming Trends to Fuel the Global Growth
The global Connected Tires market size is projected to grow from 4 USD million in 2023 to 54 USD million by 2028, at a CAGR of 67.1%. Factors such as greater fuel efficiency, growing demand for vehicle safety, and shift to use of connected systems will increase connected tyre demand. These tyres can seamlessly integrate with the overall vehicle ecosystem and provide crucial information to enhance safety and efficiency. 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.
The Connected Tires industry is undergoing rapid evolution, driven by emerging trends and global forecasts.
Emerging trends in the global Connected Tires Industry are:
- Integration with Internet of Things (IoT) Technology
- Data Analytics and Predictive Maintenance
- Enhanced Safety Features
- Integration with Vehicle-to-Everything (V2X) Communication
- Autonomous and Electric Vehicle Compatibility
- Subscription-Based Services and Monetization Opportunities
- Environmental Sustainability
- Regulatory Compliance and Standardization
These emerging trends collectively drive the growth and evolution of the global Connected Tires industry, transforming the way tires are monitored, maintained, and managed in vehicles of all types.
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Integration with Internet of Things (IoT) Technology: In order to gather data in real-time on tire pressure, temperature, tread wear, and road conditions, connected tires are progressively being fitted with sensors and incorporated IoT technology. With the help of these sensors, tire performance can be remotely tracked and continuously monitored, facilitating proactive maintenance and the improvement of tire management techniques.
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Data Analytics and Predictive Maintenance: Predictive maintenance and data analytics are becoming more and more popular due to the widespread use of linked tires. Manufacturers, fleet managers, and automobile OEMs can obtain important insights into tire health, anticipate possible failures, and optimize maintenance schedules to maximize tire lifespan and save downtime by evaluating the data gathered by sensors embedded in tires.
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Enhanced Safety Features: With cutting-edge technologies like tire pressure monitoring systems (TPMS), tire inflation alarms, and predictive analytics for tire-related issues, connected tires present chances to improve vehicle safety. Before they cause mishaps or malfunctions, these capabilities assist fleet management and drivers in spotting and addressing any safety hazards like underinflated tires or tread wear.
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Integration with Vehicle-to-Everything (V2X) Communication: Through V2X communication technology, connected tires are able to communicate with other vehicle systems and infrastructure. This makes it possible to seamlessly integrate with navigation systems, smart city infrastructure, and car safety systems, giving drivers access to real-time alerts and suggestions based on traffic patterns, weather, and road conditions.
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Autonomous and Electric Vehicle Compatibility: In response to the specific needs of various vehicle platforms, linked tires are being created as the automotive industry moves toward autonomous and electric cars (EVs). In order to enable autonomous driving systems, maximize energy economy in electric vehicles, and improve overall vehicle performance and dependability, connected tires can offer crucial data and insights.
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Subscription-Based Services and Monetization Opportunities: Tire manufacturers and service providers can create new revenue streams and business models with the help of connected tires. Providing subscription-based services, like fleet management solutions, tire performance analytics, and predictive maintenance, allows businesses to create recurring revenue streams and provide value to their customers' tire purchases.
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Environmental Sustainability: By maximizing tire pressure, cutting fuel use, and decreasing tire wear, connected tires help to promote environmental sustainability. Connected tires can assist drivers and fleet managers minimize the environmental effect of tire manufacturing and disposal while increasing fuel efficiency and lowering carbon emissions by utilizing data analytics and Internet of Things technology.
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Regulatory Compliance and Standardization: Regulatory organizations are creating standards and rules to guarantee cybersecurity, data protection, and interoperability as connected tire technology advances. In order to facilitate smooth integration with vehicle platforms and guarantee adherence to industry rules, standardization efforts seek to develop common protocols and best practices for connected tire systems.
Related Report
Connected Tires Market by Vehicle Type, Component, Rim Size (12-17 Inches, 18-22 Inches, More than 22 Inches), Sales Channel (OEM, Aftermarket), Propulsion (Electric, ICE), Offering (Hardware, Software) and Region - Global Forecast to 2028
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