The intelligent tire market is estimated to be valued at US$ 87.16 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Intelligent tires integrate advanced technologies such as sensors, RFID chips and others to continuously monitor tire parameters like tire pressure, temperature, tread depth and others. They provide real-time tire condition information to drivers as well as fleet operators. Intelligent tires help in improving vehicle safety, performance and fuel efficiency. Their growing adoption is due to benefits such as preventive maintenance, better steering response and extended tire life.

Market Dynamics:
The intelligent tire market is primarily driven by rising adoption of advanced technologies like IoT and connectivity solutions in the automotive industry. Growing popularity of connected cars is prompting automakers as well as tire manufacturers to incorporate intelligence in tires. Furthermore, stringent fuel efficiency and vehicle safety norms by regulatory bodies are accelerating the demand for intelligent tires. For instance, Europe has mandated tire pressure monitoring system (TPMS) for vehicles by 2012. Also, growing awareness about preventive vehicle maintenance and potential cost savings associated with it is positively impacting the intelligent tire adoption. However, high initial costs of these tires compared to conventional tires may limit their demand to some extent over the forecast period.

SWOT Analysis

Strength: Intelligent tires have the ability to self-inflate according to road conditions in three sentences. This helps maintain optimal tire pressure and improve vehicle efficiency. Intelligent tires also have the ability to self-repair small punctures in the tire tread which increases the life of the tire. Sensors in intelligent tires ensure road grip and stability in different weather conditions providing better driving experience.

Weakness: Higher costs associated with manufacturing of intelligent tires make them less affordable in three sentences. The sensors and electronics included in intelligent tires also increase the overall weight of the vehicle slightly reducing fuel efficiency. Maintaining the sensors and replacement of entire tire unit if sensors malfunction also increases long term ownership costs.

Opportunity: Growing demand for autonomous vehicles provides an opportunity for intelligent tires in three sentences. Sensors in intelligent tires can provide critical real time data on friction and other parameters to autonomous driving systems. Increasing consumer preference for enhanced safety features also drives the demand for intelligent tire technology.

Threats: Availability of cheaper alternatives like regular air pressure monitoring systems poses a threat in two sentences. Strict regulations around use of electronics and sensors in tires across countries act as a challenge.

Key Takeaways:

The global Intelligent Tire market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing demand for fuel-efficient and safe vehicles. Intelligent tires help achieve optimal tire pressure for different load conditions and weather which enhances fuel efficiency by 3-5% along with better vehicle control. The market size for intelligent tire is expected to reach US$ 217.07 Mn by 2030.

Regional analysis

Asia Pacific dominates the intelligent tire market with over 35% share due to large vehicle fleet. China is the leading producer of tires globally and is witnessing heavy investments by domestic and international players in intelligent tire technology. North America secures second position due rising sales of premium vehicles equipped with advanced driver assistance systems demanding real time tire condition data.

Key players

Key players operating in the Intelligent Tire market includes The Goodyear Tire & Rubber Company, Continental AG, Michelin Group, The Yokohama Rubber Company, Limited, Sumitomo Rubber Industries, The Hankook TireGroup, Pirelli & C. S.p.A., and Bridgestone Corporation, ATG Tires, and Apollo