The automotive industry is in the process of constant evolution, with various technological developments taking place in the industry that have enhanced facilities and features in vehicles to make the driving experience better. The growing number of vehicles leads to the complications for safer and more secure movement of goods and passengers, which advances the concept of vehicle safety on public roads. The dynamic evolution of the automotive industry is attributed primarily to the changing consumer preferences, growing focus toward driver safety, environmental concerns, and stringent government regulations, which are focusing on mitigation of crashes to enhance driver safety. In the past years, automobiles have undergone rapid technological advancements in terms of vehicle performance, passenger safety, communication capabilities, and driving comfort. These improvements have led to a surge in the number of on-road vehicles, thus raising the need for the safer movement of automobiles. These goals of automakers are profoundly supported by several federal authorities such as National Highway Traffic Safety Administration (NHTSA), European Commission (EC), and Ministry of Land, Infrastructure, Transport and Tourism (MLIT).

Read Report Overview: Automotive Smart Tire Market

The rise of connected vehicles and autonomous driving has accelerated the evolution of technology present in all manner of auto parts. The tires have become the latest focus for automotive OEMs, as they have to advance themselves in comparison to the new gadgetry that is now available on both autonomous and conventional vehicles. An inevitable evolution is smart tires that have sensors embedded in the inner liner of the tire, which provide users with abundant data than what today's tire pressure monitoring system (TPMS) can offer. These sensors can signal when to change a tire and report details about rough and dangerous tire conditions.

Passenger Vehicle Segment Dominates the Smart Tire Market

Automotive OEMs and self-driving technology providers are developing connected and autonomous passenger vehicles as well as commercial vehicles. Passenger vehicles include connected and autonomous cars and robo-taxi, while commercial vehicles include light commercial vehicles, heavy trucks, and heavy buses.

Temperature and Pressure Sensor Enabled Tire Generates the Highest Demand in Smart Tire Market

Temperature and pressure sensor enabled tire generates the highest revenue in the smart tire market, and connected tire is anticipated to witness the highest growth rate during the forecast period 2020–2025. This is mainly due to the increase in the production of connected vehicles and the rise in the development of 5G for automotive.

Asia-Pacific to Witness Fastest Growth in MaaS Market

Asia-Pacific & Japan (AP&J) dominated the global automotive smart tire market in 2019 and is anticipated to uphold its dominance throughout the forecast period. The automotive cybersecurity market in APAC is majorly driven by the increasing research and development activities and large-scale adoption of connected vehicles in China. Also, increasing demand for high-end passenger vehicles from developed as well as developing country boost the market growth.

Competitive Landscape

The competitive landscape of the smart tire market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by smart tire providers are new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, product launches have been the most prominent strategy adopted by the MaaS providers.

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Most of the smart tire providers have numerous tie-ups with various automotive OEMs and other technology providers. The industry landscape is quite competitive because of the market dominance of the few players in the market. Therefore, innovation and development have been the key factors for large scale growth in this market. To increase their overall global footprint, smart tire providers are expanding their businesses and are also entering into strategic partnerships to increase their customer base.