Intelligent Tire and Sensor Market to Reach $77.51B by 2024

Study reports market driven by autonomous and electric vehicles

According to a new market intelligence report by BIS Research, titled ‘Global Intelligent Tire and Sensor Market – Analysis and Forecast, 2019-2024’, the global intelligent tire and sensor market is expected to reach $77.51 billion by 2024. The market is projected to witness compound annual growth rate of 7.44%, during the forecast period from 2019 to 2024, in terms of value.

The rising number of road accidents have resulted in the increased regulations by federal authorities with regard to the safety of both the passengers and the pedestrians. Incorrect inflation of tires and tire blowouts have been major reasons for road accidents currently. Several governments have initiated mandates for vehicles, both passenger and commercial to be equipped with tire pressure monitoring systems (TPMS), so as to monitor under-inflated tires.

Owing to the increasing demand for cost-effective tire maintenance and increased vehicle data for connected vehicles, there has been a significant amount of R&D investments to develop intelligent and smart tires at present. The ongoing changes in the automotive tire industry have led the study to incorporate a detailed chapter on the market dynamics including the key driving and restraining forces of the market, along with the opportunities that can arise for the global intelligent tire and sensor market during the forecast period from 2019 to 2024.

BIS Research Report: https://bisresearch.com/industry-report/automotive-intelligent-tire-sensor-market.html

The report also provides an analysis of the market sales of intelligent tire and sensor in different vehicle types, different types of sales channels, and their growth opportunities across different regions, as well as countries. This study has skillfully identified the potential for further development in the form of product launches and development and business expansions, among others. It also includes a separate section for detailed competitive landscape. Additionally, the recent activities of the key players in this market have also been tracked in the form of key developments. 

According to Dhrubajyoti Narayan, Senior Research Associate at BIS Research, “The U.S. market held the largest share, i.e. 22.45%, in the global automotive intelligent tire and sensor market in 2018.” In 2024, China is anticipated to hold the largest market share i.e. 38.51%. The market is mainly driven by the massive amount of vehicle sales in the country, along with the recent regulation of mandating TPMS sensors in all new vehicles. Also, various TPMS manufacturers and suppliers along with various tire sensor component suppliers are present in the country, which drives the growth of TPMS sensors in China.”

The key players operating in this market have increased their partnership and collaboration strategies over the recent years to increase their reach and bring innovation to their existing technologies to compete with the competitors’ product portfolio. Driven by the rapid evolution of the end-user industries, such as autonomous and electric vehicles, there has been a swift growth in the research and development activities by several important players in this market of automotive intelligent tires and sensors, with the motive of developing intelligent and smart tires. 

This report is a meticulous compilation of research on more than 100 players in the automotive intelligent tire and sensor market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies including tire manufacturers and TPMS sensor software system providers.   

The companies profiled in the report are Bridgestone Corporation, Continental AG, Hankook Tire, Michelin, Nexen Tire Corporation, Pirelli & C. S.P.A., Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Co. Ltd., The Yokohama Rubber Co. Ltd., Schrader Electronics, Revvo Technologies, Tymtix Technologies, Infineon Technologies, NXP Semiconductor, Denso Corporation, and ZF Friedrichshafen AG. 

Category: AUTONOMOUS, Featured, General Update, News, Tech Talk, Wheels & Tires