The global automotive smart tire market size was US$ 76.9 billion in 2021. The global automotive smart tire market is forecast to grow to US$ 126.75 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.5% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The growing awareness about environmental conservation is expected to surge the demand for eco-friendly cars like hydrogen cars and electric cars. As a result, the demand for automotive smart tires will significantly increase during the forecast period.

Automotive smart tires are highly efficient for saving fuel. The growing fuel prices will surge the demand for smart tires. In addition, improvements in transportation safety and favorable laws, such as the TREAD Act, will contribute to the market growth.

Moreover, smart tires are highly efficient in overcoming several challenges, such as high operating costs of the caravans, tire failures in autonomous trucks, and delays. Thus, such benefits will contribute to market growth.

The growing popularity of autonomous and connected vehicles will escalate the market growth during the forecast period.

The growing number of government policies to boost the sales of electric vehicles will benefit the market during the study period.

COVID-19 Impact Analysis

Due to the pandemic, the demand for vehicles declined drastically. The pandemic forced the citizens to change their purchasing choices and focus on healthcare. As a result, it has declined market growth. In addition, production delays and other challenges like shortage of laborers and raw material hampered the growth of the automotive smart tire market.

Regional Analysis

The Asia-Pacific automotive smart tire market is forecast to emerge as the largest market, mainly due to the contribution of emerging economies, such as China, Japan, South Korea, and India. Asia-Pacific holds the largest automotive industry, which is also beneficial for the industry players to expand their geographical reach. In addition, the rising demand for next-generation high-performance tires will gain significant traction in the coming years. Thus, it will propel the automotive smart tire market forward.

The increasing research and development activities and favorable initiatives by government bodies to curb pollution will contribute to the growth of the market. In addition, surging demand for electric vehicles, autonomous vehicles, and connected vehicles will benefit the regional market.

Competitors in the Market

Continental AG
The Goodyear Tire & Rubber Co.
Bridgestone Corporation
Sumitomo Rubber Industries Ltd.
Hankook Tire & Technology Co., Ltd.
Yokohama Rubber Company Limited
Nokian Tyres Plc
Toyo Tire Corporation
JK Tyres & Industries Ltd.
Revvo Technologies, Inc.
Other Prominent Players
Market Segmentation

The global automotive smart tire market segmentation focuses on Application, Product, and Region.

By Application Outlook

Passenger Vehicle
Commercial Vehicle
By Product Outlook

Connected Tires
Intelligent Tires
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America