The Business Research Company's Connected Tires Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 15, 2024 /EINPresswire.com/ -- The connected tires market is on a significant upward trajectory, with its size projected to grow from $7.19 million in 2023 to $10.19 million in 2024, reflecting an impressive compound annual growth rate (CAGR) of 41.7%. It will grow to $41.33 million in 2028 at a compound annual growth rate (CAGR) of 41.9%. This remarkable growth is fueled by the increased focus on reducing carbon emissions, rising demand for fleet management solutions, heightened regulatory emphasis on vehicle safety, the growing adoption of smart vehicle technologies, and the widespread integration of connected vehicles.

Rising Adoption of Autonomous Vehicles Fuels Market Expansion
The increasing adoption of autonomous vehicles is a key driver propelling the connected tires market forward. Autonomous vehicles, which operate without human intervention thanks to advanced sensors, cameras, radar, and artificial intelligence, are becoming more prevalent due to technological advancements, environmental concerns, and evolving consumer preferences. Connected tires play a critical role in these vehicles, providing essential data that enhances safety, performance, efficiency, and user experience. For instance, according to the National Association of Insurance Commissioners, it is anticipated that 3.5 million autonomous vehicles will be on US highways by 2025, with this number rising to 4.5 million by 2030. The increasing adoption of autonomous and electric vehicles is expected to drive the connected tires market's growth.

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Key Players and Market Trends
Major players in the connected tires market include MRF Limited, ZF Friedrichshafen AG, Continental AG, Bridgestone Corporation, Compagnie Générale des Établissements Michelin, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co. Ltd., and Hankook Tire & Technology Co. Ltd., among others. These companies are increasingly focusing on innovation, particularly in developing smart TPMS (tire pressure monitoring system) sensors. These advanced sensors are embedded within tires to monitor tire pressure and temperature in real-time, ensuring enhanced vehicle safety and performance. For example, in September 2023, Infineon Technologies AG launched the XENSIV SP49 tire pressure monitoring sensor, which offers high accuracy in measuring tire pressure, robust environmental resilience, and seamless integration with vehicle electronics for real-time monitoring.

Segments:
• Component: Tire Pressure Monitoring System, Accelerometer Sensors, Strain Gauge Sensors, Radio-Frequency Identification chips
• Rim Size: 12-17 Inches, 18-22 Inches, More than 22 Inches
• Vehicle Type: Passenger Cars, Commercial Vehicles
• Application: Original Equipment Manufacturer (OEM), Aftermarket

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the connected tires market in 2023 and is expected to continue leading the market in the coming years. This region's dominance is attributed to the rapid adoption of connected vehicle technologies and the growing demand for smart mobility solutions.

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Connected Tires Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Connected Tires Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on connected tires market size, connected tires market drivers and trends, connected tires market major players, competitors' revenues, market positioning, and market growth across geographies. The connected tires market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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