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Smart Tire Market Share

Report ID: GMI8938
Published Date: Apr 2024
Report Format: PDF

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Smart Tire Market Share

Bridgestone and Continental AG occupy a significant position in the market with over 11% market share. Bridgestone has made significant investments in smart tire technology. The company provides real-time tire pressure and temperature monitoring using its in-house developed tire monitoring system, known as "Bridgestone Connect".

Continental AG provides tire information systems (TIS), tire condition monitoring systems (TCMS), and tire pressure monitoring systems (TPMS) among other smart tire solutions. To improve the functionality and performance of its smart tire systems, Continental is also investing in modern sensor technology and communication solutions.

Smart Tire Market Companies

Major players operating in the market are:

Bridgestone Corporation
Continental AG
Hankook Tire & Technology Group
Michelin Group
NIRA Dynamics AB
Nokian Tyres plc
Pirelli & C. S.p.A.
Sumitomo Rubber Industries, Ltd.
The Goodyear Tire & Rubber Company
Toyo Tire Corporation

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size for smart tire was valued at USD 91.5 billion in 2023 and is set to grow at 8% CAGR between 2024 and 2032, driven by enhancements in vehicle safety and growing accident rates across the globe.

The passenger vehicles segment held a decent CAGR in 2023 and is set to hold over 60% revenue share by 2032, driven by the integration of connected vehicle technologies.

North America smart tire market held 26% revenue share in 2023 and is set to grow at a higher rate by 2032, driven by the growing adoption of electric vehicles and autonomous vehicles.

Bridgestone Corporation, Continental AG, Hankook Tire & Technology Group, Michelin Group, NIRA Dynamics AB, Nokian Tyres plc, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd, The Goodyear Tire & Rubber Company, Toyo Tire Corporation among others.