Smart Tire Market Size

Smart Tire Market Size

Smart Tire Market was valued at USD 91.5 billion in 2023 and is estimated to register a CAGR of over 8% between 2024 and 2032. Enhancement in vehicle safety and growing accident rates across the globe are the primary growth drivers for the adoption of smart tires. Drivers can lower the risk of accidents resulting from underinflated or worn-out tires by maintaining ideal tire conditions with the assistance of real-time monitoring of temperature, tread wear, and tire pressure. By providing information for sophisticated traction control and stability systems, smart tires can also enhance vehicle handling and fuel economy. According to the US Department of Transportation and the National Highway Traffic Safety Administration (NHTSA)’s report, 42,915 persons died in motor vehicle traffic crashes last in 2021, up 10.5% from the 38,824 fatalities in 2020.

The use of smart tire technology is being fueled by more stringent regulations regarding emissions and vehicle safety. Tire pressure monitoring systems (TPMS) are required in automobiles by law in numerous jurisdictions to save fuel and increase traffic safety. Smart tires fulfill changing regulatory requirements by offering more complete data and functionality as compared to TPMS. These guidelines concentrate on building cars that withstand collisions and shield passengers from harm. Vehicles must meet crashworthiness requirements set by regulatory authorities, such as the European Commission in Europe and the NHTSA in the United States, to be licensed for sale.  
 

A wide range of car models are required to be compatible with smart tire systems. Technical issues include ensuring seamless integration with cloud-based analytics solutions, telematics platforms, and vehicle onboard systems. Differences in hardware interfaces, software platforms, or communication protocols can cause compatibility problems that impede interoperability and restrict the scalability of smart tire technology. Moreover, to provide tire data to telematics platforms, cloud-based analytics tools, and vehicle onboard systems, smart tire systems use wireless communication protocols. Communication protocols that are incompatible with current automotive communication networks or standards can lead to compatibility issues.