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Smart Tire Market Trends

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

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Smart Tire Market Trends

New developments in sensor technology have resulted in sensors for smart tire systems that are more precise, dependable, and reasonably priced. The capabilities of smart tire systems are increased by new sensor technologies that allow for exact measurement of tire pressure, temperature, tread wear, and other performance indicators. These technologies include MEMS (Micro-Electro-Mechanical Systems) sensors, capacitive sensors, and optical sensors.

For instance, in September 2023, Infineon Technologies AG introduced the XENSIV SP49 tire pressure monitoring sensor. The new feature in the product enables it to provide intelligent tire functions with integrated hardware support. Moreover, the sensor is also compatible with on-tire auto-position sensing. The embedded interval timer in the SP49 devices produces a wake-up, and the devices are appropriate for low-power stand-alone remote pressure sensing applications.

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.