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The global automotive smart tire market is expected to reach $110.39 billion by 2026, with a CAGR of 6.20% from 2021 to 2026
Advancements of connected and autonomous vehicles have led to the evolution of technology to develop several new automotive components. As the next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of smart sensor-enabled tires.
New York, June 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Smart Tire Market - A Global Market and Regional Analysis: Focus on Smart Tire Product, Application, Supply Chain, Sensor Type, Regional and Country - Analysis and Forecast, 2020-2026" - https://www.reportlinker.com/p06099656/?utm_source=GNW
Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions. The increasing volume of commercial vehicles with time has allowed fleet operators to monitor several parameters such as fuel consumption and carbon emissions, leading to an increased demand for advanced tires that provide real-time monitoring of tire conditions.
Global Automotive Smart Tire Market by Sensor Type
This segment emphasizes the growth of each product (sensors) for smart tires during the forecast period.The study covers various types of traditional and next-generation sensors such as TPMS, RFID Chip, accelerometer sensors, and strain gauge sensors.
Among these, TPMS sensors accounted for the largest market share in 2020 and continue to dominate the market in the given forecast period (2021-2026), driven by strong government and regulatory bodies’ support.
Global Automotive Smart Tire Market by Application
The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications.Passenger vehicles are one of the major application areas for automotive smart tires.
The rapid advancements in the development and commercialization of connected and autonomous vehicles have led to the evolution of technology for several automotive components. As the trend to develop these next-generation vehicles is being realized in the industry, the reliance on traditional tires is expected to be replaced by the adoption of connected and TPMS sensor-enabled tires.
Commercial vehicles include light commercial vehicles (LCVs) such as pick-up trucks, heavy buses, and heavy trucks. Smart tires are enabling commercial vehicle manufacturers to manage and monitor their fleets through digital monitoring solutions.
Key Market Players and Competition Synopsis
Some of the key players operating in the market, include Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber, Pirelli & C. S.p.A, The Yokohama Rubber Company, Limited, Hankook Tire & Technology Co., Ltd., Nokian Tyres Plc., Toyo Tire Corporation, Sumitomo Rubber Industries, Ltd., JK Tyres & Industries Ltd., Revo Technologies, Inc., NXP Semiconductors, Schrader TPMS Solutions, and Infineon Technologies AG.
The segment provides details about the competitive strength of the key players operating in the market. Continental AG and Goodyear Tire & Rubber Company account for the largest market share in the ecosystem, owing to their vast market presence and various partnerships with OEM.
• North America
• South America
• Middle East and Africa
• Asia-Pacific and Japan (APJ)
• South Korea
• Rest-of-Asia-Pacific and Japan
Read the full report: https://www.reportlinker.com/p06099656/?utm_source=GNW
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