Asia Pacific Connected Tires Market - Market Analysis and Forecast (2023-2029)
Asia Pacific Connected Tires Market was valued at USD 0.488 Million in 2022 and the market size is projected to grow at a CAGR of 67 % over the forecast period.
Format : PDF | Report ID : SMR_959
Asia Pacific Connected Tires Market Definition:
Connected tires are significant part of Internet of Things (IoT) and becoming increasingly continuously. Connected Tires help consumers since they are fitted with sensors that make driving safer and more convenient. The sensors collect important data and information that can be used to compute the vertical load in cars. The data produced by connected Tires can help stakeholders provide users with personalised and professional suggestions.
Further, the Connected Tire market is segmented by Rim Size, Application, Sales Channel, and geography. On the basis of Rim Size, the Connected Tire market is segmented under 12” – 17”, 18”- 21”, and More Than 22”. Based on the Application, the Connected Tire market is segmented under the channels of Passenger Cars, and Commercial Vehicles. Based on the Sales Channel, the Connected Tire market is segmented under the channels of OME, and Aftermarket. By geography, the market covers the major countries in Asia Pacific i.e., India, China, Japan, Australia and Rest of Asia Pacific For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).
Asia Pacific Connected Tires COVID 19 Insights:
The COVID-19 outbreak generated substantial supply chain challenges for OMEs and Tier 1 suppliers all around the world. The supply of automotive components and raw materials was hampered as a result of supply chain disruptions, creating manufacturing delays. Auto manufacture decreased by 16 % in 2021. China, India, and Japan, which have the largest market shares in passenger car production, saw drops of 15%, 17%, and 14% in 2021, respectively, when compared to the previous year. As a result, the entire market's growth has been limited by a drop in vehicle manufacturing due to factors such as supply chain disruptions and facility closures triggered by the COVID-19 outbreak. Lockdown regulations were removed from the third quarter of 2020, resulting in a sustained increase in car output. Furthermore, following COVID-19, the market outlook will be strengthened by the rapid development and commercialization of connected and autonomous vehicles by major Market players.
Asia Pacific Connected Tires Market Dynamics:
Market Drivers: In the automotive market, self-driving technology and car-sharing are becoming the norms. Similarly, OEMs and aftermarket players are developing Internet-connected smart tires. The rising popularity of self-driving cars and car-sharing is expected to result in increased use of passenger vehicles on the road. The information extracted from sensor-embedded connected tires will aid stakeholders in calculating the total distance travelled and vehicle utilization using data analytics. OEMs can use this data to deliver value-added customer care for routine Tire maintenance and repairs.
The use of embedded sensors in Tires allows for the collection and processing of numerous Tire performance parameters such as pressure, temperature, tread wear, and rubber defect. The connected Tire adjusts its pressure based on the kind of terrain and so improves the riding experience. Asia Pacific connected Tire market is expected to be driven by increased demand for predictive maintenance and digital Tire monitoring, particularly among cars employed in ride-hailing and logistics fleets. In the event of a pressure deflation or puncture, connected Tires notify the driver, boosting vehicle safety. Asia Pacific connected Tire market is expected to be driven by rising consumer demand for safer automobiles and automakers' efforts to improve vehicle safety ratings.
Market Restraints: The cost of the components and sensor assembly in these Tires is one of the constraints in the restraint to Asia Pacific Tire market, which drives up the whole car production cost. Additional costs for the hardware system, connection solution fees, and telecommunications services installed in the vehicle for the connected Tire's operation raise the overall cost, limiting Asia Pacific market's growth. These cutting-edge Tires also come with a plethora of faults and complexity, including malfunctions and breakdowns that necessitate regular maintenance. Furthermore, the significant risk of hackers getting unauthorized access to system data and vehicle functionalities may discourage intelligent Tire adoption, limiting Asia Pacific market's growth.
Market Challenges: Asia Pacific connected ties market has big challenges of the cost of connected Tires considerable because sensors are embedded in the rubber. To monitor, analyze, and show data from linked Tires, a vehicle must be outfitted with a connection platform. A Tire pressure monitoring system (TPMS) is a low-cost device that monitors Tire pressure and alerts the driver if the pressure drops too low. Although TPMS is widely used in Europe and North America, it does not monitor or predict parameters such as Tire defect, terrain change, or maintenance schedule.
Asia Pacific is expected to have the highest CAGR during the forecast period. Rising passenger vehicle sales in Asia Pacific rising markets like China, Japan, and others are expected to boost the regional market growth. Furthermore, the Asia Pacific market is expected to grow as demand for effective fleet management and planned maintenance in the well-established logistics and ride-hailing market grow. Additionally, increased car sales in Asian countries like China, India, and Japan are moving the market forward in the region.
Asia Pacific Connected Tires Market Segment Analysis:
By Rim Size,
The sector of Tires larger than 22" accounted for roughly 34% of the connected Tire market in 2021. Increased vehicle production and rising demand for high-rim-size-wheel passenger cars, predictive maintenance by haulage fleet owners to save operating costs, and expanding demand for high clearance in SUVs and passenger cars are all likely to boost the segment throughout the forecast period. The > 22" category is expected to grow rapidly in rim size due to the growing demand for predictive maintenance by haulage fleet owners to save operational costs. Higher rim size wheels are being used in passenger cars because they are more aesthetically pleasing, and sales of vehicles with high clearance levels are increasing. As a result, the 18" – 21" sector is expected to account for a significant portion of the market by 2027.
The passenger car category accounted for roughly 62 % of the total connected Tire market share in 2021. Growing demand for luxury passenger cars, fast industrialization, and increased passenger vehicle production and sales in developing nations such as India, China, and Indonesia, as well as increased consumer purchasing power, are likely to drive sector growth throughout the forecast period. During the forecast period, the market for passenger car applications will expand due to rising customer focus on boosting aesthetic appeal, rising focus on improving comfort and ride quality, and supportive government programs for the connected Tire in research and development centers. The passenger vehicle category is expected to account for a large portion of the connected Tire market due to the strong penetration of linked Tires in exotic, luxury, and premium cars. The introduction of shared mobility and ride-hailing services is likely to increase the use of connected Tires in automobiles, hence boosting the passenger vehicle segment.
Asia Pacific Connected Tires Market Key Players Insights:
The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.
The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in this region, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.
The objective of the report is to present a comprehensive analysis of the Asia Pacific Connected Tires market to the stakeholders in the Market. The report provides trends that are most dominant in the Asia Pacific Connected Tires market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Connected Tires Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Asia Pacific Connected Tires market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the Market and market growth through the forecast period. The report also includes the competitive landscape of key players in the Market along with their recent developments in the Asia Pacific Connected Tires market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Connected Tires market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Connected Tires market. The report also analyses if the Asia Pacific Connected Tires market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Connected Tires market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Connected Tires market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Connected Tires market is aided by legal factors.
Asia Pacific Connected Tires Market Scope:
Asia Pacific Connected Tires Market Scope
Market Size in 2022
USD 0.488 Bn.
Market Size in 2029
USD 17.68 Bn.
By Rim Size
By Sales Channel
North America- United States, Canada, and Mexico
Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe
Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa
South America – Brazil, Argentina, Rest of South America
Asia Pacific Connected Tires market players:
- Sumitomo Rubber Ltd (Japan)
- JK Tires (India)
- Toyo Tires (Japan)
- Bridgestone Corp (Japan)
- Apollo Tires Ltd. (India)
- Balkrishna Industries Limited (BKT) (India)
- CEAT Limited.(India)
- Cheng Shin Rubber Market Co. Ltd. (China)
- Gajah Tunggal Tbk (Indonesia)
Frequently Asked Questions
The segments covered in the Asia Pacific Connected Tires Market report are based on Rim Size, Application, and Sales Channel.
The market size of the Asia Pacific Connected Tires Market by 2029 is expected to reach USD 17.68 Million.
The forecast period for the Asia Pacific Connected Tires Market is 2023-2029.
The market size of the Asia Pacific Connected Tires Market in 2022 was valued at USD 0.488 Million.
- Scope of the Report
- Research Methodology
- Research Process
- Asia Pacific Connected Tires Market: Target Audience
- Asia Pacific Connected Tires Market: Primary Research (As per Client Requirement)
- Asia Pacific Connected Tires Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Asia Pacific Stellar Competition Matrix
- Key Players Benchmarking: - by Product, Pricing, Investments, growth Plans, Physical Presence, and Presence in the Market.
- Mergers and Acquisitions in Market: - M&A by Region, Value, and Strategic Intent
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- PESTLE Analysis
- PORTERS Five Force Analysis
- Value Chain Analysis
- Stellar Competition matrix
- Asia Pacific Connected Tires Market Segmentation
- Asia Pacific Connected Tires Market, by Rim Size (2022-2029)
- 12”- 17”
- 18”- 21”
- More Than 22’
- Asia Pacific Connected Tires Market, by Application (2022-2029)
- Passenger Cars
- Commercial Vehicles
- Asia Pacific Connected Tires Market, by Sales Channel (2022-2029)
- Asia Pacific Connected Tires Market, by Country (2022-2029)
- Rest of Asia Pacific
- Asia Pacific Connected Tires Market, by Rim Size (2022-2029)
- Company Profiles
- Key Players
- Bridgestone Corp
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Apollo Tires Ltd.
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation.
- CEAT Limited.
- Sumitomo Rubber Ltd
- JK Tires
- Toyo Tires
- Cheng Shin Rubber Market Co. Ltd.
- Gajah Tunggal Tbk
- Company 7
- Bridgestone Corp
- Key Players
- Key Findings