Europe Connected Tires Market: Market Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics and Segmentation
Europe Connected Tires Market was valued at USD 0.65 Million in 2022. The Europe Connected Tires Market size is estimated to grow at a CAGR of 65 % over the forecast period.
Format : PDF | Report ID : SMR_911
Europe Connected Tires Market Definition:
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. Through sensors, the connected Tire delivers data to the car's infotainment system, allowing access to information such as Tire pressure, operational condition, and Tire life. The connected tire's major functions are to monitor, assess, and show data.
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 Europe i.e., Italy, Germany, United Kingdom, Russia, France and Rest of Europe For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).
Europe Connected Tires COVID-19 Insights:
The COVID-19 outbreak caused significant supply chain issues for OMEs and Tier 1 suppliers around the world due to state wise lockdown limitations in most nations. As a result of the supply chain interruptions, the supply of automotive components and raw materials was hampered, causing manufacturing delays. In 2021, for example, auto manufacturing fell by 16 %. Countries with the greatest market shares in passenger car production, such as China, India, and Japan, had declines of 15%, 17%, and 14% in 2021, respectively, compared to the previous year. As a result, the decline in vehicle manufacturing due to factors such as supply chain disruptions and plant closures caused by the COVID-19 epidemic has hampered the overall market's growth. However, after the third quarter of 2020, lockdown requirements were relaxed, resulting in a sustained increase in car output. Furthermore, after COVID-19, the market outlook will be bolstered by important market players' quick development and commercialization of connected and autonomous vehicles.
Europe Connected Tires Market Dynamics:
Market Drivers: The market is expected to grow because of the increasing deployment of modern technologies in vehicles such as Tire pressure monitoring systems, temperature control systems, and other systems that avoid vehicle breakdowns. Furthermore, increased installation of various sensors in automobile Tires, which enable real-time data analysis for vehicle users, is likely to drive market growth. Furthermore, leading Tire manufacturers are investing in technology advancements such as B-Tag systems that monitor and transmit Tire pressure and temperature, as well as intelligence and machine learning in-vehicle Tires such as rim management and tread detection systems, which help track Tire performance. As a result, the market growth is likely to be fueled by the increasing incorporation of innovative features in vehicles.
Rapid technological breakthroughs have radically affected the automobile market, altering every part of the vehicle, and causing the linked Tire market to grow. A significant transformation in the function of cars is taking place with the introduction of Mobility as a Service (MaaS) and Connected, Autonomous, Shared & Services, Electric (CASE). As a result of technological advancements brought about by automation, vehicles and associated parts have enhanced their functional and operational performance. In light of these changes, as well as the proliferation of data science and the Internet of Things (IoT), vehicle Tires are being re-invented, showcasing the linked Tire concept.
Market Restraints: One of the restrictions in the connected Tire market is the cost of the components and sensor assembly in these Tires, which drives up the whole car production cost. Additional expenditures for the hardware system, connection solution fees, and telecommunications services placed in the vehicle for the functioning of a linked Tire enhance the overall cost, restricting the connected Tire market's growth. Furthermore, these cutting-edge Tires come with a slew of issues and complexities, including malfunctions and failures that demand ongoing maintenance. Furthermore, the huge risk of hackers gaining unauthorized access to system data and vehicle functions could stifle the adoption of intelligent Tires, restricting the linked Tire market's growth.
Market Opportunities: Tires are no exception to the growing use of technology in automobiles, which has led to the incorporation of new functionalities. New features include temperature control and monitoring, Tire pressure monitoring, and on-road and Tire condition feedback. The predictive analytics of a linked Tire can assist to reduce downtime, extend Tire service life, improve safety, and lowering the cost of unexpected maintenance. Customers' views of a vehicle and personal safety are influenced by IoT sensors in linked Tires, which provide real-time input on a variety of Tire metrics.
Europe had a 35% market share in 2021, and this trend is likely to continue over the forecast period. The significant presence of prominent companies such as Michelin, Pirelli & C.S.p.A., Continental AG, and other key competitors in the region, as well as technological advancements, is expected to fuel market growth. Furthermore, during the forecast period, the increased adoption of connected and autonomous vehicles in the region is expected to accelerate market growth.
Europe Connected Tires Market Segment Analysis:
By Rim Size, The 18"-21" category is expected to grow significantly over the forecast period. The segment's rise has been fueled by an increase in sales of automobiles with rim widths ranging from 18" to 21". Furthermore, because these wheels are widely used in luxury vehicles, segment growth is supported by increased demand for luxury vehicles with expanded amenities.
During the years 2021-2027, the "greater than 22" sector is expected to grow at the second-fastest rate. Increased use of large rim widths in cars is expected to support segment growth by improving handling, traction, braking, and other vehicle characteristics. Furthermore, as the development and deployment of connected technology in automobiles accelerates, the market is likely to rise.
By Application, The use of connected Tires in passenger cars is expected to increase during the forecast period. This is owing to increased demand for vehicle and human safety as a result of increased road accidents, explicit Tire performance, and Tire service life, as well as increased consumer spending power. This aspect, as well as increased registrations and sales of passenger cars around the world, has propelled the growth of the connected Tire market. For example, around 55 million passenger autos were sold, with 57 million units sold in 2021. The increased usage of passenger cars is expected to create considerable growth prospects for the connected Tire market, underpinned by macro factors such as financial services availability, improving living standards, and greater customer purchasing power.
Europe 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 Europe Connected Tires market to the stakeholders in the market. The report provides trends that are most dominant in the Europe Connected Tires market and how these trends will influence new market investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe 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 Europe 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 Europe 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 Europe Connected Tires market.
The report provides Porter's Five Force Model, which helps in designing the market strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Connected Tires market. The report also analyses if the Europe 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 Europe Connected Tires market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Connected Tires market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Connected Tires market is aided by legal factors.
Europe Connected Tires Market Scope:
Europe Connected Tires Market
Market Size in 2022
USD 0.65 Mn
Market Size in 2029
USD 22.35 Mn
By Rim Size
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
Europe Connected Tires MARKET KEY PLAYERS:
- Michlin (France)
- Continental AG (Germany)
- Bridgestone Corp (Russia)
- Nokian Tires (Russia)
- Pirelli Tires (Russia)
- Victoria (Italy)
- Zenises (UK)
- Trellborg (Sweden)
Frequently Asked Questions
The segments covered in the Europe Connected Tires Market report are based on Rim Size, Application, and Sales Channel.
The market size of the Europe Connected Tires Market by 2029 is expected to reach USD 22.35 Million.
The forecast period for the Europe Connected Tires Market is 2023-2029.
The market size of the Europe Connected Tires Market in 2022 was valued at USD 0.65 Million.
- Scope of the Report
- Research Methodology
- Research Process
- Europe Connected Tires Market: Target Audience
- Europe Connected Tires Market: Primary Research (As per Client Requirement)
- Europe Connected Tires Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- Europe 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
- Europe Connected Tires Market Segmentation
- Europe Connected Tires Market, by Rim Size (2022-2029)
- 12”- 17”
- 18”- 21”
- More Than 22’
- Europe Connected Tires Market, by Application (2022-2029)
- Passenger Cars
- Commercial Vehicles
- Europe Connected Tires Market, by Sales Channel (2022-2029)
- Europe Connected Tires Market, by Country (2022-2029)
- United kingdom
- Rest of Europe
- Europe Connected Tires Market, by Rim Size (2022-2029)
- Company Profiles
- Key Players
- Company Overview
- Product Portfolio
- Financial Overview
- Market Strategy
- Key Developments
- Bridgestone Corp
- Continental AG
- Nokian Tires
- Pireli Tires
- Key Players
- Key Findings