North America Connected Tires Market: Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation by Rim Size, Application, Sales Channel and Region
North America Connected Tires Market was valued at USD 0.51 billion in 2022. The North America Connected Tires Market size is estimated to grow at a CAGR of 63% over the forecast period
Format : PDF | Report ID : SMR_946
North America Connected Tires Market Definition:
Consumers benefit from connected Tires since they are equipped with sensors that make driving safer and easier. The sensors gather vital data and information that can be utilised to calculate the vertical load in automobiles. The connected Tire sends data to the car's infotainment system via sensors, enabling access to data such as Tire pressure, operating status, and Tire life. The main roles of the linked Tire are to monitor, assess, and display data.
Further, the North America Connected Tires market is segmented by rim size, application, sales channel and geography. On the basis of product type, the North America Connected Tires market is segmented 12” – 17”, 18”- 21”, and More Than 22”. Based on the application, the market is segmented under the channels of Passenger Cars, and Commercial Vehicles. Based on the sales channel, the market is segmented under the channels of OME, and Aftermarket. By geography, the market covers the major countries in North America i.e., US, Canada and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).
North America Connected Tires COVID 19 Insights:
The COVID-19 outbreak posed significant supply chain issues for OMEs and Tier 1 suppliers all across the world. Supply chain disruptions impeded the supply of automobile components and raw materials, causing manufacturing delays. Auto production fell by 16 %. When compared to the previous year, Canada and Mexico, which have the greatest market shares in passenger car production, suffered declines of 15%, and 14% in 2021, respectively in2021. As a result of supply chain interruptions and facility closures induced by the COVID-19 epidemic, the entire market's growth has been stifled. Lockdown limitations were lifted in the third quarter of 2021, resulting in a sustained increase in automobile production. In addition, following COVID-19, the market outlook will be bolstered by leading Market players' quick development and commercialization of connected and autonomous vehicles.
North America Connected Tires Market Dynamics:
Market Drivers: Self-driving technology and car-sharing are becoming commonplace in the North America connected tire Market. OEMs and aftermarket companies are also working on Internet-connected smart Tires. Increased use of passenger vehicles on the road is forecast as self-driving cars and car-sharing become more widespread. Utilizing data analytics, stakeholders will be able to calculate the overall distance traveled and vehicle usage using data retrieved from sensor-embedded connected Tires. OEMs can utilize this information to provide value-added Tire maintenance and repair services to their customers.
North America connected tire market is expected to increase because of the rising deployment of current technology in vehicles, such as Tire pressure monitoring systems, temperature control systems, and other systems that prevent vehicle breakdowns. Increased installation of various sensors in automotive Tires, which offer real-time data analysis for vehicle users, is also expected to fuel North America connected tires market growth. In addition, leading Tire manufacturers are investing in technology advancements like B-Tag systems, which monitor and transmit Tire pressure and temperature, as well as intelligence and machine learning in-vehicle Tires like rim management and tread detection systems, which help track Tire performance. As a result, the increased adoption of novel features in vehicles is forecast to boost North America connected tires market growth.
Market Restraints: The cost of the components and sensor assembly in these tires is one of the constraints in the North America connected 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 the North America connected tires 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 the North America connected tires market's growth.
Market Opportunity: The North America connected ties market has significant obstacles in terms of cost because sensors are integrated into the rubber. A vehicle must be equipped with a connectivity platform in order to monitor, analyze, and display data from associated Tires. A Tire pressure monitoring system (TPMS) is a low-cost gadget that monitors Tire pressure and informs the driver if it falls below a certain level. TPMS is widely utilized in North America, although it does not monitor or predict characteristics like Tire defects, terrain change, or maintenance schedule.
North America held the largest share of the connected Tire market, and this dominance is likely to continue during the Forecast period. Because of the quick consumption of connected Tires in numerous applications, the presence of connected Tire firms, and rapid growth in the automotive Market, the area is witnessing the fastest growth. Furthermore, the growing demand for connected Tires for passenger vehicles from various countries in the region, such as the United States, Canada, and Mexico, as well as expanding manufacturing facilities and supportive government incentives, are propelling the growth of connected Tires in the North America connected tires market.
North America Connected Tires Market Segment Analysis:
By Rim Size,
The segment of Tires larger than 22" accounted for around 30% 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 growing demand for high clearance in SUVs and passenger cars are all expected to enhance the segment throughout the Forecast period. The > 22" category is expected to grow fast in rim size due to the increased demand for predictive maintenance by haulage fleet owners to save operational costs. In passenger cars, larger rim sizes are preferred because they are more aesthetically pleasing, and sales of vehicles with high clearance levels are on the rise. As a result, the 18" – 21" segment is expected to account for a large percentage of the market by 2027.
The passenger car segment contributed to approximately 62 % of the total connected Tire market share in 2021. Growing demand for luxury passenger cars, rapid industrialization, expanded passenger vehicle production and sales in developing countries as well as higher consumer spending power, are expected to propel the sector forward over the forecast period. Increasing customer focus on improving visual appeal, increasing focus on improving comfort and ride quality, and supporting government programs for connected Tire in research and development institutes will drive the market for passenger car applications to grow throughout the forecast period. Due to the high penetration of Connected Tires in exotic, luxury, and premium cars, the passenger vehicle category is likely to account for a substantial growth of the North America connected Tire market. The introduction of shared mobility and ride-hailing services is expected to improve the passenger car segment by increasing the usage of connected Tires in automobiles.
North America 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 North America Connected Tires market to the stakeholders in the Market. The report provides trends that are most dominant in the North America 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 North America 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 North America 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 North America 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 North America 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 North America Connected Tires market. The report also analyses if the North America 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 North America Connected Tires market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Connected Tires market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Connected Tires market is aided by legal factors.
North America Connected Tires Market Scope:
North America Connected Tires Market Scope
Market Size in 2022
USD 0.51 Bn.
Market Size in 2029
USD 15.88 Bn.
By Rim Size
By Sales Channel
North America Connected Tires Market Key Players:
- Goodyear Tire & Rubber Company (U.S)
- Cooper Tire & Rubber Company (US)
- Michelin (Canada)
- Bridgestone (Canada)
- Canadian Tire (Canada)
- Continental (Mexico)
Frequently Asked Questions
The segments covered in the North America Connected Tires Market report are based on Rim Size, Application, and Sales Channel.
The market size of the North America Connected Tires Market by 2029 is expected to reach USD 15.88 Billion.
The forecast period for the North America Connected Tires Market is 2022-2029.
The market size of the North America Connected Tires Market in 2022 was valued at USD 0.51 Billion.
- Scope of the Report
- Research Methodology
- Research Process
- North America Connected Tires Market: Target Audience
- North America Connected Tires Market: Primary Research (As per Client Requirement)
- North America Connected Tires Market: Secondary Research
- Executive Summary
- Competitive Landscape
- Stellar Competition matrix
- North America 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
- North America Connected Tires Market Segmentation
- North America Connected Tires Market, by Product (2022-2029)
- 12”- 17”
- 18”- 21”
- More Than 22’
- North America Connected Tires Market, by Raw Material (2022-2029)
- Passenger Cars
- Commercial Vehicles
- North America Connected Tires Market, by End User (2022-2029)
- North America Connected Tires Market, by Country (2022-2029)
- United States
- North America Connected Tires Market, by Product (2022-2029)
- Company Profiles
- Key Players
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategy
- Key Developments
- Goodyear Tire & Rubber Company
- Cooper Tire & Rubber Company
- Canadian Tire
- Key Players
- Key Findings