Growing fatalities related to road accidents, demand for safer and more efficient tires, and stringent government regulations have nurtured a favourable business environment for the global connected tire market. Connected tires employ various IoT innovations to enhance the performance, safety, maintenance, and life of tires, positioning them as an economically viability commodity in the market. This newfound opportunity has stiffened the competition between major market players, causing rapid advancements in technology and its availability. The fast recovery of the automotive market post-pandemic is also catalysing this growth. These factors are expected to provide more fuel to the global connected tire market in the forecast period.
To Read Complete Report of Connected Tire Market: https://www.fairfieldmarketresearch.com/report/connected-tire-market
Technological Innovations Offer Sound Opportunities for Growth
The impact of IoT innovations is widespread and it has caught the attention of players in the global connected tire market. The automotive industry is undergoing rapid transformation, adopting sophisticated technologies to improve safety, efficiency, product life, and convenience. Tire manufacturers have caught up to the trend too as they are introducing advanced features such as tire pressure monitoring, tire temperature control, and feedback on terrain and tire condition. Predictive analytics is extensively employed to minimize downtime, extend service life, improve safety, and control unforeseen circumstances. IoT sensors in the tires can provide real-time data on various metrics to help mitigate vehicle and passenger safety hazards. Tire OEMs are heavily investing in R&D and forming strategic relationships with technology providers to gain a competitive advantage. This is pushing the innovation and adoption of connected tires, creating favourable market propositions for the global connected tire market.
Focus on Safety and Swift Recovery of Automotive Sector to Boost Global Connected Tire Market
Stringent road safety norms, coupled with growing focus on driver and passenger safety among consumers are creating sound opportunities for growth across the global connected tire market. Connected tire usage in passenger vehicles is projected to grow rapidly in the coming years. This opportunity can be attributed to increasing road accident fatality, demand for better tire performance and life, and a general rise in purchasing power in various developed and developing economies. The passenger car market has also exhibited a V-shaped recovery post-COVID-19 pandemic and is expected to be back on the pre-COVID-19 growth trajectory - translating into a fruitful business environment for the global connected tire market.
Europe to Lead Global Connected Tire Market in the Foreseeable Future
The concentration of major tire and automotive manufacturers has propelled Europe to the leading position in the global connected tire market. Europe is leading the global spectrum in terms of tire innovation and research. Europe has also cemented itself as the pioneer in the formulation and implementation of road safety norms. Euro NCAP safety ratings have gained global significance among both manufacturers and customers. All these factors create viable incentives for the market players in Europe to employ sophisticated technologies to improve tire safety and performance. This is enabling the region to command its foothold in the global market.
Key Market Players
Some of the prominent players in the global connected tire market include Michelin, Pirelli, Bridgestone Corporation, Goodyear Tire & Rubber Company, JK Tires, Continental AG, Trelleborg AB, Sumitomo Rubber Industries, Toyo Tires, and Nokian Tires Plc.
For More Information: https://www.fairfieldmarketresearch.com/report/connected-tire-market
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
