Automotive Smart Tire Market Overview:
The Automotive Smart Tire market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Automotive Smart Tire Market, as well as the reasons for variations in the industry's growth in various locations.
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Automotive Smart Tire Market is expected to grow at a CAGR of 6.2% throughout the forecast period, to reach US$ 132.22 Bn. by 2029.
Market Scope:
Post completion of market engineering, which included calculations for market statistics, market size estimations, market forecasts, market breakdown, and data triangulation, thorough primary research was done to acquire information and verify and validate important numbers. To perform market estimating and forecasting for the overall market segments and sub-segments described in this research, both top-down and bottom-up methodologies, as well as multiple data triangulation methods, were widely employed throughout the whole market engineering process. Extensive qualitative and quantitative analysis is also performed on all of the figures obtained during the whole market engineering process in order to provide essential information throughout the report.
Dynamics:
Automotive Smart Tires offer features like tyre pressure information, tyre temperature readings, road condition information, and tyre wear and tear data. These automotive smart tyres also have IoT sensor support. This knowledge improves tyre performance and aids in vehicle management. Depending on the manufacturer's preference, these tyre features may change.
A vehicle is safer and more fuel-efficient with Smart Tires when they are inflated properly. This system ensures safety and upkeep and can help with ADAS (Advanced Driver Assistance System).
A new TREAD law was created in the US as a result of the hundreds of deaths caused by car rollovers in 1990, an incident known as the Firestone recall. This law required tyre pressure monitoring systems to be installed in all small and medium-sized vehicles.
Segmentation:
Automotive Smart Tire Market, by Technologies
• Pneumatics Tires
• Non-Pneumatics Tires
Automotive Smart Tire Market, by End User
• Passenger Vehicles
• Commercial Vehicles
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Key Players:
Major players in the market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, CEOs, and marketing executives. The percentage splits, market shares, growth rate, and breakdowns of the global markets are determined by using secondary sources and verified through the primary sources. The biggest players in the Automotive Smart Tire market are as follows:
• Continental AG
• Bridgestone Corporation
• Michelin
• The Goodyear Tire & Rubber Co
• Pirelli & C. S.p.A
• The Yokohama Rubber Company
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Regional Analysis:
Individual market influencing elements and changes in market laws that influence present and future market trends are also included in the geographical overview of the Automotive Smart Tire market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on Automotive Smart Tire Market:
Due to a break in operations, end-user sectors where Automotive Smart Tire are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Automotive Smart Tire manufacturers, affecting the development of the Automotive Smart Tire market in 2020. End-user business demand for Automotive Smart Tire has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.
Key Questions Answered in the Automotive Smart Tire Market Report are:
- Which segment had the largest share in the Automotive Smart Tire market in 2021?
- What is the competitive landscape of the Automotive Smart Tire market?
- Which are the key drivers aiding the Automotive Smart Tire market growth?
- Which region has the maximum share in the Automotive Smart Tire market?
- What will be the CAGR of the Automotive Smart Tire market during the forecast period (2022-2027)?
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