Intelligent tires are a type of connected vehicle technology. Intelligent tires retain data on tire wear, temperature, and pressure, and the data is updated and shared with fleet operators on a regular basis. This provides real-time status for tire servicing, which helps to lengthen tire life, reduce fuel consumption, and improve a variety of other automotive performance parameters. Furthermore, the intelligent tire market is predicted to rise due to the rising deployment of battery-free sensor chips. The use of battery-free sensor chips in intelligent tires helps to reduce power consumption, extending the tire's service life.
Regional Insights into the Global Intelligent Tire Market
Over the projected period, the Intelligent Tire Market in the Asia Pacific is expected to grow at the fastest rate. This is due to the region's governments' increased investments in smart city projects and connected infrastructure initiatives. India and China are two of the region's most important market drivers. The Government of India, for example, started the '100 Smart City' program in 2015. The advanced vehicle systems such as ADAS, AEBS, comprehensive vehicle tracking systems, remote-operated systems, and sophisticated vehicle-to-everything (V2E) communication are all integrated into these linked cars. For example, Goodyear Tire & Rubber Company released an intelligent tire for semi-autonomous vehicles in September 2017. The sensors and cloud-based algorithms in the intelligent tire work together to communicate in real-time with fleet operators via a smartphone app. The Goodyear intelligent tire provides constant connectivity and real-time data sharing, allowing for optimal tire usage for safer, more cost-effective transportation and increased uptime.
The Competitive Landscape of the Global Intelligent Tire Market
The Goodyear Tire & Rubber Company, Continental AG, Michelin Group, The Yokohama Rubber Company, Limited, Sumitomo Rubber Industries, The Hankook TireGroup, Pirelli & C. S.p.A., and Bridgestone Corporation, ATG Tires, and Apollo Tires Limited are among the key players in the global intelligent tire market. To acquire a competitive edge in the industry, major competitors like as Goodyear & Rubber Company and Michelin Group are focusing on product development methods.
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