Smart Sensor Segment is the largest segment driving the growth of Intelligent Tire Market

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The global Intelligent Tire Market is estimated to be valued at US$ 87.16 Mn or millions in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Intelligent tires integrate various types of sensors, controllers, and networking technologies that enable continuous monitoring of tire pressure and temperature in vehicles. By monitoring these parameters, intelligent tires help detect anomalies, warning the driver and preventing accidents.

Market key trends:
One of the major trends in the intelligent tire market is the development of smart sensors for accurate tire pressure and temperature monitoring. Traditional tire pressure monitoring systems (TPMS) only detect under inflation but advanced smart sensors constantly transmit real-time data on pressure and temperature both internally and on tire sidewalls. This helps detect early signs of wear and tear as well as predict failures. The data is analyzed via algorithms to generate predictive maintenance alerts to drivers and fleets. This enhances safety, reduces downtime, and lowers maintenance costs.
Market key trends:
One of the key trends gaining traction in the intelligent tire market is the growing adoption of sensors in tires. Tire manufacturers are embedding various types of sensors in tires such as pressure sensors, temperature sensors, and motion sensors to obtain real-time tire performance data. This data is helpful for preventive tire maintenance and improves fuel-efficiency. Sensors can accurately monitor tire pressure and temperature on a continuous basis and send alerts to drivers when pressure is abnormal. This saves fuel and reduces accidents.

SWOT Analysis
Strength: Intelligent tires offer improved safety, performance, and fuel efficiency advantages over conventional tires. They provide real-time tire status monitoring which conventional tires cannot.
Weakness: High costs associated with incorporating numerous sensors and other electronic components in each tire make intelligent tires more expensive than regular tires.
Opportunity: Growing autonomous and electric vehicles sector which relies heavily on tire sensors for various vehicle control functions presents an opportunity for intelligent tire companies.
Threats: Vulnerable to security threats as tire sensors are connected electronically. Hackers can potentially access vital vehicle control systems. Competition from low-cost Chinese tire manufacturers also poses a threat.

Key Takeaways
The global Intelligent Tire Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing vehicle production and sales globally. The market size for 2023 is estimated at US$ 87.16 Mn.

Regional analysis: Asia Pacific region dominated the global intelligent tire market in 2022 attributed to high vehicle parc and sales in China, India, and Japan. The region is estimated to continue its dominance during the forecast period, owing to increasing preference for integrated mobility solutions and adoption of advanced technologies in the automotive sector within emerging countries.

Key players: Key players operating in the intelligent tire market are 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.