According to the research report titled ‘Global Smart Tyre Market Size study, by Technology (Pneumatics Tyre, Non-Pneumatics Tyre), Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Distribution Channel (Original Equipment Manufacturer (OEM), Aftermarket) and Regional Forecasts 2020-2027’, available with Market Study Report, global smart tyre market is expected to grow substantially during 2020-2027.
 

For those uninitiated, smart tyre is an original automotive component that provides real-time information of the tyre condition through smart sensors. Smart tyres are technologically advanced and enhance tyre performance by sensing road condition. The product is able to sense snow, sand, and rain, as well as adjust tyre pressure & width mechanically to offer enhanced vehicle performance. Smart tyres are also integrated with IoT technologies and a rubber layer, which further aids vehicle management system.
 

These sensors can deliver signals and related information when the tyres needs to be switched, thus increasing the usage of smart tyre among automobile manufacturers.
 

Surging production and sales of commercial vehicles and passenger cars, coupled with increasing demand for real-time data of tyre temperature & pressure are key factors adding momentum to industry expansion.
 

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As per International Organization of Motor Vehicle Manufacturers, up to 67.1 million units of passenger cars were produced globally in 2019, showcasing a rise from 65.7 million units in the year 2013.
 

The outbreak of COVID-19 disease has disrupted the automotive industry worldwide since majority of capital investments are likely to be postponed, further resulting in slowdown in automobile production. This factor is likely to act as a restraining factor impacting the demand for smart tyre. In addition, high maintenance & implementation cost of smart tyre may impede the market growth over the analysis period.
 

Based on technology, global smart tyre market is divided into non-pneumatics and pneumatics tyre. Speaking of vehicle type, the industry is bifurcated into commercial and passenger vehicle. Based on distribution channel, the market is categorized into aftermarket and original equipment manufacturer (OEM).
 

Citing the regional landscape, Europe presently holds a significant market share and is predicted to expand consistently during the forecast period. The growth is credited to rising production of vehicles with advanced components & systems, as well as high concentration of advanced automobile sellers in the region.
 

Meanwhile, Asia Pacific smart tyre market is projected to grow substantially over the study period owing to rising disposable income along with huge demand for advanced safety, comfort, and convenient systems in automotives.
 

Major players in global smart tyre market are The Yokohama Rubber Co. Ltd., Nexen Tire Corporation, Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Michelin, Sumitomo Rubber Industries Ltd., Bridgestone Corporation, and Continental AG.