Asia Pacific Connected Tires Market Overview
The Asia Pacific Connected Tires Market was valued at USD 0.81 billion in 2023 and is projected to reach USD 29.52 billion by 2030, growing at an impressive CAGR of 67% during the forecast period (2024-2030). Connected tires, integral to the Internet of Things (IoT) ecosystem, are equipped with sensors that enhance driving safety and comfort. These sensors collect data on tire pressure, temperature, tread wear, and other parameters, allowing real-time monitoring and improved vehicle performance.
Key Market Segments
- By Rim Size:
- 12”–17”: Used in smaller passenger cars, this segment caters to compact vehicles.
- 18”–21”: A prominent segment in mid-sized vehicles, this range is expected to witness steady growth due to increasing sales of SUVs and crossovers.
- More Than 22”: Accounted for 34% of the market in 2023, driven by demand for high-clearance vehicles, particularly in SUVs and luxury cars.
- By Application:
- Passenger Cars: Represented 62% of the market in 2023. The rising demand for luxury and exotic passenger vehicles is propelling growth, especially in China, India, and Japan.
- Commercial Vehicles: Connected tires offer significant advantages in fleet management, predictive maintenance, and logistics, fostering adoption among commercial fleets.
- By Sales Channel:
- OEM: Original equipment manufacturers (OEMs) are focusing on integrating smart tire technology into new vehicle models.
- Aftermarket: As connected tires become more prevalent, aftermarket sales are expected to rise due to the increasing need for tire replacements and maintenance.
For a thorough understanding, explore the full study via this link:https://www.stellarmr.com/report/req_sample/Asia-Pacific-Connected-Tires-Market/959
Market Dynamics
Drivers
The market is primarily driven by the rising demand for self-driving cars and car-sharing platforms, as connected tires are integral to these emerging technologies. Embedded sensors in tires allow for predictive maintenance, enhancing the longevity and safety of vehicles, particularly in ride-hailing and logistics fleets. The data from connected tires is invaluable for stakeholders, enabling optimized vehicle performance and customer care services.
Restraints
The high cost of connected tires, due to sensor integration and the need for associated telecommunication and connectivity solutions, is a significant restraint. Additionally, the complexity and potential for malfunctions may deter consumers. Cybersecurity concerns, such as unauthorized access to vehicle data, are also notable challenges.
For a thorough understanding, explore the full study via this link:https://www.stellarmr.com/report/req_sample/Asia-Pacific-Connected-Tires-Market/959
Challenges
The cost of integrating sensors into tires and establishing connectivity platforms in vehicles presents a major challenge. While traditional tire pressure monitoring systems (TPMS) are already prevalent, especially in North America and Europe, they do not offer the advanced data analytics capabilities of connected tires. Asia Pacific needs to overcome these technological and financial barriers to ensure widespread adoption.
Regional Insights
The Asia Pacific region is anticipated to register the highest CAGR during the forecast period, driven by rising automotive production and sales in key markets like China, Japan, and India. The rapid industrialization and growing logistics sector in these countries are further fueling demand for connected tires, particularly in the fleet management and ride-hailing sectors. The presence of major automotive manufacturing hubs in the region also supports market growth.
Competitive Landscape
The Asia Pacific Connected Tires market features several prominent players:
- Sumitomo Rubber Ltd. (Japan)
- JK Tires (India)
- Toyo Tires (Japan)
- Bridgestone Corp (Japan)
- Apollo Tires Ltd. (India)
- Balkrishna Industries Limited (BKT) (India)
- CEAT Limited (India)
- Cheng Shin Rubber Market Co. Ltd. (China)
- Gajah Tunggal Tbk (Indonesia)
These companies are focusing on expanding their product portfolios, developing strategic partnerships, and launching new connected tire technologies to strengthen their market position. The development of smart tire technology and its integration into autonomous and connected vehicles is a key area of focus.
Conclusion
The Asia Pacific Connected Tires Market is poised for exponential growth, driven by advancements in IoT, the increasing popularity of autonomous vehicles, and the need for efficient fleet management solutions. While challenges related to cost and cybersecurity remain, the market is set to expand rapidly due to the region’s booming automotive industry and consumer demand for safer, more efficient vehicles. The future of connected tires in the Asia Pacific region will be shaped by technological innovation and strategic collaboration among industry players.
For further insights on this topic, explore the full report at the following link: https://www.stellarmr.com/report/Asia-Pacific-Connected-Tires-Market/959
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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