Connected Tire - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Connected Tire Market is accounted for $0.24 million in 2018 and is expected to reach $33.65 million by 2027 growing at a CAGR of 73.0% during the forecast period. Some of the key factors influencing the market growth include increased competition among tire manufacturers to offer unique solutions and rising trends of vehicle electrification and connected vehicles. However, Cost Barriers are restraining market growth.
Connecting wires allows an electrical current to travel from one point on a circuit to another because electricity needs a medium through which it can move. Most of the connecting wires are made up of copper or aluminum. Copper is cheap and good conductivity.
In terms of vehicle, the passenger vehicle segment is anticipated to significant growth during the forecast period due to the high penetration of connected tires in exotic, luxury, and premium cars. The advent of shared mobility and ride-hailing services is expected to boost the adoption of connected tires in cars, and subsequently, boost the passenger vehicles segment. By geography, North America is estimated to have a lucrative growth over the forecast period. The high spending power of customers and higher sales of premium and luxury vehicles in the U.S. are expected to drive the connected tire market in North America.
Some of the key players in the global Connected Tire market are Continental AG, Bridgestone Corporation, MICHELIN, Pirelli & C. S.p.A., and The Goodyear Tire & Rubber Company.
• Commercial Vehicles
• Passenger Vehicles
Rim Sizes Covered:
• OEMs(Original Equipment Manufacturers)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country level segments
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