A recent report has predicted that the Connected Tires Market will grow from $4m in 2023 to $54m by 2028. The report, from MarketsandMarkets, predicts the 50x growth in the market due to growing demands for connected tires. The report noted how this forecast comes from an increased acceptance of Connected Mobility and an increased demand for vehicle safety.
Connected tires allow features such as tire pressure monitoring, tread wear analysis, and temperature sensing; enhancing safety on the road. Drivers and fleet managers can receive timely alerts and notifications about tire issues, enabling them to take immediate action and prevent accidents. Additionally, connected tires can contribute to vehicle security by providing valuable data for tracking and recovering stolen vehicles.
The Connected Tires Companies is dominated by major charging providers including Bridgestone (Japan), Michelin (France), Goodyear (US), Continental (Germany), and Pirelli (Italy). Recently in June 2022, Hyundai and Michelin partnered to develop next-gen tires for premium EVs and in March 2023 Continental AG showcased its digital tire management system, Conti Connect 2.0.
However, Germany is reported to be the largest Connected Tires Market in Europe due to its well-established automotive industry and technological advancements. The growth of the Connected Tires Market in Germany is driven by several factors: the country is home to several leading automotive companies, it has a strong culture of innovation (which has led to a high adoption rate of advanced technologies in the automotive sector), and the demand for tire technologies, such as tire pressure monitoring systems and intelligent sensors, is increasing rapidly in Germany.
In addition to tire manufacturers, automotive companies in Germany are investing heavily in connected tire technologies. For example, BMW has developed the BMW Intelligent Personal Assistant, which provides drivers with tire pressure information. Mercedes-Benz offers a Tirefit system that automatically monitors tire pressure and temperature.