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(I-AutoNewsWire.com, June 24, 2020 ) Market Overview
• The Global Automotive intelligent Tires Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
• The technological advancement in electronics automotive industry, coupled with the rising demand for connected cars all around the world, is anticipated to drive Automotive Intelligent Tires market in the forecast period.
• An intelligent tire can use the connectivity feature to transfer information regarding the physical health of the tire. Besides road safety, and intelligent tire can increase tire life cycle, reduce fuel consumption and improves gas mileage. Accurately inflated tires will ensure shortest braking distance, reduction in blowouts and mitigation of hydroplaning for better road handling. And convey the information to the operator of the vehicle.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Automotive Intelligent Tires market. The global Automotive Intelligent Tires market has been segmented based on Vehicle Type and Region.
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• The global Automotive Intelligent Tires Market is primarily driven by the high demand for Automotive Intelligent Tires in the connected electric vehicles. The features of intelligent tires such as monitoring tire pressure, informing in case of the blowout and also in case of the road accidents the information is passed for the medical emergency through connected GPS systems by tire sensors. The technology advancement in terms of intelligent tire is revolutionizing the market as the demand for connected electric cars owing to the environmental problem is growing significantly.
• According to International Energy Agency (IEA), in 2017, more than one Billion EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share.
• However, higher prices compared to the traditional types will be the only reason hampering the growth of the Automotive Intelligent Tires market for the forecast period.
• By Vehicle Type, the global Automotive Intelligent Tires Market is segmented into Commercial Vehicles and Passenger cars. Passenger Cars have the dominant position in the Automotive Intelligent Tires market type segment and is expected to retain its dominance in the forecasted period due to the large demand and sales of the passenger cars all around the world. Moreover, the rise in demand for electric passenger cars is also boosting the market for the following period. However, the rising pollution is creating demand for commercial electric vehicles which will boost the market of Automotive Intelligent Tires for the commercial vehicle segment in the forecast period.
Market Geographical Analysis
• By geography, the global Automotive Intelligent Tires Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• Europe holds the largest market share for Automotive Intelligent Tires Market due to the rise in the production and sales of the commercial vehicles in the region. Germany, Spain, and France are having large sales in commercial vehicles. With the growing need for various features such as safety systems in the commercial vehicles will be boosting the market for the Automotive Intelligent Tires market for the forecast period.
• However, APAC is after Europe in terms of the market share of Automotive Intelligent Tires Market due to due to the increasing sales of passenger cars in the region. The major contributor to the market share in China, Japan, and India. The rise in sales of passenger cars in the region is having a direct impact on the automotive intelligent tires market for the forecast period. In 2018, China was the key leading country in the region and will post a CAGR of close to 28% due to exponential growth in sales of passenger vehicles with smart connected features in the country. In 2017, electric car sales were up by approximately 89% as compared to 2016 in China.
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Automotive Intelligent Tires Market is a fragmented market with the presence of various global and regional players in the market. The major players include Bridgestone, Continental, MICHELIN, Pirelli, and The Goodyear Tire & Rubber. Other key players in the market include The Yokohama Rubber, Hankook Tire, and Sumitomo Rubber Industries.
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