Asia Pacific Connected Tires Market Industry was valued at USD 0.81 Million in 2023 and the market size is projected to grow at a CAGR of 67 % over the forecast period.

Asia Pacific Connected Tires Market Definition and Estimation

Asia Pacific Connected Tires Market Industry are an integral component of modern automotive technology, equipped with embedded sensors that monitor various parameters such as pressure, temperature, tread wear, and rubber defects. These sensors facilitate real-time data collection and processing, enabling predictive maintenance and enhancing vehicle safety and performance. The market's valuation in 2023 stands at USD 0.81 billion, with forecasts predicting it will reach USD 29.52 billion by 2030, underscoring the escalating demand for smart tire solutions in the automotive industry.

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Asia Pacific Connected Tires Market Growth Drivers and Opportunities

Several key factors are propelling the expansion of the connected tires market in the Asia Pacific region:

1. Advancements in Autonomous Vehicles and Car-Sharing Services: The automotive industry is witnessing a paradigm shift with the rise of self-driving technology and car-sharing platforms. Connected tires play a pivotal role in these innovations by providing critical data that enhances vehicle safety and efficiency. The integration of smart tires in autonomous vehicles ensures optimal performance and reliability, thereby driving market growth.

2. Emphasis on Vehicle Safety and Predictive Maintenance: Consumers and fleet operators are increasingly prioritizing safety and cost-efficiency. Connected tires offer real-time monitoring and predictive maintenance capabilities, alerting drivers and operators to potential issues before they escalate. This proactive approach reduces downtime and maintenance costs, making it particularly beneficial for ride-hailing and logistics fleets.

3. Integration of IoT in Automotive Applications: The proliferation of IoT technology in the automotive sector has paved the way for the development of connected tires. The ability to collect and analyze data in real-time allows for enhanced vehicle performance and personalized customer experiences. This technological integration is a significant driver of market growth.

4. Rising Automotive Production in Emerging Economies: Countries such as China, India, and Japan are experiencing a surge in automotive production, driven by economic growth and increasing consumer demand. The expansion of the automotive industry in these regions presents lucrative opportunities for the connected tires market.

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Segmentation Analysis

The connected tires market in the Asia Pacific region is segmented based on rim size, application, and sales channel.

1. By Rim Size:

• 12”–17”: This segment caters to compact and mid-sized passenger vehicles. The demand in this category is driven by the increasing sales of small to mid-sized cars, especially in urban areas where compact vehicles are preferred for their maneuverability and fuel efficiency.

• 18”–21”: Representing a significant portion of the market, this segment is associated with larger passenger cars, including sedans and SUVs. The growing consumer preference for SUVs and luxury vehicles, which often come equipped with larger rims, is contributing to the expansion of this segment.

• More Than 22”: Accounting for approximately 34% of the market share in 2023, this segment is primarily linked to high-end luxury vehicles and specialized commercial vehicles requiring larger tires for enhanced performance and load-bearing capacity. The increasing demand for high-clearance vehicles, particularly in the SUV category, is propelling growth in this segment.

2. By Application:

• Passenger Cars: Dominating the market with around 62% share in 2023, the passenger car segment benefits from the rising demand for enhanced safety features and driving comfort. The integration of connected tires in passenger vehicles allows for real-time monitoring and improved vehicle performance, aligning with consumer expectations for advanced automotive technologies.

• Commercial Vehicles: This segment includes trucks, buses, and other vehicles used for commercial purposes. The adoption of connected tires in commercial fleets facilitates efficient fleet management, reduces operational costs through predictive maintenance, and ensures compliance with safety regulations. The logistics and transportation sectors are increasingly recognizing the benefits of connected tire technology in optimizing fleet operations.

3. By Sales Channel:

• Original Equipment Manufacturer (OEM): Vehicle manufacturers are increasingly incorporating connected tire technology into new models to enhance safety and performance. Collaborations between tire manufacturers and automotive OEMs are fostering the development of integrated solutions that offer seamless connectivity and data analytics capabilities.

• Aftermarket: The aftermarket segment caters to existing vehicle owners seeking to upgrade their tires with connected technology. The growing awareness of the benefits associated with connected tires, such as improved safety and cost savings, is driving demand in this channel. Aftermarket service providers are offering a range of connected tire solutions to meet the diverse needs of consumers and commercial fleet operators.

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Country-Level Analysis

• China: As the largest automotive market globally, China is at the forefront of adopting connected tire technology. The country's emphasis on technological innovation, coupled with supportive government policies promoting smart transportation solutions, is accelerating market growth. Chinese consumers' increasing demand for advanced vehicle safety features further bolsters the adoption of connected tires.

• India: With a burgeoning automotive industry and a growing focus on road safety, India presents a significant opportunity for the connected tires market. The government's initiatives to modernize transportation infrastructure and enhance vehicle safety standards are encouraging the adoption of advanced automotive technologies, including connected tires.

• Japan: Renowned for its technological prowess and automotive manufacturing excellence, Japan is a key player in the connected tires market. Japanese automotive manufacturers are investing heavily in research and development to integrate connected tire technology into their vehicle offerings, aiming to enhance safety and performance.

Competitive Landscape

The Asia Pacific connected tires market is characterized by the presence of several key players focusing on innovation, strategic partnerships, and expanding their product portfolios. Notable companies include:

• Sumitomo Rubber Industries, Ltd. (Japan): A leading tire manufacturer, Sumitomo Rubber is actively engaged in developing advanced connected tire solutions, leveraging its technological expertise to enhance vehicle safety and performance.

• JK Tyre & Industries Ltd. (India): JK Tyre is investing in smart tire technologies, aiming to provide real-time monitoring solutions that cater to the evolving needs of consumers and commercial fleet operators.

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