Asia Pacific Connected Tires Market Analysis and Forecast of Global Industry Trends

Tires that are connected are an important aspect of the Internet of Things (IoT) and are becoming more common. Consumers benefit from connected tires since they are equipped with sensors that make driving safer and more convenient. The sensors capture vital data and information that can be utilized to calculate vertical load in automobiles. The data generated by connected Tires can assist stakeholders in providing users with personalized and professional recommendations.

Asia Pacific Connected Tires Market Report Scope and Research Methodology:

The Asia Pacific Connected Tires Market report’s main goal is to provide stakeholders with a comprehensive analysis of the market in simple language. Market research was carried out by categorising the Asia Pacific Connected Tires market into major segments. The main segments of the Asia Pacific Connected Tires Market were further subdivided into various sub-segments. The report examines the Asia Pacific Connected Tires industry’s drivers, opportunities, constraints, and challenges by region and segment. Historical data, meaningful insights, facts, statistically supported and industry-validated market statistics, as well as estimates based on an appropriate set of assumptions and methodologies, are all included in the market report.

The data for the Asia Pacific Connected Tires market report was gathered through primary and secondary research methods, which were then combined and analysed to produce accurate and error-free results. The secondary research includes a review of annual and financial reports from leading players, whereas the primary research includes interviews with key opinion leaders and Asia Pacific Connected Tires industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. The bottom-up approach was used to estimate the size of the Asia Pacific Connected Tires market. The SWOT analysis was used to determine the strengths and weaknesses of the Asia Pacific Connected Tires Market, whereas the PESTLE and PORTER analyses were used to determine the effects of macroeconomic and microeconomic factors on the Asia Pacific Connected Tires Market.

Asia Pacific Connected Tires Market Report Overview:

The most recent revenue and market trends in the Asia Pacific Connected Tires Market are covered in the report. It includes a market overview, definition, structure, and planned and preventative management. The report focuses on the elements that both positively and negatively affect the Asia Pacific Connected Tires Market. It also helps in figuring out the Asia Pacific Connected Tires Market’s potential in the upcoming years. The report helps with market entry decisions and comprehension of the industry’s context.

Asia Pacific Connected Tires Market Size was valued at USD 0.175 Million in 2021 and the market size is projected to grow at a CAGR of 67 % over the forecast period.

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Asia Pacific Connected Tires Market Dynamics:

Market Drivers: Self-driving technology and car-sharing are becoming the norms in the automobile industry. OEMs and aftermarket players are also working on Internet-connected smart tires. The growing popularity of self-driving cars and car-sharing is predicted to increase the number of passenger vehicles on the road. Using data analytics, the information gathered from sensor-embedded connected tires will assist stakeholders in determining overall distance traveled and vehicle utilization. This data can be used by OEMs to provide value-added customer care for normal tire maintenance and repairs.

Asia Pacific Connected Tires Market Segmentation:

In 2021, the segment of Tires larger than 22″ accounted for around 34% of the connected Tire market. Increased vehicle production and rising demand for high-rim-size-wheel passenger cars, predictive maintenance by haulage fleet owners to cut operating costs, and growing demand for high clearance in SUVs and passenger cars are all expected to drive the segment forward over the projected period. Because of the increased demand for predictive maintenance by haulage fleet owners to save operational costs, the > 22″ category is predicted to grow fast in rim size. Higher rim size wheels are being employed in passenger automobiles because they look better, and sales of vehicles with high clearance levels are increasing.

In 2021, the passenger car segment represented for around 62% of the total connected Tire market share. Growing demand for luxury passenger cars, rapid industrialization, and increased passenger vehicle production and sales in developing countries such as India, China, and Indonesia, as well as rising consumer spending power, all contribute to this trend. During the projected period, the market for passenger car applications will grow due to rising customer interest on enhancing comfort and ride quality, as well as supported government programs for connected Tire in research and development centers. Due to the high penetration of linked Tires in exotic, luxury, and premium vehicles, the passenger vehicle category is likely to account for a major percentage of the connected Tire market.

Asia Pacific Connected Tires Market Key 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)

Asia Pacific Connected Tires Market Regional Insights:

Geographically, the report is divided into several key countries, with Asia Pacific Connected Tires market size, growth rate, import and export of Asia Pacific Connected Tires market in these countries, covering North America, the United States, Canada, Mexico, Europe, the United Kingdom, Germany, France, Spain, Italy, the Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, the Rest of APAC, South America, Brazil, and the Middle East and Africa.

Key Questions answered in the Asia Pacific Connected Tires Market Report are:

  • Which segment held the largest share in the Asia Pacific Connected Tires market?
  • Which are the key factors driving the Asia Pacific Connected Tires market growth?
  • Which region holds the maximum share in the Asia Pacific Connected Tires market?
  • What is the expected CAGR of the Asia Pacific Connected Tires market during the forecast period?
  • Who are the major players in the Asia Pacific Connected Tires market?
  • What key trends are expected to emerge in the Asia Pacific Connected Tires market in the coming years?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2022−2027.
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
  • Market Segmentation – A detailed analysis by segments with their sub-segments and region
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • 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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