Automotive Tire Analytics Market : Technological Advancements Expected To Boost Revenue Growth 2021-2031
Automotive Tire Analytics Market: Introduction
Demand for better fleet management solutions is increasing owing to the growing concerns about safety and the need to cut costs. Traditional tire-pressure monitoring systems (TPMS), which alert drivers about the tires with low pressure and also automatically inflate tires, have transformed over the last few years.Tire analytics solutions offered by market players are sophisticated tire management systems capable of doing all the aforementioned tasks and much more, with the help of telematics, data analytics, and machine learning technologies
Key Drivers of Automotive Tire Analytics Market
Steady increase in the number of vehicles on-road has led to congestions and frequent accidents. According to the statistics gathered by the European Union, more than 23,400 people lost their lives in road accidents on roads across Europe, out of which 45% were vehicle occupants. Wear of tires is a major reason for these accidents, as tires couldn’t achieve optimum grip on the road to stop the vehicle. These factors have led to increased focus on advanced tire monitoring and management solutions, which assist in maintaining the tires in optimum condition and alert the vehicle owner when tires need to be replaced. Thus, growing concerns about vehicle safety is a major factor propelling the global automotive tire analytics market.
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Governments of various nations have implemented stringent rules for transport emissions due to which commercial fleet owners as well as passenger vehicle owners are preferring solutions that reduce fuel consumption of the vehicle and subsequently, its emissions. Tires play a vital role in controlling fuel consumption of the vehicle. The optimum size of tire assists vehicle owners to reduce fuel consumption by 20%, which results in reduction in emissions and operational costs. Hence, demand for tire analytics platforms is increasing to select the best suitable tires, which in turn is boosting the global automotive tire analytics market.
Challenges in Automotive Tire Analytics Market
Recent outbreak of COVID-19 pandemic disrupted automotive supply chains, thus creating a shortage of raw materials and components. Several nations across the globe are presently facing the second wave of this pandemic, which is further hampering the automotive industry and in turn the whole global economy. This disruption has negatively impacted the global automotive tire analytics market.North America and Europe to hold significant share of global automotive tire analytics marketGovernments in North America and Europe region have strengthened their regulations related to safety of drivers. Legislators in the U.S. included tire maintenance system/ solution as part of its TREAD Act legislation, which was intended to address growing driver safety concerns.
Key Players Operating in Automotive Tire Analytics Market
The global automotive tire analytics market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the automotive tire analytics market are:
- Aperia Technologies, Inc.
- Bridgestone Corporation
- Continental AG
- Dynamon
- Hankook Tire & Technology Co., Ltd.
- PhaseZero Ventures LLC (Rhombus)
- Sensata Technologies, Inc.
- The Goodyear Tire & Rubber Company
- Tire Analytics Incorporated
- TireConnect
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