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Challenges in the Connected Tires Market: Strategies for Sustaining 64.3% CAGR Forecast (2023-28)

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Global Connected Tires Market Report Overview:

According to the latest market study by MarkNtel Advisors titled “Global Connected Tires Market Size, Share, Trends, Growth, Opportunity Analysis 2023-2028” presents a thorough examination of market drivers, opportunities and challenges.

Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.

Connected Tires Market Insight:

The Global Connected Tires Market is projected to grow at a CAGR of around 64.3% during the forecast period, i.e., 2023-28.

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Global Connected Tires Market Growth Restraint:

Higher Costs of Connected Tire Technologies and Data Privacy Concerns – The implementation cost of connected tire technologies, which include sensors, communication modules, & software integration, is a significant barrier to their adoption for some consumers & automakers. Moreover, since these advanced tire technologies involve the collection, transmission, & storage of vehicle & tire-related data, data privacy & security concerns can impact consumer trust and, in turn, restrain the adoption of technology. Hence, the significantly high costs of connected tires and consumer concerns over data security & privacy are the major barriers to the growth of the Global Connected Tires Market.

Competitor Insight: Connected Tires Market

This report focuses on major market participants like:

  • Bridgestone Tires
  • Michelin Tires
  • Goodyear Tire and Rubber Company
  • Continental AG
  • Pirelli
  • Sumitomo Tires
  • Hankook Tires
  • Nokian Tyres
  • Yokohama Tires
  • Zhongce Rubber
  • Kumho Tire
  • Telleborg AB
  • MRF Tyres
  • JK Tyres
  • Others

Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/connected-tires-market.html

Segmentation Summary: Connected Tires Market

This segmentation analysis outlines prominent sections in the report’s table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the Connected Tires Market, with notable highlighting on:

-By Demand Type

  • OEM
  • Aftermarket

Here, OEMs (Original Equipment Manufacturers) play a notable role in driving the adoption of connected tire technologies. More & more OEMs are forming strategic partnerships with tire manufacturers & technology providers to incorporate connected tire solutions into their new models. By integrating IoT-powered sensors, communication modules, & software systems into the vehicle’s design, OEMs are enabling real-time tire monitoring, data collection, & connectivity features.

The mounting focus of automotive OEMs on providing drivers with the utmost comfort, convenience, & safety is driving the connected tires industry. OEMs leverage the data collected by connected tires, such as tire pressure, temperature, & tread wear, which helps them enhance vehicle dynamics, optimize traction control systems, and provide valuable insights to drivers regarding tire condition & performance.

-By Type of Vehicle

  • Passenger Vehicles – Market Size & Forecast 2018-2028, (Thousand Units)
  • Commercial Vehicles – Market Size & Forecast 2018-2028, (Thousand Units)

-By Rim Size

  • 12”-17”- Market Size & Forecast 2018-2028, (Thousand Units)
  • 1”-22”- Market Size & Forecast 2018-2028, (Thousand Units)
  • More than 22”- Market Size & Forecast 2018-2028, (Thousand Units)

Connected Tires Market Geographical Reach:

  • North America
  • South America
  • Europe
  • Asia-Pacific
  • The Middle East and Africa

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Key Questions Addressed:

  • Factors Driving Market Growth: Understand the primary drivers propelling the Connected Tires market forward.
  • Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
  • Growth Projections: Gain insights into anticipated growth projections for the coming years.
  • Geographical Hotspots: Identify geographical poised for significant market growth soon.

About Us

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.

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