Tire-related issues contribute to a staggering 33,000 accidents annually, with tire blowouts causing one in every 270 crashes and resulting in 200 deaths per year. Recognizing the urgency for transformative solutions, Smart Tire Pressure Monitoring Systems (TPMS) have emerged as a game-changer in tire management, offering real-time monitoring, remote capabilities, and data-driven insights into tire health.
Market Overview: The Smart TPMS market, valued at USD 6.2 Billion in 2022, is projected to witness a robust CAGR of 10.9% from 2023 to 2032. This growth is propelled by increasing safety regulations and the integration of advanced wireless and software technologies in alignment with Connected, Autonomous, Shared, and Electric (CASE) trends.
Industry Leaders and Strategic Moves: Major players such as Bridgestone, Goodyear, Continental, and Michelin are strategically positioning themselves in the Smart TPMS landscape through acquisitions. These moves aim to expand offerings, strengthen market positions, and enhance product portfolios, with a specific focus on advanced technologies like telematics and smart fleet management solutions.
Collaborations and Innovation: Tyre manufacturers like Continental and Pirelli are collaborating with Original Equipment Manufacturers (OEMs) and software companies to elevate smart tire monitoring services for fleets. This collaborative effort involves leveraging real-time data from OEMs' vehicles, providing comprehensive and accurate monitoring solutions. Leading tyre manufacturers, including Continental and Goodyear, are actively engaging with transportation companies for rigorous testing and implementation of their TPMS fleet management solutions.
Diverse Industry Participation: The Smart TPMS landscape is witnessing significant contributions from players across diverse industries, including tyre manufacturers, automotive OEMs, and technology companies. These entities are actively advancing connected vehicle monitoring and management systems using tire pressure parameters.
Current Developments and Future Outlook: The market is witnessing a surge in the introduction of advanced TPMS-based fleet management systems by various players. These solutions offer remote fleet management capabilities, incorporating TPMS modules and user-friendly mobile apps for convenient monitoring and data analysis. Notably, Sumitomo Group has announced plans to launch its smart Tyre fleet management solution in 2025, underlining the industry's commitment to ongoing innovation and progress.
Discover More: For a concise overview of our findings, dive into our detailed deck. If you're seeking a comprehensive or customized report on the application of Smart TPMS in fleet management, reach out to us at info@icuerious.com or the contact number provided on our 'Contact Us' page. Unlock the future of road safety with Smart TPMS today.
