Smart tire is a new technology for tires that enhances the performance of the tires by sensing the road condition and varying different factors such as tire pressure and terrain adaptability to perform at its best with least wear and tear. All major tire manufacturers are emphasizing on the development of smart tires; however, the features of a tire varies according to the manufacturer. Most manufacturers have already unveiled their concept for smart tire in different motor shows.
The global automotive smart tire market can be segmented based on technology, vehicle, sales channel, and region. In terms of technology, the market can be classified into pneumatic and non-pneumatic tires. Among them, pneumatic tires are expected to gain higher popularity owing to their cost effectiveness as compared to non-pneumatic tires. Non-pneumatic smart tires are expected to arrive in market after non-pneumatic tires, consequently the pneumatic tire segment is anticipated to be leading segment.
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In terms of region, Europe is expected to be a leading market as most leading manufacturers have their presence in the region, and Europe is at the forefront of adoption of new technologies. This, in turn, is expected to boost the automotive smart tires market in the region, followed by North America. North America comprises countries with high per capita income; therefore, high cost of smart tires is not anticipated to hamper the market, resulting in the high rate of adoption smart tires in the region.
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