Digital Tire Solutions Market 2021 Size, Growth Factors & Forecast Report to 2030
India is witnessing a greater number of tire manufactures venturing into digital tire solutions. Major factors emphasizing the need for digital tire solutions is the need for increasing fuel efficiency, safety, and tire life. Basic process in digital tire ecosystem involves diagnostic management, notification services, and final report generation. Like any other IoT solution for realizing the ecosystem there is a need for proper communication network and tire companies are forming strategic relationship with telecom companies for providing connected solutions. In 2018, Continental tires partnered with Vodafone for its IoT based tire monitoring platform, ContiConnect. ContiConnect helps to prevent tire-related breakdowns by transmitting tire temperature and pressure data to a central web portal through a wireless network.
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By components, the digital tire solutions market in India is segmented into hardware, software, and services. Hardware includes revenue generated from the sale of tire sensors, yard reading stations, and controlling devices. Software involves web portals and mobile applications for monitoring and recording the tire statistics. It also includes management tools for storing the inventory data including rethreaded tires and digital platform for managing all the tire-related information. Services include installation, maintenance, and repairing services for the hardware and software. Another major service provided by tire manufacturers is emergency response services. For instance, Apollo is providing free 24×7 response service for 6 months or 1 year (based on the number of tires purchased).
Based on the type of solution, the digital tire solutions market in India is segmented into TPMS and fleet solutions. TPMS is used for monitoring air pressure in pneumatic tires. Fleet solutions and services provided by tire manufacturers including constant inspection and maintenance for checking tread depth and damage. It involves professional advice helping customers for choosing the type of tires best fit for their vehicles, weather conditions, load capacity, distance traveled, and fitting those tires.
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By region, the digital tire solutions market in India is segmented into North Zone, South Zone, East Zone, West Zone, and Central Zone. South Zone is active in implementing several fleet management solutions and is expected to be one of the major adopters of digital tire solutions during the forecast period.
By type of vehicle, the digital tire solutions market in India is segmented into trucks, buses, and others. Others include heavy equipment machineries (mainly used in construction, mining, and other heavy-duty activities) and light motor vehicles including passenger cars and vans. Digital tire solutions are mainly used by fleet management companies compared to individuals with personal vehicles. Hence, the revenue generation from light motor vehicles was considerably less in 2018 compared to other segments. However, with more logistics and transportation solution planning to implement tire solutions in their fleet, light motor vehicles are expected to see an increasing demand for digital tire solutions in the forecast period.
According to Trends Market Research, the digital tire solutions market in India will grow at a CAGR of over 40% during the forecast period 2019–2025. The aim of this report is to define, analyze, and forecast the digital tire solutions market in India based on segments, which include type of vehicle, components, type of solution, and region. In addition, digital tire solutions market in India report helps venture capitalists in understanding the companies better and make well-informed decisions and is primarily designed to provide the company’s executives with strategically substantial competitor information, data analysis, and insights about the market, development, and implementation of an effective marketing plan.
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The report, digital tire solutions market in India comprises an analysis of vendors profile, which includes financial status, business units, key business priorities, SWOT, business strategies, and views.
The report also covers the competitive landscape, which includes M&A, joint ventures & collaborations, and competitor comparison analysis.
In the vendor profile section for companies that are privately held, the financial information and revenue of segments will be limited.
