The Indian digital tire solutions market is expected to witness a CAGR of above 40% during the forecast period 2019–2025
Bangalore, India, July 24, 2019: With its recently published study “Digital Tire Solutions Market in India – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the Indian market for digital tire solutions will continue to grow, due to rising digitalization activities among fleet operators.
One of the major trends which will have a vast impact on the automotive market is the development of autonomous vehicles. Much of these developments are implemented in hybrid vehicles with a foresight to make autonomous vehicles a reality. This has led to a rise in the number of sensors per vehicle. To ensure an ecosystem of autonomous cars, almost all components of the vehicle should be digitalized including its tires.
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Most of the Indian states mainly rely on road transport for trade activities, which has consequently resulted in a huge number of fleet operators across the country. India has also witnessed an increase in population in cities such as Bengaluru, Mumbai, Pune, Hyderabad, Chennai, and Delhi, mainly due its growing number of working population. This has led to an increase in traveling and road transport is slowly becoming the preferred option among travelers, largely due to convenience, and availability and to a certain extent for affordability. Tire manufacturers and telematics vendors are trying to gain a considerable market share in the highly potential digitalized tire market in India by releasing fleet management and Tire Pressure Monitoring System (TPMS).
While telematic vendors are more focused on providing TPMS solutions and mobile apps for monitoring them, tire manufacturers are partnering with telecom companies for enabling solutions beyond Bluetooth-based TPMS. Tire manufacturers are focused on providing a total platform which provides more than tire pressure and temperature that includes tire retreading data, tire inventory management, tire grove measurement for checking tire wearing. For instance, Goodyear Proactive Solutions by Goodyear is a set of solutions for fleet operators to resolve tire issues using G-Predict, which is a predictive analytics technology developed by Goodyear. It includes TPMS for heavy vehicles and off-road vehicles and Goodyear Drive-Over-Reader to measure tread depth, load, and tire pressure over each tire.
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For fleet management companies, it provides an opportunity to monitor areas including driver safety and fuel efficiency and helps reduce operational costs. An increase in partnerships between tire manufacturers and fleet operators/government transportation agencies/logistics companies is anticipated during the forecast period.
However, there will be a slow adoption of digital tire solutions by light motor vehicles owners. While a high-end automobile may come with advanced tire management system straight out of factory, low-end automobile owners will have to get it fitted from a third party. Considering the changes to be made in the vehicle post installation of digital solutions (for e.g., wheel alignment must be checked after the installation of TPMS), along with the hefty cost and the minimal benefit from its adoption is expected to pull away vehicle owners from implementing digital tire solutions.
“Currently India is in the nascent stage of digital tire solutions with the implementation of TPMS as the first step. The future of connected tires will gain traction once the fleet operators and state-owned transportation agencies enter into tie-ups with tire manufacturers.” pointed out Arjun Das, Senior Research Analyst, Infoholic Research
Key segments of the report include:
- By Type of Vehicles
- By Components
- Tire Sensors
- Controlling Devices
- Yard Reading Stations
- Web Portal and Mobile Applications
- Software and Hardware Maintenance Activities and Installation
- By Type of Solutions
- Fleet Solutions
- By Regions
- North Zone
- South Zone
- East Zone
- West Zone
- Central Zone
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP