Rechargeable Tires Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Rechargeable Tires Market Trends

• Development of Hybrid Tire Designs: Leading manufacturers are developing hybrid rechargeable tire designs that combine properties like self-inflation, puncture proofing and enhanced durability. For instance, Michelin’s Uptis prototype marries the benefits of airless and traditional tires. Goodyear’s reCharge concept offers both self-regeneration and high load bearing capacity. Such hybrids balance the advantages of different rechargeable tire technologies. More OEMs are expected to take a hybrid approach in engineering tires for EVs and autonomous vehicles.
• Focus on Integrating IoT and AI: Rechargeable tire OEMs are increasingly integrating IoT and AI capabilities for advanced monitoring and predictive maintenance. Sensors embedded in tires can measure parameters like tread depth, pressure and temperature. This data is analyzed using AI algorithms to forecast issues and optimize tire life. For instance, startups like Soda Labs and Tyrata offer comprehensive tire data analytics platforms. The application of IoT and AI will enable value-added services while enhancing safety and performance.
• Usage of Renewable Materials: In line with sustainability initiatives, manufacturers are using renewable materials like orange and lemon oils, vegetable oils, and natural rubber in rechargeable tires. These materials reduce the environmental impact compared to synthetic polymers. Companies are also recycling old tires to produce recycled carbon black and steel used in new tires. For instance, Michelin introduced the CrossClimate SUV tire made using 45% sustainable materials. Adoption of renewables will continue driven by environmental regulations.
• Convergence with ADAS Technologies: Integration with ADAS technologies is an emerging trend that will expand the capabilities of rechargeable tires. For example, Pirelli’s cyber tire system interacts with ADAS to adapt tire performance in different road conditions. Hyundai’s road-active noise cancellation system counters noise from the tires by emitting anti-noise through speakers. Convergence with ADAS allows tire technologies to enhance safety, comfort and functionality. This integration will provide a more holistic mobility experience.

Rechargeable Tires Market Regional Insights

• North America is the largest regional market for rechargeable tires, accounting for over 35% of the global market in 2023. The high demand for rechargeable tires in this region is attributed to the increasing adoption of electric vehicles, the growing trend of sustainable transportation, and the presence of major automotive OEMs in the region.
• Europe is the second-largest regional market for rechargeable tires, accounting for over 25% of the global market in 2023. The high demand for rechargeable tires in this region is attributed to the stringent emission regulations imposed by the European Union and the increasing demand for sustainable transportation in the region.
• Asia Pacific is the fastest-growing regional market for rechargeable tires, with a CAGR of over 15% during the forecast period. The high growth of the market in this region is attributed to the increasing production and sales of electric vehicles in the region and the growing demand for sustainable transportation.

Figure. Rechargeable Tires Market, By Region