India is witnessing a greater number of tire producers venturing into digital tire solutions. Major factors emphasizing the requirement for digital tire solutions is the requirement for growing the fuel efficiency, safety, and tire life. Basic procedure in digital tire ecosystem entails the diagnostic management, notification services, and final report generation. Like any other IoT solution for realizing the ecosystem there is a requirement for proper communication network and tire companies are making strategic relationship with telecom companies for delivering the connected solutions. During 2018, Continental tires partnered with Vodafone for its IoT based tire monitoring platform, Conti Connect. Conti Connect helps to safeguard the tire-related breakdowns by transmitting tire temperature and pressure data to a central web portal through the wireless network.
According to the report analysis, ‘Digital Tire Solutions Market in India By Type of Vehicle (Truck, Bus, and Others), Components (Hardware, Software, and Services), Type of Solution (TPMS and Fleet Solutions), and Region (North Zone, South Zone, East Zone, West Zone, and Central Zone) - Forecast up to 2025’ states that Bridgestone, Continental, Goodyear, Michelin, Tymtix, Garmin, WABCO, SKF, Pragathi Solutions, PressurePro, Schrader TPMS Solutions, Huf Hulsbeck & Furst, Omron and Denso are the key companies which presently working in the digital tire solutions market more efficiently for registering the great value of market share, keep maintaining the governing position, leading the highest market growth, obtaining the competitive edge, and generating the highest percentage of revenue by implementing the policies of profit making and strategies of expansion, spreading the awareness connected to the applications and advantages of digital tire solutions, analysing the strategies and policies of government as well as contenders, increasing the features and benefits of digital tire solutions, delivering the better customer satisfaction, decreasing the associated prices of such, improving the qualitative and quantitative measures of such and establishing the several research and development programs.
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Based on the type of solution, the digital tire solutions market across India is segmented into TPMS and fleet solutions. TPMS is utilized for monitoring air pressure in pneumatic tires. Fleet solutions and services delivered by tire manufacturers comprising the constant inspection and maintenance for checking tread depth and damage. It entails the professional advice assisting customers for selecting the type of tires finest fit for their vehicles, weather conditions, load capacity, distance traveled, and fitting those tires.
By components, the digital tire solutions market in India is classified into hardware, software, and services. Hardware entails revenue created from the sale of tire sensors, yard reading stations, and controlling devices. Software entails web portals and mobile applications for monitoring and recording the tire statistics. It also entails management tools for storing the inventory data involving rethreaded tires and digital platform for handling all the tire-connected information. Services entail installation, maintenance, and repairing services for the hardware and software. Another foremost service delivered by tire producers are emergency response services.
By region, the digital tire solutions market in India is classified into North Zone, South Zone, East Zone, West Zone, and Central Zone. South Zone is active in employing several fleet management solutions and is predicted to be one of the foremost adopters of digital tire solutions during the review period.
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Digital Tire Solutions Market in India
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Ankur Gupta, Head Marketing & Communications