3 Upcoming Trends In The Tyre Industry
Like any other industry, the increasing customer expectations, a strong wave of competitors and the continuous emergence of new technology have led the tyre manufacturers to rethink business models and assimilate new manufacturing methods. Some of the intriguing trends in the tyre industry prove how tyre manufacturers are resorting to advanced technology and digitalization to sell tyres and services that are tailored to the customers’ needs. The radical transformation from a digital point of view is sure to be a game-changing aspect of how the customers perceive tyres in the days to come.
Here are some of the interesting trends that will shape the future of the tyre industry.
Tyre manufacturers are now selling kilometers and not tyres. Until now tyres were sold to the customers and the customers became owners of those tyres. But that’s not the case with product-as-a-service. Tyre manufacturers are now looking to offer tyres as a service. In this model, the company remains the owner of the tyres and the customers pay as they use. This is a beneficial solution for large fleet owners for two reasons, first reason, they only pay for the use, e.g. Per kilometer or per month and second reason, the responsibility of maintenance of the tyre mostly lies with the company. In this model extensive data regarding tyre usage, maintenance etc. is needed to be between the vehicle owner and the manufacturer. This is done through RFID. Tyres that are deployed to be used as service based on its usage have an RFID chip to enable data-sharing. This model encourages customers looking for pocket-friendly options, to select the tyre that will give them the best possible output, instead of just focusing on purchasing low-cost tyres.
The revolutionary radial tyre patented and commercialized by Michelin in 1946, is one of the key breakthroughs in automotive development The popularity of radial tyres began back in the middle of the 20th century. The advantages of a radial tyre are noticeable; it does a better job of gripping the road, lasts longer, uses less fuel and offers a smoother ride. The radial technology has two-fold benefits; it helps preserve the natural resources and the ecosystem and at the same it fulfills the needs of the modern vehicle owners. Today, they are not seen as exotic versions of tyres but are considered a must-have in passenger cars. Almost 98% passenger cars run on radial tyres and approximately 65% of commercial vehicles are radial. Due to the long-lasting and fuel efficient nature of the radial tyres, the commercial vehicles are also gradually moving towards radial construction.
Tyres that can talk to you! Yes, the super-techy tyres are capable of communicating with the driver. The rise of smart cars had led to the rise of smart tyres. For instance, the hazardous effects of driving on an under-inflated tyre are known to all. Think of a tyre that can sense the loss of air by itself and warn you about the air leakage before it gets serious. That’s a smart tyre. The definition of a smart tyre varies for different tyre manufacturers. But typically, smart tyres are special tyres that have in-built sensors which enable the tyre to measure important parameters such as the tread depth, temperature, pressure etc. It might also collect data about the tyre condition, road condition and alert the driver so they can react proactively to mitigate the effects of hazards. Such IoT-enabled intelligent tyres take the drivers beyond the physical use of the tyre to its careful management. This seamless connection of the physical to the digital has a great impact not only on the performance, safety and durability but also on the environment. The smart tyres will be an integral part of the autonomous vehicle making the self-driving cars a reality in the near future.
By harnessing the power of information systems, the tyre manufacturers are becoming increasingly responsive and efficient. As these tyre industry trends continue to pick up steam, transformation in the way tyres are made and sold is pervasive across the tyre industry.