Fun Finds Friday: Smart Tires

[dot_recommends] June 18, 2021 Manufacturing Trends

Data Offers New Revenue Stream for Tire Manufacturers

 

Goodyear Sightline smart tire marketing image

Tire companies are joining the smart device trend! This week Goodyear launched SightLine, their new internet-connected smart tire. Pirelli released their new Cyber Tyre System earlier this year. Undoubtedly, other tire manufacturers will soon follow.

What Is a Smart Tire?

The smart tire concept revolves around internet-connected sensors in the tires.

  • Smart tires talk to the vehicle’s computer and connect to the internet.
  • Drivers can monitor tire data through a smart phone app.
  • Smart tires track tire and road conditions and provide maintenance and risk alerts in real time

Think of smart tires as a Fitbit for your car. “Goodyear SightLine’s tire intelligence monitors the health of a tire,” said Chris Helsel, senior vice president, global operations and chief technology officer. “Goodyear SightLine takes the mystery out of understanding tires and provides proactive mobility insights to communicate when tires need service or replacement.”

Selling Smart Tire Data

Goodyear and Pirelli market their smart tires as safety-enhancing. They talk less about the other valuable data that will be collected by these tire sensors. For example, tire manufacturers will know where cars travel and how they are being driven. Additionally, they will obtain and own data on real-time road conditions that will have market value.

Tire manufacturers struggling in a highly competitive import market welcome new revenue streams. Sales of road and driver data will expand their business model. The initial target market for Goodyear SightLine is fleet vehicles, but Goodyear aims to integrate the new technology across their product line by 2027.

Tire manufacturers will also be able to use the smart tire data to better understand their customers. How does your company use data to better understand your customers’ behaviors and uses of your products? Here at StratMg, we believe in data-driven growth strategies. Contact us to start a conversation about how to optimize growth for your company.

–parin

Photo credit: Goodyear

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