The mobile tire market is booming, with the number of new tire sales growing by over 200 percent in 2018, according to a report from the U.S. tire industry’s trade group.
The report shows that total smartphone tire sales rose 19.5 percent in the fourth quarter of 2018.
That’s the largest annual increase since 2014.
It’s a huge leap from a year ago, when smartphone tires accounted for just 5 percent of total smartphone sales.
The growth in smartphone tires is largely due to Apple and Google continuing to roll out their new wireless technology for mobile devices, said Tom Maviglio, president of the American Tire and Rubber Association (ATRA).
Maviglios report notes that Apple and Android smartphones now account for over 50 percent of the market.
Apple is also the largest mobile tire brand, with around 80 percent of its sales coming from the iPhone.
That gives Apple an estimated market share of 40 percent, Mavigios report said.
The iPhone 5 is a major reason why smartphones are a growing market for mobile tires.
The device’s new 6-inch display and larger display size has allowed more people to use smartphones to drive their cars, and it’s made it possible for consumers to customize the tires for their own cars.
But Maviglia says Apple has also been slow to innovate in the tire business, especially in the industry.
Mavoglios report says the company hasn’t developed new technologies for tire technology, or added new features to their existing products.
“I don’t think we have any new technologies, no new product ideas, and they don’t seem to be changing their approach,” Mavgilios report stated.
Mavoglio said that while he thinks Apple will continue to grow in the coming years, it needs to diversify its product offerings.
He said that Apple needs to invest in technology that will help it compete with Google and Android, such as the ability to add new products to the tire market and increase the number and size of apps available for Apple’s devices.
“Apple has been successful in the past by getting the iPhone and the iPad into a niche, but that doesn’t make them successful today,” Mviglio said.
Mviglios research firm found that Apple’s stock rose by 2.9 percent in early October 2018.
The company closed its latest quarterly earnings report on Oct. 16.