On the Path of Innovation and Safety: Middle East Automotive Tire Pressure Management System Market is shining: Ken Research

The Middle East Automotive Tire Pressure Management System Market is estimated to grow at a CAGR of 10% between 2022-2028. The primary growth drivers of the market are rising consumer awareness about road safety, crucial advancements in TPMS technology, luxury and premium vehicle segments, government regulations and safety standards.

STORY OUTLINE

In 2019 alone, around 2 Mn commercial and passenger vehicles were sold in the Middle East region where Saudi Arabia dominated the market.
In Saudi Arabia and Qatar, a combined 70% of passenger cars with TPMS systems employ the recently introduced REDI-sensor line.
In May 2022, Continental AG revealed an advanced combine-tire monitoring framework for its Combine Master and Combine Master VF tires called

According to Ken Research, The Middle East TPMS market is increasing significantly and is forecasted to grow more in the forecasted period. Saudi Arabia is the biggest region for the TPMS market in the Middle East market with a market share of 23%. In 2021, Saudi Arabia recorded 22 Mn units of tire sales, the highest in the whole Middle East region. In January 2019, UAE (United Arab Emirates) announced the construction of its first tire plant in the region which will be spread over 275000 square meters. The plant costs $600 Mn and can produce 3 Mn passenger car Radial (PCR0 tires annually.

1. Influence of COVID-19 on Middle East TPMS Market

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Before the pandemic, the market of TPMS was growing at rapid speed as the market for automobile (Passenger and Commercial Cars) were increasing significantly. In 2019 alone, around 2 Mn commercial and passenger vehicles were sold in the Middle East region where Saudi Arabia dominated the market.
The ban on travel and public lockdowns amid the global lockdowns affected the TPMS market in the Middle East heavily as the production of vehicles was stopped. Subsequently, the demand for the automotive industry decreased by 30% in the Middle East region which resulted in the downfall of the TPMS market.

Post-pandemic the automotive sector bounced back and showed significant growth in terms of sales and revenue. The industry resumed its operations and witnessed remarkable growth. The market is further expected to reach a value of $84 Mn by the end of 2026. This will help the TPMS market grow immensely as the growth of the automobile industry will automatically increase the sales and revenue of TPMS in the region.

2. Current Scenario ofthe Middle East TPMS Market

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The Middle East Automotive Tire Pressure Management System Market is expected to witness remarkable development as the market is projected to increase at a CAGR of 10 %. The direct TPMS segment is dominating the market as these are adequately inflated tires that experience less tire wear and rolling resistance.
Most of the countries in the Middle East region have made it mandatory for car manufacturers to use TPMS (Tire Pressure Monitor Management System) systems in the manufacturing of vehicles (Both Commercial and Passenger). Saudi Arabia and UAE are the two countries that have strict rules regarding road safety in their respective kingdoms.

The demand for the In-built sensor systems in TPMS is enhancing owing to different factors. The government and customers both are finding this sensor more accurate and effective. An industry leader in production and distribution, Continental, recently introduced a third multi-application TPMS sensor. In Saudi Arabia and Qatar, a combined 70% of passenger cars with TPMS systems employ the recently introduced REDI-sensor line.

3. Growth drivers of the Middle East TPMS Market

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The market is influenced by a number of factors, some of which are crucial advancements in TPMS technology, rising consumer awareness of road safety, luxury and premium vehicle segments, government regulations and safety standards, concerns about fuel efficiency and the environment, and most importantly, the ongoing growth of the automotive industry.
Middle Eastern countries always pay attention to road safety that's the reason that the Middle Eastern countries have one of the lowest accident rates in the world. The strict rules and regulations in the majority of these countries made TPMS systems compulsory for all vehicles. Thus, Israel, a country in the Middle East ranks 8th in the lowest number of road accidents worldwide.
Another factor impacting the growth of TPMS in the region is the growing luxury and premium vehicle segment in the region. UAE is leading the region in this region, the luxury car segment in UAE is estimated around $450 Mn in 2022.
Legitimately inflated tires improve fuel proficiency by decreasing rolling resistance. With expanding concerns about fuel costs and environmental sustainability, customers and fleet operators are likely to show interest in innovations that help them save fuel and decrease their carbon impression, making TPMS an appealing choice.

4. Major Players in the Middle East TPMS Market

Schrader Electronics, ZF Friedrichshafen AG, Pacific Industrial, PressurePro Enterprises Inc, Sensata Technologies, DENSO Corporation, Robert Bosch GmbH, Hella KGaA Hueck and Co are some of the key players in Middle East Automotive TPMS Market.
One of the industry leaders in the Middle East for TPMS, Schrader Electronics, said in 2018 that it would invest $14 Mn in new vehicle product research. The Parent Company of Sensata also announced the opening of a new $16.5 million Research & Development facility.
In May 2022, Continental AG revealed an advanced combine-tire monitoring framework for its Combine Master and Combine Master VF tires called Conti Pressure Check, planned to monitor tire pressure & temperature.

Conclusion

The Middle East TPMS market's trajectory reflects a motivating journey of resilience and development. The pandemic may have momentarily slowed its pace, but the recuperation has been nothing short of exceptional. With Saudi Arabia and UAE driving the pack, the region's commitment to street security and advancing technology has cleared the way for TPMS adoption. A strong car industry rebound further impels this development, underscoring the advantageous relationship between security and progress. As the market gears up for an anticipated 10% CAGR, collaborations among industry pioneers and continuous technological progressions guarantee an energizing road ahead. With the wheels set in motion, the Middle East TPMS market races toward more secure, more productive, and innovatively progressed roads.

For more insights on market intelligence, refer to the link below: -
https://www.kenresearch.com/industry-reports/middle-east-automotive-tire-pressure-management-system-market

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This release was published on openPR.