Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Middle East Automotive Tire Pressure Management System Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
The Middle East Automotive Tire Pressure Management System Market has witnessed remarkable growth in recent years mainly due to the consistent expansion of the automotive industry in the region owing to enhancement in vehicle production and sales. The market is anticipated to grow at a CAGR of 10% in the forecasted period of 2022-2028. The market consists of a total of 17 countries such as Saudi Arabia, United Arab Emirates, Kuwait, Israel, Qatar, and Others.
Saudi Arabia and UAE (United Arab Emirates) are leading the market with the largest share of the market. The market is driven by various variables affecting the market, some of 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, fuel efficiency and environmental concerns, and most importantly consistent expansion of the automotive industry. The market slowed down during the global pandemic as the manufacturing and distribution of the vehicle industry was temporarily closed.
The market is very competitive and active, with a wide range of competitors. Both domestic and foreign businesses compete in the Middle East Automotive TPMS Market. Numerous companies are functioning in the market. Schrader Electronics, ZF Friedrichshafen AG, Pacific Industrial, PressurePro Enterprises Inc, Sensata Technologies, DENSO Corporation, Robert Bosch GmbH, Hella KGaA Hueck and Co, Steelmate Co. Ltd, Tyre Car, and Cawe Technologies are some of the key players in Middle East Automotive TPMS Market.
Most of the TPMS producers in the region are opting for joint ventures, partnerships, and associations to launch new and innovative products by using each other resources and technology. The market is attracting more players due to its consistent development in the region. The growing presence of manufacturers will also double the competition in the market and producers will invest hugely in the innovation sector to gain a competitive edge over rivals.
Middle East Automotive Tire Pressure Management System Market Analysis
The Middle East Automotive Tire Pressure Management System Market has made significant developments in the past few years owing to different factors affecting the market. One of the major variables affecting the TPMS market in the Middle East is strict road safety rules and regulations implemented by the local government. Israel ranks 8th in the lowest number of road accidents worldwide.
The market has gone through various changes in its manufacturing process due to constant development in terms of technology and innovation. The most recent development in the market is the progression made by producers and OEMs (Original Equipment Manufacturers) in advanced and sustainable technologies. This development shows consumer sentiment is leaning towards advanced and sustainable technologies.
Out of all the Middle East countries UAE and Saudi Arabia are the leading TPMS market owing to government initiatives to minimize road risks. Different partnerships like Continental and Road Safety UAE are aimed at launching a smart device that alerts the driver by monitoring pressure data.
With advanced and updated Tire pressure management systems vehicles consume less fuel as a result emissions of CO2 can be lowered in the environment. This will benefit both vehicles and the environment. Additionally, Indirect systems enable vehicle systems to record the data and control the loss of air pressure because of the wheel's high or increased speed.
Key Trends by Market Segment:
- By Type of Vehicle: The Middle East Automotive Tire Pressure Management System Market is classified into two major categories based on the type that is Passenger Car and Commercial Vehicle. Among these two categories, passenger vehicle is leading the market owing to different factors. The pressure management system is a very critical feature system in the passenger vehicle system. Usually, Direct TPMS finds more applications in the passenger vehicle category compared to indirect TPMS. OEM manufacturers are also keen on providing extended TPMS in the passenger category due to strict rules and regulations set by the government. This results in higher sales of passenger cars that result in the domination of the passenger cars segment in the Middle East TPMS market
- By Type of Application: The Middle East Automotive Tire Pressure Management System Market is segmented into two segments based on the type of application Direct TPMS and Indirect TPMS. Direct TPMS is dominating the TPMS market and is the fastest-growing TPMS technology in the Middle East region. There are a number of factors influencing the growth of direct TPMS such as correctly filled tires that have lower rolling resistance and witness lesser tire abrasion. This gives a much-needed boost to the life of tires. Direct TPMS also provides a comfortable ride with shorter braking distances and excellent cornering stability. Due to in-built sensors to the vales direct systems measure and archive accurate air pressure data. Both Slow diffusion losses and rapid pressure losses on a tire can be easily detected by this particular TPMS
- By type of Geography: The Middle East Automotive Tire Pressure Management System consist of a total number of 17 countries. Some of the prominent countries in the market are Saudi Arabia, the United Arab Emirates, Kuwait, Israel, Qatar, and Others. The market is often dominated by Saudi Arabia and the UAE. Strict driving and vehicle safety rules in these monarch nations are one of the reasons why this is a major market for TPMS. Saudi Arabia's commitment to improving road safety with an increasing focus on fuel efficiency and sustainability. Alongside this, the growing automotive industry in the country is driving the demand for TPMS market in the Kingdom. The country's transport ministry initiated eight road safety projects in the year 2018 such as National Road Safety Centre and three other projects with a focus on traffic safety equipment
Competitive Landscape
The Middle East Automotive Tire Pressure Management System Market is highly competitive and dynamic. The market has a presence of major national and international players offering distinctive yet similar products. Automotive TPMS players in the region are investing hugely in the field of R&D to make more efficient and effective TPMS systems for modern vehicles that are fast in speed and need more pressure & safety in tires.
Some of the leading competitors in the market are Schrader Electronics, ZF Friedrichshafen AG, Pacific Industrial, PressurePro Enterprises Inc, Sensata Technologies, DENSO Corporation, Robert Bosch GmbH, Hella KGaA Hueck and Co, Continental AG, Steelmate Co. Ltd, Tyre Car, and Cawe Technologies. The market is open for new ventures as well due to its consistent growth over the years. Thus, the market is expanding in terms of size and revenue year by year.
Recent Developments
The market is growing significantly owing to different factors affecting the market. Consistent investment and development in technological advancements is one of the major reasons behind the growth of this market in the Middle East region. Recently in 2019, Continental, a leading player in the production and distribution has launched a third multi-application TPMS sensor. The newly launched REDI-sensor line is used in a total of 70% of passenger vehicles that are equipped with TPMS systems in Saudi Arabia and Qatar.
Recently Saudi Arabia lifted the ban on women from driving vehicles which has grown the demand for the automotive industry in the country. As a result, the market for TPMS also witnessed an upward trend with more safety features and frameworks. The market will benefit from this in the forecasted period as well.
The heavy utilization and implementation of sensor systems in TPMS systems has driven the sales of tire pressure monitoring systems in the automotive industry of the Middle East. Additionally, rapid advancements in integrated sensor systems have also hugely impacted the TPMS market in the region.
In 2018, Schrader Electronics, one of the market leaders in the Middle East TPMS market announced an investment of $14 Mn in new car product research. Additionally, the Parent company of Sensata announced the establishment of a new Research and Development center worth $16.5 Mn.
Future Outlook
The Middle East Automotive Tire Pressure Management System Market is anticipated to grow at a CAGR of 10% in the forecasted period of 2022-2028 owing to variables like rising consumer awareness about road safety, crucial advancements in TPMS technology, luxury and premium vehicle segments, government regulations and safety standards, fuel efficiency and environmental concerns, and most importantly consistent expansion of the automotive industry.
The Middle East Automotive TPMS Market is increasing rapidly as the demand for TPMS systems is growing day by day in the Middle East market. The demand for pressure sensor technology will dominate the TPMS market. This dominance is expected to remain constant in future with a market share of around 60%.
The Department of Research and Development is expected to receive huge investments as the leaders are willing to explore new and innovative technologies in tire pressure management systems. The investment for R&D will also surge as the new high-speed cars require advanced and more effective TPMS systems.
The increasing concern for environmental sustainability will also give a boost to the TPMS market in the region. Manufacturers will develop TPMS technologies that work on fuel efficiency and reduce carbon emissions.
The future partnerships among TPMS manufacturers, vehicle producers, and technology or Research companies will promote innovation and create more comprehensive solutions for the Middle East's unique challenges and requirements.
Key Topics Covered
1. Executive summary
2. Middle East Automotive TPMS Market Overview
2.1 Taxonomy of the Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the Market
2.5 Growth Drivers of the Middle East Automotive TPMS Market
2.6 Issues and Challenges of the Middle East Automotive TPMS Market
2.7 Impact of COVID-19 on the Middle East Automotive TPMS Market
2.8 SWOT Analysis
3. Middle East Automotive TPMS Market Size, 2017-2022
4. Middle East Automotive TPMS Market Segmentation
4.1 By Vehicle Type, 2017-2022
4.2 By Application, 2017-2022
4.3 By Regional Split (Saudi Arabia, United Arab Emirates, Kuwait, Israel, Qatar), 2017-2022
5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 Schrader Electronics
5.3.2 ZF Friedrichshafen AG
5.3.3 Pacific Industrial
5.3.4 PressurePro Enterprises Inc
5.3.5 Sensata Technologies
5.3.6 DENSO Corporation
5.3.7 Robert Bosch GmbH
6. Middle East Automotive TPMS Market Size, 2022-2028
7. Middle East Automotive TPMS Market Segmentation
7.1 By Vehicle Type, 2022-2027
7.2 By Application, 2022-2027
7.3 By Regional Split (Saudi Arabia, UAE, Kuwait, Israel, Qatar) 2022-2027
8. Analyst Recommendations
9. Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/1fcn9x
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