Saudi Arabia Smart Tire Market (2024-2030) | Forecast, Share, Industry, Size, Revenue, Companies, Outlook, Analysis, Trends, Value & Growth

Key Highlights of the Report:

Saudi Arabia Smart Tire Market Highlights

Report Name	Saudi Arabia Smart Tire Market
Forecast period	2024-2030
CAGR	5%
Growing Sector	Automobile

Topics Covered in the Saudi Arabia Smart Tire Market Report

The Saudi Arabia Smart Tire Market report thoroughly covers the market by Technologies, Vehicle types, Distribution channels, and Regions. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers that would assist stakeholders in devising and aligning their market strategies according to the current and future market dynamics.

Saudi Arabia Smart Tire Market Synopsis

The Saudi Arabia Smart Tire Market is predicted to witness substantial growth in the forecast period. The growth can be attributed to rising disposable income, growing automotive sector, and technological advancements in tire manufacturing.

According to 6Wresearch, the Saudi Arabia Smart Tire Market is projected to grow at a CAGR of 5% during the forecast period. The growth in the market is driven by increasing demand for advanced features in vehicles and safety features. With a rise in changing consumer preferences, there has been an increase in demand for vehicles equipped with smart tire technologies such as electronic stability control, tire pressure monitoring system and automatic tire inflation system. Furthermore, government initiatives promoting the adoption of these technologies are also contributing to market growth. Moreover, rising disposable income and an overall growing automotive sector in Saudi Arabia are further fueling the demand for smart tires. As consumers become more financially stable, they spend more on vehicles with advanced features, including smart tires.

One of the major challenges facing the Saudi Arabia Smart Tire Market is the high costs associated with incorporating smart tire technology. Consumers may be hesitant to invest in more expensive vehicles with advanced features, including smart tires, particularly in a market where cost is an important factor for many buyers. Additionally, manufacturers may face difficulties in keeping up with the pace of technological advancements and may struggle to produce these products at an affordable cost.

Saudi Arabia Smart Tire Market: Key Players

Key players in the market include Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, and Michelin. These companies are focusing on strategies like collaborations, mergers & acquisitions, and technological advancements to strengthen their footprints in the market. Currently, Bridgestone Corporation holds the dominant share in the market.

Saudi Arabia Smart Tire Market: Governmental Regulations

The Saudi Arabian government has taken several initiatives to promote the adoption of smart tires in vehicles. The Ministry of Communications and Information Technology (MCIT) launched a program called “Saudi IoT” which aims to support and develop innovative technologies, including smart tire technology. Additionally, the Saudi Arabian Standards, Metrology and Quality Organization (SASO) has set mandatory regulations for all passenger vehicle tires to have a Tire Pressure Monitoring System.

Future Insights of the Market

Saudi Arabia Smart Tire Market is expected to continue its growth trajectory with the increasing adoption of smart technologies in vehicles. Furthermore, as the government continues to promote initiatives and regulations that prioritise vehicle safety and technological advancements, the market is likely to witness a further boost in demand for smart tires. Additionally, collaborations between key players and new entrants in the market are expected to bring about innovative solutions and drive market growth.

Market Segmentation by Technologies

According to Dhaval, Research Manager, 6Wresearch, pneumatic tires hold a significant market share due to their extensive use in passenger vehicles.

Market Segmentation by Vehicle Types

The Passenger Vehicles is expected to hold the dominant share given the rising demand for personal vehicles in Saudi Arabia.

Market Segmentation by Region

The Central Region holds the dominant share in the Saudi Arabia Smart Tire Market. This can be attributed to its high population and urbanisation rates, along with increasing investments in infrastructure development projects.

Key Attractiveness of the Report

• 10 Years Market Numbers
• Historical Data Starting from 2020 to 2023
• Base Year: 2023
• Forecast Data until 2030
• Key Performance Indicators Impacting the Market
• Major Upcoming Projects and Developments

Key Highlights of the Report:

• Saudi Arabia Smart Tire Market Overview
• Saudi Arabia Smart Tire Market Outlook
• Saudi Arabia Smart Tire Market Forecast
• Historical Data of Saudi Arabia Smart Tire Market Revenues & Volume for the Period 2020-2030
• Saudi Arabia Smart Tire Market Size and Saudi Arabia Smart Tire Market Forecast of Revenues & Volume, Until 2030
• Historical Data of Saudi Arabia Smart Tire Market Revenues & Volume, by Vehicle Types, for the Period 2020-2030
• Market Size & Forecast of Saudi Arabia Smart Tire Market Revenues & Volume, by Vehicle Types, Until 2030
• Historical Data of Saudi Arabia Smart Tire Market Revenues & Volume, by Tire Types, for the Period 2020-2030
• Market Size & Forecast of Saudi Arabia Smart Tire Market Revenues & Volume, by Tire Types , Until 2030
• Historical Data of Saudi Arabia Smart Tire Market Revenues & Volume, by Distribution Channels, for the Period 2020-2030
• Market Size & Forecast of Saudi Arabia Smart Tire Market Revenues & Volume, by Distribution Channels, Until 2030
• Historical Data of Central Region Smart Tire Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Central Region Smart Tire Market Revenues, Until 2030
• Historical Data of Western Region Smart Tire Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Western Region Smart Tire Market Revenues, Until 2030
• Historical Data of Eastern Region Smart Tire Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Eastern Region Smart Tire Market Revenues, Until 2030
• Historical Data of Southern Region Smart Tire Market Revenues, for the Period 2020-2030
• Market Size & Forecast of Southern Region Smart Tire Market Revenues, Until 2030
• Market Drivers and Restraints
• Saudi Arabia Smart Tire Market Price Trends
• Saudi Arabia Smart Tire Market Trends and Applications Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Saudi Arabia Smart Tire Market Share, By Players
• Saudi Arabia Smart Tire Market Share, By Regions
• Saudi Arabia Smart Tire Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Segmentation

The market research offers a comprehensive analysis of the following market segments:

By Technologies

• Pneumatic Tires
• Non- Pneumatic Tires

By Vehicle Types

• Passenger Vehicles
• Commercial Vehicles

By Distribution Channels

• OEM
• Aftermarket

By Regions

• Central Region
• Western Region
• Eastern Region
• Southern Region