Luxembourg Tire Market is Expected to Witness less than 3% CAGR By 2025
Stable business environment and boost in automotive
industry are some key factors expected to drive the growth of Luxembourg tire
market in coming years.
According to TechSci Research report, “Luxembourg
Tire Market By Vehicle Type (Passenger Car, LCV,
M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs.
Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015-
2025”, Luxembourg tire market is expected to witness a substantial
growth with less than 3% CAGR during the forecast period. Key factors
propelling the growth of Luxembourg tire market are increasing automobile
sales, high per capita income of consumers and favourable taxation norms.
Import of tires into Luxembourg by various global tire brands such as Michelin,
Bridgestone, Pirelli, Nokian and Hankook is a major source of meeting the
country’s tire demand. Furthermore, anticipated growth in various sectors such
as logistics and construction is expected to have a positive impact on
Luxembourg tire market during 2016-2021.
Additionally, the location of Luxembourg gives it a strategic advantage
of delivering raw material and supplies to almost all neighbouring countries in
a shorter duration, eventually making the country a hub of suppliers for almost
all key industries. This fact has considerably boosted the logistics and supply
chain industry of the country, consequent to which, demand for commercial
vehicles is increasing, in turn generating demand for tires from the replacement
segment. On account of high population coupled with huge tourist inflow,
Luxembourg district accounts for the largest volume share of the country’s tire
market, followed by Diekirch district and Grevenmacher district.
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Luxembourg tire market is segmented based on vehicle type, demand
category, radial vs bias and region. Based on vehicle type, the market can be categorized
into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. In 2019,
passenger car tire segment dominated Luxembourg tire market with a market share
of over 92%, followed by light commercial vehicle tires, two-wheeler tires,
medium & heavy commercial vehicle tires and OTR tires. The segment is
further expected to maintain its dominance during the forecast period and cover
a market share of 93.25% by 2025.
Based on tire type, Luxembourg tire market can be categorized into
radial vs bias. Among the two, radial tires hold lion’ share in the market and
is expected to hold more than 98% market share by 2025 as as they offer
flexible sidewalls and reduced fuel consumption due to less rolling resistance.
Leading market players in Luxembourg tire market are Continental BeneLux
BVBA, Michelin BeLux SA, Goodyear Dunlop Tires Operations S.A., Bridgestone
Europe S.A., Pirelli Tyres BeLux NV/SA, N.V. Apollo Vredestein BeLux S.A., Hankook
Tire, Nokian Tyres PLC, N.V. YOKOHAMA BELGIUM S.A. and Cooper Tire & Rubber
Company. Among them, Goodyear is the only tire company operating its tire manufacturing
plant in the country. Key growth strategies being adopted by leading tire
manufacturers are mergers & acquisitions, collaborations, joint ventures
and new product launches.
“Luxembourg tire market is a replacement driven market, with most of the
tire demand being met through tire imports. Yet, on account of high purchasing
power of the people, coupled with favourable fiscal and monetary policies, the
tire market in the country is expected to grow over next five years. Moreover,
the entry of new market players is further boosting the Luxembourg tire market
growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
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“Luxembourg
Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler
and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs
Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Luxembourg
tire market, and provides information and statistics on market structure, size
and trends. The report is designed to provide the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. The report also identifies and analyzes emerging trends along with
essential drivers and key challenges faced by Luxembourg tire market.
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