Belgium Tire Market to Cross € 750 Million by 2021
Increasing production and sales of passenger cars coupled
with rising demand for tyres to fuel growth in Belgium tyre market
According to
TechSci Research report, “Belgium Tyre Market
Forecast & Opportunities, 2021”, tyre market in Belgium is forecast to surpass
€ 750 million by 2021 on account of improving
road infrastructure, increasing automobile sales and expanding automobile
fleet. Rising vehicle sales coupled with increasing purchasing power of end
consumers is propelling growth in the country’s OEM as well as replacement tyre
market. In 2015, the replacement tyre demand accounted for over two-thirds of
the total number of tyres sold in the country. On account of expanding fleet
size, the demand for tyres from the replacement segment is expected to outpace
the growth in the Belgium’s OEM tyre segment during the forecast period.
Due to absence of
tyre manufacturing facilities in Belgium, the country’s demand for tyre is met through
imports. In 2015, Flemish region in Belgium accounted for the lion’s share in
the Belgium tyre market, followed by Wallonia region and Brussels region. Few
of the leading global players operating in Belgium tyre market include
Michelin, Pirelli, Goodyear, Bridgestone, and Yokohama, among others. In 2015,
Michelin held the largest share in the country’s tyre market, followed by
Bridgestone and Pirelli.
Passenger car
segment holds the lion’s share in Belgium tyre market, and the trend is
expected to gain further strength over the next five years. “Belgium’s tyre
market is a replacement driven market. Moreover, in comparison to OEM tyre demand,
the replacement tyre demand is expected to grow at a faster pace in the coming
years, leading to further increase in the share of replacement segment during the
forecast period. In terms of the country’s overall tyre market, though the
demand scenario was quite challenging over the last five years, the situation
is expected to change with tyre demand anticipated to revive in the coming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Belgium Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Belgium tyre market and provides statistics and information on
market structure, imports and trends of Belgium tyre market. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges and opportunities
available in Belgium tyre market.