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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