According to a recent research report published by MarkNtel Advisors, the Luxembourg Tire Market is expecting around 2.25% CAGR during 2022-27. It attributes to the high per capita income of the population of Luxembourg, i.e., increasingly purchasing private vehicles. As a result, the swiftly rising vehicle fleet in the country is driving the tire market in the country.
Since Luxembourg's tire industry is entirely import-driven, the government is making cross-border trade agreements and laying out favorable policies for attracting foreign brands to establish their tire manufacturing facilities in the country. It, in turn, would boost domestic production of tires and strengthen the overall industry.
Moreover, lower interest rates on new registrations of vehicles, coupled with easy financing due to a stable economic infrastructure, are other notable factors projected to augment the overall market growth in the coming years, further states the research report, "Luxembourg Tire Market Analysis, 2022."
Government Mandates to Use Winter Tires to Significantly Boost the Tire Industry
Winter tires are anticipated to acquire the largest share in the Luxembourg Tire Market during the forecast period. The prominence of colder temperatures in the country generates the need for these tires to cut through snowy & icy roads with a firm grip while ensuring better handling & improved safety. Hence, the government of Luxembourg, with an active focus on reducing the risks of road accidents in the country, has made it compulsory for vehicle owners to deploy winter tires. As a result, the rising sales of these tires project remunerative aspects for the overall growth of the Luxembourg Tire Market through 2027.
The leading players in the Luxembourg Tire Market are Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, & Apollo.
Key Questions Answered in the Research Report