Press Release

A USD 68 Million Luxembourg Tire Market to Accelerate at a CAGR of Around 2.25 % During 2024-30

The Luxembourg Tire Market size was valued at around USD 68 million in 2023 and is anticipated to grow at a CAGR of around 2.25% during 2024-30, cites MarkNtel Advisors in their recent research report. Luxembourg is a small country in Europe with a small population and area. This small country leads the global economies in terms of GDP per capita and stands at the top list. Also, the individuals here have a higher disposable income, which they can spend on their luxuries and necessities. This is a reason associated with the continuous high growth of the tire industry in the country, as consumers having good levels of spendable income choose to purchase their vehicles for daily use in transportation and ups and downs.

Further the promotion of the use of Electric Vehicles these days by many global organizations to control CO2 emissions and prevent climatic variabilities, also encourages the Luxembourg government to take steps to promote the use of EVs in the country, which also encourages individuals to spend on EVs and help in creating more demand for tires. Also, the increasing use of EVs for public transport vehicles is becoming a factor in the Luxembourg Tire Market growth.

However, due to being cheaper and work as well as new tires the demand and use of retreated tires is emerging as a challenge for the tire manufacturing companies in the market. The use of remolded tires is also surging due to the lower amount of oil consumed by them. But, being a country having a group of customers with a high standard of living, and high spending power, the demand for passenger cars is expected to rise in the future providing growth opportunities for the top market companies, further states the research report, Luxembourg Tire Market Analysis, 2024.”

Segmentation Analysis

Passenger Cars Segment Seized the Largest Market Share

Based on the type of vehicle, the market is further bifurcated into Two Wheelers, Passenger Cars, Light Commercial Vehicles, Buses and Trucks, Medium & Heavy Commercial Vehicles, Off the Road (OTR) Vehicles, and others. Among all the major types of vehicles, the largest share is held by passenger cars, owing to the increasing demand for passenger cars in the country, due to high disposable income, and GDP per capita. The country stands out among almost all the top countries of the globe in terms of GDP per capita and among all the OECD countries in terms of disposable income, which is in itself a strong reason supporting the demand for passenger cars in the region. So, when demand for passenger cars increases then it augments the demand for tires as well.

Radial Tire Segment Generates Higher Revenue Growth

Among all the major types of tires, the Luxembourg Tire Market share is largest for the radial tire due to their long-lasting ability, good performance, and suitability for heavy duty. Further, the minute difference between the prices of both types of tires helps the manufacturer of radial tires capture a large demand for tires from customers in the country. Moreover, the radial tire segment contributes a major share to the growth of the Luxembourg Tire Industry as the high disposable income customers spend more on the type of products and services that are durable and perform well.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, Apollo, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up in the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?