Luxembourg is the 63rd placed country in the ranking of 135 countries based on the number of vehicle registration. The country has no production of vehicles and imports automobiles and tires from leading brands such as Michelin, Bridgestone, Pirelli, Nokian, and Hankook. The country has vast dealership distribution network in the country. Goodyear has the only tire manufacturing plant unit in the country. Moreover, the mounting logistics and construction activities in the country are expected to mushroom the demand for OTR and MHCVs, thereby, escalating the demand for tires. Another factor fueling the demand for passenger vehicles in Luxembourg is the magnifying tourism activities coupled with a high population.
According to the MarkNtel Advisors’ research report, the CAGR of “Luxembourg Tire Market Analysis, 2020”, is expected to be around 2.5% during 2020-25. With no production of its own, the country has complete replacement demand. With the rise in the vehicle’s registration, replacement demand is anticipated to rise in the forthcoming period. In addition, passenger cars dominated the automobile industry. However, the demand from commercial vehicles and off the road vehicles is strongly contributing to the growth of tires market.
Escalating Passenger Vehicles in the Country
Due to its proximity to countries such as France, Belgium, and Spain, the country exports and imports from the neighboring countries. The continuous rise in vehicle registration is backed by the strong financial structure and introduction of new vehicle models at some intervals is fueling the automobile market. Total motor vehicle sales grew by 4% year on year in August, 2019. According to CEIC, total motor vehicle sales in Dec 2018 recorded around 57,707 units as compared to 57,683 in 2017. Therefore, it is anticipated to boost the demand for tires in the years to come.
Moreover, the passenger car segment is dominated by radial tires. The manufacturers are shifting from bias tires to tubeless radial tires as they offer better traction on wet and dry surfaces. However, bias tires are still prevalent among OTR vehicles and commercial vehicles as revealed by MarkNtel Advisors’ in their research report, “Luxembourg Tire Market Analysis, 2020”.
According to the MarkNtel Advisors the key players capturing a significant market share in the Luxembourg tire market include Goodyear Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Cooper, Nokian, Apollo, etc. In 2019, Goodyear announced to invest around USD 36 million in Clomar-Berg factory in Luxembourg to increase the production of OTR tires.
“Luxembourg Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Luxembourg Tire market providers across the country. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Radial and Bias)
4. By Sales Channel (Dealer/Exclusive stores, Online and Others)
5. By Season (All season, Winter and Luxembourg)
6. By Price Category (Budget- Up to USD90, Economy- USD91-USD140, Premium- Above USD140)
7. By Rim Diameter (Upto 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
8. By Company (Goodyear Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Cooper, Nokian, Apollo)
Key questions answered in the study:
1. What are the current and future trends of the Luxembourg tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Luxembourg tire market?
6. What are the customer orientation, purchase behavior, and expectations from Luxembourg tire suppliers across various regions?