Luxembourg Tire Market Research Report Forecast: (2022-2027)
Market Definition
Luxembourg has the highest per capita income worldwide & a stable business environment which is why its automotive & tire industries are likely to witness significant growth prospects in the coming years. Moreover, favorable government policies for international tire brands to establish their manufacturing facilities in the country further project lucrative expansion for the tire industry in the nearer future.
Market Insights
The Luxembourg Tire Market growth is projected to expand at around 2.25% CAGR during the forecast period, i.e., 2022-27. The flourishing automotive sector, owing to the growing public interest in private vehicle ownerships, is driving the tire industry in Luxembourg. With the increasing fleet size of vehicles due to increasing cross-border trade agreements & low-interest rates for businesses, there are ever-increasing tire imports into the country.
Moreover, the massive financial sector & easy finance options for people, i.e., leading to constantly rising new vehicle registrations across Luxembourg, are other prominent aspects generating remunerative growth opportunities for the tire market through 2027.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2017-20 |
Base Year: 2021 | |
Forecast Period: 2022-27 | |
CAGR(2022-27) | 2.25% |
Key Companies Profiled | Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, Apollo |
Unit Denominations | USD Million/Billion |
Recently, Goodyear established a tire production plant in Luxembourg, featuring an industry 4.0 digital manufacturing process for producing large-rim UHP & UUHP tires four times quicker than a standard manufacturing process. The new facility would aid in progressing small-batch tire manufacturing with minimized lead times, i.e., another crucial aspect likely to fuel the overall growth of the Luxembourg Tire Market in the years to come.
Impact of Covid-19 on the Luxembourg Tire Market
The Covid-19 pandemic in 2020 had significant impacts on the automotive & tire industries and introduced numerous unprecedented challenges for the companies operating in the Luxembourg Tire Market. Since the spread of this dreadful disease was exponential, the government had to impose lockdowns, stringent movement restrictions, & suspend all business operations associated with the industry.
As a result, the leading players in the market witnessed massive financial loss with the advent of challenges like supply chain disruptions, delays in the deliveries & import of tires, shortage of raw materials, & fluctuations in the prices of raw materials & tires, among various others, amidst the crisis.
Yet, as these players had to sustain during the pandemic, many of them made a strategic transformation to online platforms to sell their products via e-commerce websites & provide door-step delivery & installation to their customers.
Later, with the gradual improvement in the pandemic situation that demonstrated a gradual decline in the number of Covid-19 cases, the government uplifted the restrictions & allowed the reopening of industries, which, in turn, enabled stakeholders & players to resume their business operations & cater to consumer requirements.
Market Segmentation
Based on the Season:
Amongst these three, winter tires are anticipated to dominate the Luxembourg Tire Market with the largest share during 2022-27. It attributes principally to the prominence of colder weather in the country owing to its geographic position entwined with government mandates for deploying winter tires in vehicles to avoid road accidents.
Besides, the growing consumer awareness about the benefits of winter tires like excellent gripping cold, dry, snowy, & icy roads, extra deep treads, easy water dispersion, reduced aquaplaning, & enhanced vehicle handling, among others, is another prominent factor augmenting their demand across Luxembourg and fueling the overall market growth.
Based on the Vehicle Type:
Of them all, passenger cars have been acquiring the largest market share over the previous few years, and the same trend is likely to be continued in the coming years. It owes to the mounting demand for passenger car tires due to the high per capita income of the people, their growing inclination toward private ownership of vehicles for the daily commute, and easy finance options available for them.
Besides, since people in Luxembourg see cars more as a necessity than a luxury, the vehicle fleet is surging rapidly across the country and, in turn, accelerating the sales of passenger car tires. Hence, with increasing sales of passenger cars, the leading players operating in the tire industry of Luxembourg are actively expanding their import & distribution capacities to meet the burgeoning consumer requirements for tires.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Luxembourg Tire Market is projected to grow at a CAGR of around 2.25% during 2022-27.
A. The high disposable income of people & increasing fleet size of passenger cars are the prominent factors driving the Luxembourg Tire Market.
A. Passenger cars would continue providing lucrative opportunities for the leading players in the Luxembourg Tire Market over the forecast years.
1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. Market Segmentation
2. Executive Summary
3. Experts Verbatim-What our experts say?
4. Luxembourg Tire Market Voice of Customer
4.1. Brand Awareness
4.2. End User Expectations
4.3. Key Factors Impacting Vendor Selection
4.4. Key Issues Encountered
4.5. Vendor’s Receptiveness to Address Key Customer Issues
4.6. Future Requirements
5. Luxembourg Tire Market Analysis, 2017- 2027
5.1. Market Size & Analysis
5.1.1. Market Revenue
5.1.2. Units Sold
5.2. Market Share & Analysis
5.2.1. By Type of Vehicles
5.2.1.1. Passenger Car
5.2.1.2. Light Commercial Vehicle
5.2.1.3. Buses and Trucks
5.2.1.4. Medium and Heavy Commercial Vehicles
5.2.1.5. Off the Road (OTR)
5.2.1.6. Two Wheelers
5.2.2. By Demand Category
5.2.2.1. OEM
5.2.2.2. Replacement
5.2.3. By Type of Tire
5.2.3.1. Radial
5.2.3.2. Bias
5.2.4. By Sales Channel
5.2.4.1. Dealer/Exclusive Outlets
5.2.4.2. Online
5.2.4.3. Others
5.2.5. By Season
5.2.5.1. All season
5.2.5.2. Summer
5.2.5.3. Winter
5.2.6. By Price Category
5.2.6.1. Budget (Up to USD90)
5.2.6.2. Economy (USD91-USD140
5.2.6.3. Premium (Above USD140)
5.2.7. By Rim Diameter
5.2.7.1. Up to 12”
5.2.7.2. 12.1” to 15”
5.2.7.3. 15.1.” to 18”
5.2.7.4. 18.1” to 20”
5.2.7.5. 20.1” to 22.5”
5.2.7.6. 22.6” to 26”
5.2.7.7. 26.1” to 35”
5.2.7.8. 35.1” to 47”
5.2.7.9. Above 47”
5.2.8. By Company
5.2.8.1. Revenue Shares
5.2.8.2. Strategic Factorial Indexing
5.2.8.3. Competitor Placement in MarkNtel Quadrant
6. Luxembourg Passenger Car Tire Market Analysis, 2017- 2027
6.1. Market Size & Analysis
6.1.1. Market Revenue
6.2. Market Share & Analysis
6.2.1. By Type of Vehicle
6.2.1.1. Sedan
6.2.1.2. SUV
6.2.1.3. Hatchbacks
6.2.1.4. Others
6.2.2. By Demand Category
6.2.3. By Type of Tire
6.2.4. By Sales Channel
6.2.5. By Season
6.2.6. By Price Category
6.2.7. By Rim Diameter
7. Luxembourg Light Commercial Vehicle Tire Market, 2017-2027
7.1. Market Size & Analysis
7.1.1. Market Revenue
7.2. Market Share & Analysis
7.2.1. By Type of Vehicle
7.2.1.1. Light Trucks
7.2.1.2. Light Buses
7.2.1.3. Pick-up Trucks and Vans
7.2.2. By Demand Category
7.2.3. By Type of Tire
7.2.4. By Sales Channel
7.2.5. By Season
7.2.6. By Price Category
7.2.7. By Rim Diameter
8. Luxembourg Medium Heavy Commercial Vehicle Tire Market, 2017-2027
8.1. Market Size & Analysis
8.1.1. Market Revenue
8.2. Market Share & Analysis
8.2.1. By Type of Vehicle
8.2.1.1. Trucks
8.2.1.2. Buses
8.2.2. By Demand Category
8.2.3. By Type of Tire
8.2.4. By Sales Channel
8.2.5. By Season
8.2.6. By Price Category
8.2.7. By Rim Diameter
9. Luxembourg Two-Wheeler Tire Market, 2017-2027
9.1. Market Size & Analysis
9.1.1. Market Revenue
9.2. Market Share & Analysis
9.2.1. By Type of Vehicle
9.2.1.1. Scooters
9.2.1.2. Mopeds
9.2.1.3. Motorcycles
9.2.2. By Demand Category
9.2.3. By Type of Tire
9.2.4. By Sales Channel
9.2.5. By Season
9.2.6. By Price Category
9.2.7. By Rim Diameter
10. Luxembourg OTR Vehicle Tire Market, 2017-2027
10.1.Market Size & Analysis
10.1.1. Market Revenue
10.2.Market Share & Analysis
10.2.1. By Type of Vehicle
10.2.1.1. Earthmoving Equipment
10.2.1.2. Construction and Agricultural Vehicles
10.2.1.3. Material Handling Vehicles
10.2.2. By Demand Category
10.2.3. By Type of Tire
10.2.4. By Sales Channel
10.2.5. By Season
10.2.6. By Price Category
10.2.7. By Rim Diameter
11. Luxembourg Tire Market Policies, Regulations, Product Standards
12. Luxembourg Tire Market Trends & Insights
13. Luxembourg Tire Market Dynamics
13.1.Growth Drivers
13.2.Challenges
13.3.Impact Analysis
14. Luxembourg Tire Market Hotspot & Opportunities
15. Luxembourg Tire Market Key Strategic Imperatives for Success & Growth
16. Luxembourg Competition Outlook
16.1. Competition Matrix
16.1.1. Product Portfolio
16.1.2. Brand Specialization
16.1.3. Target Markets
16.1.4. Target End Users
16.1.5. Research & Development
16.1.6. Strategic Alliances
16.1.7. Strategic Initiatives
16.2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
16.2.1. Goodyear Dunlop Tires
16.2.2. Michelin
16.2.3. Continental
16.2.4. Bridgestone
16.2.5. Pirelli
16.2.6. Hankook
16.2.7. Yokohama
16.2.8. Nokian
16.2.9. Apollo
17. Disclaimer