Luxembourg is the 63rd placed country in the ranking of 135 countries based on the number of vehicle registration. The country is considered to have a stable financial system backed by low-interest rates and a stable business environment. Moreover, with the rising preference for electric vehicles, the government in the country has reduced the taxes and increased the incentives for bonus payments and premiums for the buyers for electric vehicles. Therefore, it is expected to positively impact the growth of Luxembourg tire market in the forthcoming period.
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. The country is completely imports driven market with no production of its own. The value of import of tires in the country stood to around USD 610,590 thousand in 2018. Therefore, dealer and distributors are operating in the market.
Demand for Larger Rim Sizes Mounting the Sales of Tires
With the continuous improvement in automobile technology, the demand for various tire rims is also undergoing a paradigm shift. The automobile manufacturers exporting to Luxembourg have been moving towards introducing larger rim size as the demand from end users for better vehicle designs, performance has been transforming.
The online sales of tires have been gaining pace in recent years as compared to dealers and distributors. With the continuous improving online platforms and prices offered in online sales, the consumers prefer purchasing the product online. However, distribution through dealers and distributors is dominant in the country.
The continuous rise in vehicle registration is flourishing the tire market of Luxembourg. The sales of passenger cars in the country is booming tires sales in the country. The total registration of passenger car vehicles in the country were estimated to be around 1,910,025 in 2018 as compared to 1,970,497 units in 2017. Therefore, the growth in the registration of passenger cars is projected to boost the demand for tires in the forthcoming period, as revealed by MarkNtel Advisors’ in their research report, “Luxembourg Tire Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players Goodyear Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Cooper, Nokian, Apollo among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Luxembourg Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Luxembourg Tire Market during 2020-25?
A. The market size of Luxembourg Tire Market during 2020-25 is forecast to be around 2.5%.
Q. Who are the key competitors or players operating in Luxembourg Tire Market?
A. Goodyear Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Cooper, Nokian, Apollo and few others are the leading players in the Luxembourg Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which hales channel in Luxembourg region would emerge as an opportunity area for players in Luxembourg Tire Market?
A. Distribution through dealers and distributors is dominant in the country. However, the online sales of tires have been gaining pace in recent years as compared to dealers and distributors. With the continuous improving online platforms and prices offered in online sales, the consumers prefer purchasing the product online.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Luxembourg Tire Market?
A. The passenger car vehicle segment holds the lion’s share in the Luxembourg tire market, followed by the light commercial vehicles market.
Q. Which Rim Size segment would emerge as an opportunity area for players in Luxembourg Tire Market?
A. The demand for various tire rims is also undergoing a paradigm shift. The automobile manufacturers exporting to Luxembourg have been moving towards introducing larger rim size as the demand from end users for better vehicle designs, performance has been transforming.
