Luxembourg Tire

Luxembourg Tire Market Research Report Forecast: (2022-2027)

By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers), By Demand Category (OEM and Aftermarket), By Type of Tires (Radia Read more

  • Tire
  • Apr 2022
  • 111
  • TR10219

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:

  • All Season
  • Summer
  • Winter

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:

  • Two Wheelers
  • Passenger Cars
  • Light Commercial Vehicles
  • Medium & Heavy Commercial Vehicles
  • Off the Road (OTR) Vehicles

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:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Luxembourg Tire Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Luxembourg Tire Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Luxembourg Tire Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the Luxembourg Tire Market study?

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

Luxembourg Tire Market Segmentation