Luxembourg Tire Market
2024: Bridgestone launched a new premium type of winter van tire which in all winter conditions delivers some special benefits like longevity, safety, and efficiency.
According to MarkNtel Advisors study, The Luxembourg Tire Market size was valued at around USD 68 million in 2023 and is estimated to grow at a CAGR of around 2.25% during the forecast period, i.e., 2024-30.
The continuously growing demand for passenger cars in the country is expected to boost the Luxembourg tire industry in the forecast period, owing to the surge in vehicle fleets in the country. The higher GDP per capita and disposable income of the country make it easy for individuals to spend on the purchase of their vehicles and fulfill their necessities and luxuries. The increasingly wide spending capabilities of the country are making the ownership of cars and other personal vehicles a necessary item for daily use for transportation and travel solutions. So to meet the rapidly growing demand coming from the car market for tires is expected to boost the tire industry in the country. Therefore, the increasing inclination of individuals towards the ownership of the vehicle is projected to create lucrative opportunities for the Luxembourg Tire companies.
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Key Findings in Luxembourg Tire Market:
| Historical Years | 2019-2022 |
| Base Years | 2023 |
| Forecast Years | 2024-2030 |
| Key Report Highlights | · Market Dimensions & Projections· Pricing Evaluation,· Recent Strategic Moves by Companies,· Primary Stakeholders,· Analysis of Import and Export Trends,· Competitive Landscape Assessment,· Emerging Opportunities,· Market Trends and Indicators |
| Reports Delivery Format | Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address. |
Luxembourg Tire Market Key Players:
Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, Apollo, and others
Market Segmentation Overview:
By Type of Vehicles
-Passenger Car
-Light Commercial Vehicle
-Buses and Trucks
-Medium and Heavy Commercial Vehicles
-Off the Road (OTR)
-Two Wheelers
By Demand Category
-OEM
-Replacement
By Type of Tire
-Radial
-Bias
In recent years, the largest share of the Luxembourg Tire Market was taken up by the radial tires segment, and it is estimated that this trend will go on during the forecast period. This is mainly due to the lower gap between the prices of both radial and bias tires and bias tires and the high performance offered by radial tires. Further, the durability of the radial tires is comparatively higher than the Bias tires, which also adds to the increasing demand for radial tires. Therefore, benefits associated with radial tires are positioning this segment in the leading position in the tire industry of the country.
By Sales Channel
-Dealer/Exclusive Outlets
-Online
-Others
By Season
-All season
-Summer
-Winter
By Price Category
-Budget (Up to USD)
-Economy (USD-USD
-Premium (Above USD)
By Rim Diameter
-Up to 12”
-1” to 15”
-1.” to 18”
-1” to 20”
-1” to 22.5”
-6” to 26”
-1” to 35”
-1” to 47”
-Above 47”
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The Luxembourg Tire Industry Recent Development:
2023: Continental became the first manufacturer in the European Union to launch Series tire which has a large share of the sustainable materials in the manufacturing.
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