In 2023, the size of the Luxembourg Tire Market was valued at around USD 68 million, and is estimated to grow at a CAGR of around 2.25% between 2024 to 2030. The market is expanding due to the high and rapid growth of the passenger car segment in the country. Moreover, citizens prefer purchasing their vehicles in the country as a necessity, they prefer to have a car for their daily use in transportation and movement.
Due to this reason, the passenger cars segment dominates the Luxembourg Tire Market share in the category of types of vehicles. It’s mainly due to the high demand from individuals for passenger cars. Additionally, the inclination towards self-owned vehicles is augmented demand for them, which further lifted by the high GDP per capita in the country.
This European country has a higher GDP per capita income than most of the developed countries such as the USA, Germany, New Zealand, etc. Due to this high level of GDP per capita of the country, people of this country prefer private vehicles rather than public transport options.
Radial Tires Segment Dominates the Luxembourg Tire Market
On the basis of types of tires, the tire market of Luxembourg is divided into two types – Bias tires and radial tires. Among these, the radial tires segment holds the largest share of the market, and is anticipated that this trend will continue in the future as well. The reason behind this is the lower gap between the price of both bias and radial tires and the high performance offered by radial tires.
Moreover, the radial tires are more durable than the bias tires. Hence, it also adds to the rising demand of radial tires. Therefore, the advantages correlated with radial tires are positioning this segment in the leading position in the country’s tire industry.
Rising Demand for Eco-Friendly & Low-Rolling Resistance Tires
Environmental sustainability is a global concern, and Luxembourg is no exception. The tire market of Luxembourg is observing a rise in the demand for environment-friendly as well as low-rolling resistance tires. These tires are designed to reduce the consumption of fuel and lower carbon emissions by lowering rolling resistance, which is an essential factor in fuel efficiency.
Hence, tire manufacturers are responding to this trend by expanding their offerings of eco-friendly and low-rolling tires, appealing to customers who are conscious about the environment.
Major Players of the Luxembourg Tire Industry
The Luxembourg Tire market is ruled by several key players. Some of them are – Apollo, Nokian, Yokohama, Hankook, Pirelli, Bridgestone, Continental, Michelin, and Goodyear Dunlop Tires.
Latest Development in the Luxembourg Tire Market
- In 2024, Bridgestone: inaugurated a new top-quality type of winter van tire that works in all winter conditions, and delivers some special advantages such as safety, longevity, and efficiency.
- In 2023, Continental: became the first manufacturer in the European Union to launch Series tire which has a large share of the sustainability materials in manufacturing.
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