BURNABY, Canada, March 2, 2016 /PRNewswire/ --
Increasing production and sales of vehicles due to low interest rates on vehicle finance to drive tire sales in Luxembourg
According to TechSci Research report, "Luxembourg Tire Market Forecast & Opportunities, 2021", tire market in Luxembourg is projected to reach around $ 40 million on account of increasing automobile sales, high per capita income of consumers and favourable taxation norms. Import of tires into Luxembourg by various global tire brands such as Michelin, Bridgestone, Pirelli, Nokian and Hankook is a major source of meeting the country's tire demand. Goodyear is the only tire company operating its tire manufacturing plant in the country. In 2015, passenger car tire segment dominated Luxembourg tire market with a market share of over 90%, followed by light commercial vehicle tires, two-wheeler tires, medium & heavy commercial vehicle tires and OTR tires.
Anticipated growth in various sectors such as logistics and construction is expected to have a positive impact on Luxembourg tire market during 2016-2021. The location of Luxembourg gives it a strategic advantage of delivering raw material and supplies to almost all neighbouring countries in a shorter duration, eventually making country a hub of suppliers for almost all key industries. This fact has considerably boosted the logistics and supply chain industry of the country, consequent to which, demand for commercial vehicles is increasing, in turn generating demand for tires from the replacement segment. On account of high population coupled with huge tourist inflow, Luxembourg district accounted for the largest volume share of the country's tire market, followed by Diekirch district and Grevenmacher district.
"Luxembourg's tire market is a replacement driven market, with most of the tire demand being met through tire imports. Yet, on account of high purchasing power of the people, coupled with favourable fiscal and monetary policies, the tire market in the country is expected to grow over next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Luxembourg Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Luxembourg tire market and provides statistics and information on market structure, size, imports and trends of Luxembourg tire market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Luxembourg tire market.
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SOURCE TechSci Research