The Luxembourg Tire Market size was valued at around USD 68 million in 2023 & is estimated to grow at a CAGR of around 2.25% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Luxembourg Tire Market
Luxembourg Tire Market Challenge: Increasing Inclination Towards Retreading Tires to Hinder Market Growth
The inclination towards the use of retreated tires is increasing everywhere, also they are low in cost and have no harm to the safety of the tire, they are not illegal, and their wearing rate is not faster than the new tires, with no effect on the performance of the tires. The consumption of oil is comparatively lower in retreated tires than the new ones, making the use of retreated tires environmentally friendly as well, which further adds to the attraction of the consumers towards the remolded tires. All these associated benefits with the use of retreated tires result in higher adoption of retreading tires but hinder the market demand for new tires. Thus, this increasing inclination towards retreading tires is impeding the growth & expansion of the top market players in the industry.
Scope of the Report and Luxembourg Tire Market Segmentation
By Type of Vehicles
-Passenger Car
-Light Commercial Vehicle
-Buses and Trucks
-Medium and Heavy Commercial Vehicles
-Off the Road (OTR)
-Two Wheelers
- the passenger cars segment held a major portion of the Luxembourg Tire Market Share in the category of type of vehicles, and it is estimated that this trend will continue during the forecast period as well.
By Demand Category
-OEM
-Replacement
By Type of Tire
-Radial
-Bias
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”
Top leading companies in the Luxembourg Tire Market includes:
Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, Apollo, and others
Luxembourg Tire Market Development
- 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.
- 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.
For more detailed information about the Luxembourg Tire market report, click here – https://www.marknteladvisors.com/research-library/luxembourg-tire-market.html
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