The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Luxembourg Tire Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Luxembourg Tire Industry (2024-2030):
According to the latest report, 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 report demonstrates the prominent factors propelling the exponential growth of the Luxembourg Tire industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR (2024-30): 2.25%
- Market Value (2023): USD 68 Million
What are the major Driver the Luxembourg Tire industry?
Higher GDP Per Capita Disposable Income Driving Market Growth – The country is way ahead in terms of GDP per capita and standards of living compared to other developed and developing countries in Europe or globally. This small nation of Europe leads all the countries in the world in terms of GDP per capita income, which is in itself a resilient fact when we talk about the reason for the growth of the tire market in the country, as individuals here have more disposable income that they can spend on the luxuries and necessities that maintain their standard of living.
The Organization for Economic Cooperation and Development (OECD) Better Life Index has presented some valuable results supporting this fact, this index states that the mean household net-adjusted disposable income of Luxembourg is approximately USD 44,773 a year, which is way larger than the average for OECD countries of approximately USD 30,490 a year. Being a rich country in terms of disposable income, individuals find owning a car as a necessary item, for their daily ups and downs, and travel solutions. Thus, these factors are augmenting the Luxembourg Tire Market size volume.
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Luxembourg Tire Market Segmentation
The Luxembourg Tire Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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
- 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”
As per the regional aspect, the Luxembourg Tire Market is expected to be dominated by Luxembourg by capturing the potential market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/luxembourg-tire-market.html
Top Companies in the Luxembourg Tire Market
Goodyear Dunlop Tires, Michelin, Continental, Bridgestone, Pirelli, Hankook, Yokohama, Nokian, Apollo, and others
Luxembourg Tire Industry Recent 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.
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