Increasing production and sales of passenger cars coupled with rising demand for tires to fuel the growth of Belgium tire market in next five years.
According to TechSci Research report, “Belgium Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Belgium tire market was valued USD 0.69 Billion in 2019 and is forecast to grow at brisk rate during the forecast period on account of improving road infrastructure, increasing automobile sales and expanding automobile fleet. Rising vehicle sales coupled with increasing purchasing power of end consumers is also propelling the growth in country’s OEM as well as replacement tire market. Moreover, Flanders region in Belgium is a major market for automakers as the region offers several attractive tax schemes and incentives for tire manufacturers, especially for those who are investing in R&D projects.
The changing consumer preference and increasing population of millennials is also leading to high demand for passenger cars in the country. With boosting automobile industry and increasing production of vehicles to meet the growing demand, the Belgium tire market is expected to undergo significant growth in coming years.
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Belgium tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three-wheeler. Among them, passenger car tire segment holds the lion’s share in Belgium tire market, and the trend is expected to gain further strength over the next five years. The segment is projected to hold 84.42% market share by 2025 owing to high demand for new passenger vehicles and increased replacement demand for the segment. Based on demand category, Belgium tire market can be segmented into OEMs vs replacement. The replacement tire segment accounted for over two-thirds of the total number of tires sold in the country in 2019. The segment is further expected to dominate the Belgium tire market through 2025 owing to expanding fleet size.
Leading market players in Belgium tire market are The Goodyear Tire & Rubber Company, Continental AG, Cooper Tire & Rubber Company, Pirelli & C. S.p.A., Compagnie Générale des Établissements Michelin, Bridgestone Europe NV/SA, Yokohama Rubber Co. Ltd., Hankook Tire Company Limited, Nokian Renkaat Oyj, Apollo Tires Limited and Sumitomo Rubber Industries Ltd.
“Belgium’s tire market is a replacement driven market. Moreover, in comparison to OEM tire demand, the replacement tire demand is expected to grow at a faster pace in the coming years, leading to further increase in the share of replacement segment during the forecast period. In terms of the country’s overall tire market, though the demand scenario was quite challenging over the last five years, the situation is expected to change with tire demand anticipated to revive in the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Belgium Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Belgium tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Belgium tire market.
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