BURNABY, Canada, February 15, 2016 /PRNewswire/ --
Increasing production and sales of passenger cars coupled with rising demand for tyres to fuel growth in Belgium tyre market
According to TechSci Research report, "Belgium Tyre Market Forecast & Opportunities, 2021", tyre market in Belgium is forecast to surpass € 750 million by 2021 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 propelling growth in the country's OEM as well as replacement tyre market. In 2015, the replacement tyre demand accounted for over two-thirds of the total number of tyres sold in the country. On account of expanding fleet size, the demand for tyres from the replacement segment is expected to outpace the growth in the Belgium's OEM tyre segment during the forecast period.
Due to absence of tyre manufacturing facilities in Belgium, the country's demand for tyre is met through imports. In 2015, Flemish region in Belgium accounted for the lion's share in the Belgium tyre market, followed by Wallonia region and Brussels region. Few of the leading global players operating in Belgium tyre market include Michelin, Pirelli, Goodyear, Bridgestone, and Yokohama, among others. In 2015, Michelin held the largest share in the country's tyre market, followed by Bridgestone and Pirelli.
Passenger car segment holds the lion's share in Belgium tyre market, and the trend is expected to gain further strength over the next five years. "Belgium's tyre market is a replacement driven market. Moreover, in comparison to OEM tyre demand, the replacement tyre 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 tyre market, though the demand scenario was quite challenging over the last five years, the situation is expected to change with tyre demand anticipated to revive in the coming years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Belgium Tyre Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Belgium tyre market and provides statistics and information on market structure, imports and trends of Belgium tyre 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 Belgium tyre market.
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