Passenger Car Tires Market in Belgium 2015-2019
About Passenger Car Tires Market in Belgium
The passenger car tires market in Belgium is one of the key markets for tire manufacturers due to the presence of established automakers such as Audi and Volvo. Prior to the economic recession and eurozone crisis, the demand from OEMs as well as the replacement sector had been steady due to a sedate increase in new car sales. The automotive industry in Belgium is one of the key export industries. In 2014, vehicle export in Belgium accounted for approximately 9.7% of total products exported from the country. The country's location also serves beneficial for vehicle manufacturers to utilize Antwerp port to export vehicles. The Flanders region is equally important for automakers as it has several attractive tax schemes and incentives for manufacturers, especially for those invest in R&D projects. Post-recession, the industry has been undergoing several changes to adjust to the effects of the eurozone crisis.
Technavio's analysts forecast the passenger car tires market in Belgium to grow at a CAGR of 2.38% over the period 2014-2019.
Covered in this Report
The report covers the present scenario and the growth prospects of the passenger car tires market in Belgium for the period 2015-2019. Based on distribution channel, the passenger car tires market in Belgium can be segmented into two: OEM and replacement. To calculate the market size, the report considers revenue generated through sales from these two segments.
Technavio's report, Passenger Car Tires Market in Belgium 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in Belgium 2015-2019
Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in Belgium: Apollo Vredestein, Bridgestone Europe, Continental, Goodyear Dunlop (EMEA), Michelin and Pirelli
Other Prominent Vendors in the market are: Cooper Tire & Rubber, Debica, Hankook Tire Group, Nankang Rubber Tire, Nokian Tyres and Syron Tires
Commenting on the report, an analyst from Technavio’s team said: “Goodyear recently unveiled at the Geneva International Motor Show in March 2015, its concept tire BHO3 that transforms the heat generated by the rolling tire into electrical energy. This electrical energy can be used to charge EV batteries. Such tires would even use sunlight, as in when the sunlight hits the tires and the ground beneath, the tires start to warm. The tire is given an extra black coat to absorb maximum light and heat. The heat would be transferred to the car through thermoelectric materials that are under the tire's surface that are able to generate voltage as there is a change in temperature. The thermoelectric materials in the tire can also capture the energy from the heat and friction that is generated when the tire moves.”
According to the report, the real GDP growth rate in Belgium in the past few years has been positive. The positive growth attended during 2012-2014 is expected to continue, which is expected to stabilize the economy at large. With the growth in GDP rate there would be a rise in real income and this would lead to a higher spending capacity of consumers that will have a positive impact on the automotive industry. Cars have high-income elasticity, i.e., a change in income would have a direct effect on the demand for cars. New car sales are estimated to grow in the forecast period, though marginally, but there is expected to be significant growth in the OEM tires market in Belgium.
Further, the report states that the presence of low cost imported Chinese tires is posing a challenge for the tire makers operating in Belgium.
Apollo Vredestein, Bridgestone Europe, Continental, Goodyear Dunlop (EMEA), Michelin, Pirelli, Cooper Tire & Rubber, Debica, Hankook Tire Group, Nankang Rubber Tire, Nokian Tyres, Syron Tires
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