Burnaby, British Columbia,, Canada, October 11, 2015 --(PR.com
)-- According to TechSci Research report, “Belgium Tyre Market Forecast & Opportunities, 2020,” replacement tyre market in Belgium accounted for more than 60% of the share in the country’s tyre market in 2014. Moreover, the replacement segment is expected to continue its domination over the course of the next five years as well. Backed by improving road infrastructure, rising automobile sales and expanding automobile fleet, the tyre market in Belgium is forecast to witness a moderate growth during 2015-2020.
As there is no tyre manufacturing plant in the country, the tyre demand is met through imports. Almost all major global players like Continental, Michelin, Pirelli, Goodyear, Bridgestone, Yokohama, etc. have their presence in the country. Rising sales of vehicles, increasing purchasing power of end consumers, and growing penetration of global OEMs is expected to propel growth in the country’s tyre market in the coming years.The country has a presence of both domestic as well as global OEMs, which drive the OEM tyre demand in Belgium. Global passenger car OEMs like Opel, Ford, Audi, Volvo and commercial vehicle OEMs like Van Hool and Truco play a major role in driving the country’s demand of OEM tyres.
“Belgium’s tyre market is replacement driven market, and this segmental domination is expected to continue through 2020. Moreover, the passenger car segmental accounts for more than three-fourths of the overall vehicle fleet in Belgium, which makes the country’s tyre industry highly dependent on the passenger car segment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.