The production value of rubber tyres and tubes in Belgium experienced significant fluctuations from 2013 to 2023. In 2023, the value stood at 100.2 million Euros, down from a peak of 173.1 million Euros in 2017. Notably, the production value dropped dramatically by 46.8% in 2020, reflecting economic impacts likely tied to global events such as the pandemic. The recovery remained sluggish, with modest year-on-year growth rates of 13.81% in 2021, 9.78% in 2022, and 2.56% in 2023. The compound annual growth rate (CAGR) over the past five years was -5.53%, indicating a continuous decline.
Future trends indicate a predicted further decrease in production value, reaching 71.5 million Euros by 2028. The forecasted 5-year CAGR is -5.18%, and the anticipated growth rate for this period is expected to be -23.37% cumulatively.
Trends to watch for include:
- Technological advancements in tyre manufacturing and materials.
- Regulatory changes impacting production and environmental standards.
- Market shifts toward alternative transportation modes reducing tyre demand.
- Economic factors and raw material price volatility.
