As per a study by Future Market Insights (FMI), the global retread tire market demand to grow at 4.7% CAGR through 2031. The increase in average miles driven and growing vehicles parc will drive the tire aftermarket, subsequently fuelling the demand for retreading tires.
Retread tires, also known as remold tires, are a cost-effective and sustainable alternative to new tires. They are made by removing the worn-out tread from a used tire and replacing it with a new tread. Retread tires are widely used in commercial fleets, such as trucks and buses, and are becoming increasingly popular among individual drivers as well.
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One of the main drivers of growth in the retread tire market is the increasing demand for sustainable and eco-friendly products. Retread tires are considered an environmentally friendly option as they reduce the amount of waste produced by the tire industry and have a lower carbon footprint than new tires.
Moreover, the cost-effectiveness of retread tires is also driving growth in the market. Retread tires can be up to 50% cheaper than new tires, making them an attractive option for fleet owners and individual drivers looking to save money on tire replacements.
In addition, advancements in retreading technology have improved the quality and durability of retread tires, making them a more reliable option for commercial use. Retread tires can now match the performance of new tires and are often used in applications where safety is a top priority, such as on commercial aircraft.
Key Takeaways from Study
- After registering considerable drop in sales amid COVID-19, the retread tire market will bounce back, exhibiting 4.7% CAGR between 2021 and 2031
- The U.S. is expected to account for over 78% of retread tires sales in North America, thanks to rising demand for HCVs across various industries
- With vehicle sales picking up, the U.K. retread tire market will register 3.4% Y-o-Y growth in 2021
- Increasing vehicle production to continue supporting retread tire market growth in Germany and France
- Favorable policies aimed at reducing automotive waste to support expansion in China
“Retread tire sales are picking up in response to higher focus on maintaining vehicles. While focus on maintenance remains high among heavy commercial vehicle owners, retread tires are gradually making inroads into off road vehicle segment. To capitalize on these opportunities manufacturers are likely to focus on expanding their footprint around the world,” said a lead analyst at FMI.
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Competitive Landscape
Some of the leading players in the market Bridgestone Corporation, The Goodyear Tire & Rubber Company, JK Tyres, Michelin, Continental AG, MRF, Yokohama Rubber Company, Carloni Tires, and Nokian Tyres. With price competition getting fiercer, these companies are adopting unique strategies to establish their brand awareness.
For instance, in 2019, Bridgestone Americas, Inc. announced an industry-wide campaign to educate small to medium fleet owners about the benefits of retread.
In 2018, TravelCenters expanded their commercial tire services to professional drivers with the acquisition of a commercial tire retread plant.
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Retread tire Market
By Vehicle Type
- Passenger cars
- LCV
- HCV
- Off-Road Vehicle
By Process
- Pre-cure
- Mold cure
By Sales Channel
- OEM
- Independent Service Provider
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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