The global retread tire market share is anticipated to reach USD 11.2 billion in 2023 and is expected to be worth USD 20 billion by 2033, trailing a CAGR of 6% during the forecast period.
The Retread Tire Market is experiencing significant growth driven by several factors, including the increasing demand for cost-effective and sustainable tire solutions, advancements in retreading technology, and the growing emphasis on environmental sustainability in the automotive industry. Retreading is the process of renewing worn-out tires by replacing the tread and other worn components to extend their service life and performance.
Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-3657
One of the primary drivers of this market is the rising cost of new tires and the growing demand for affordable tire solutions, particularly in commercial vehicle fleets and the transportation industry. Retreaded tires offer significant cost savings compared to new tires while delivering comparable performance and reliability, making them an attractive option for fleet operators seeking to reduce operating costs and improve profitability.
Moreover, advancements in retreading technology, such as computerized tread design and application, advanced curing processes, and high-quality retread materials, are driving innovation in the retread tire market. These technological advancements have led to improvements in retread tire quality, durability, and performance, making them more competitive with new tires in terms of safety, reliability, and longevity.
Furthermore, the growing focus on environmental sustainability and circular economy principles is driving demand for retread tires as a more eco-friendly alternative to new tires. Retreading helps conserve natural resources, reduce energy consumption, and minimize tire waste by extending the useful life of tires and reducing the need for new tire production, disposal, and landfilling.
Key Takeaways
- United States retread tire market is expected to grow with a CAGR of 5.8% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.2% during the forecast period.
- By vehicle type, heavy commercial vehicle is projected to dominate the retread tire market. It is expected to grow with a significant CAGR of 6.5% during the forecast period.
- By process, pre-cure retreading segment is expected to grow with a CAGR of 6.6% throughout the forecast period.
Increasing prices of sports utility vehicles is expected to drive market growth during the forecast period-comments an FMI Analyst
Competitive Landscape
The retread tire market is highly competitive, with several key industry players investing heavily in the production of these tires.
The key industry players are Continental AG, MRF, YOKOHAMA RUBBER COMPANY, Rosler Tech Innovators, Michelin, Bridgestone, The Goodyear Tire & Rubber Company, Carloni Tire, JK TYRES, Eastern treads, Nokian tyres plc, KRAIBURG Austria Gmb, Pilipinas Kai Rubber Corporation, Kit Loong Commercial Tyre Group, Fortune Tire Tech Limited, Tread Wright Tire, CIO Tyres Pvt. Ltd., Vaculug Tyres, King Meiler Tyres.
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights Today:
https://www.futuremarketinsights.com/checkout/3657
Key Segments Profiled in the Retread Tire Market Industry Survey
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
- Asia Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube