The global retread tire market is expected to attain a valuation of US$ 11.2 billion in 2023, and is projected to reach US$ 20 billion by 2033. From 2023 to 2033, sales of retread tires are likely to rise at a CAGR of 6%.
Retread tyres continue to be a very popular segment in the automobile aftermarket despite unfavourable attitudes. The market will benefit from a greater emphasis on environmentally friendly methods of car maintenance as well as measures to reduce vehicle pollution and waste. Additionally, retread tyres are a popular option for a sizable portion of car owners because to their affordable pricing.
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The analysis predicts that rising car ownership will continue to be a major factor. In addition, the expansion of numerous sectors is anticipated to increase demand for heavy commercial vehicles, which will continue to support the market’s expansion.
Commercial vehicles are frequently used in mining and construction projects. Commercial trucks are in high demand in the logistics sector as well. The industries may not be able to afford to routinely replace ageing cars with new ones. An increasing number of enterprises are using aftermarket services to reduce the environmental impact of vehicle waste and conserve resources.
Higher focus on maintaining commercial vehicles for a longer period of time will boosting retread tires sales. The report has predicted the heavy commercial vehicles to account for over 44% of sales registered in the market.
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.
Retread tire Market
By Vehicle Type
- Passenger cars
- LCV
- HCV
- Off-Road Vehicle
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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
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