Analysis of Retread Tire Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global retread tire market is evaluated to reach a valuation of US$ 11.63 billion in 2024 and further expand at a CAGR of 2.5% to end up at US$ 16.89 billion by the end of 2034.
A favorable climate for the selling of retreaded tires has been created by the expansion of the logistics industry and the rising demand for freight services. The need for tire retreading is increasing because tires are undergoing more wear and tear from increased use.
To save costs while maintaining the sustainability and safety of their fleets of vehicles, fleet managers have resorted to the use of retread tires, which several people find beneficial.
Thanks to the development of modern technologies, retread tire quality has significantly improved in recent years than ever. Furthermore, the market demand is anticipated to grow throughout the forecast period as several customers become more knowledgeable about tire kinds and the average sale costs of new tires continue to climb, as per the retread tire industry analysis.
Retreaded tires' environment-friendly qualities are a major factor in the market's expansion as customers place a higher value on sustainable alternatives. The market is growing because of consumers' demand for eco-friendly products.
A new set of four tires for a big sport utility vehicle costs around $1,000, according to the Retread Tire Association. Retreaded tires, on the other hand, reduce this expense by almost half for light-duty cars. Several tire manufacturers are launching retread tires in keeping with this trend. For example, Michelin just introduced two new pre-mold retreads, broadening its selection of tire retread technology.
| Report Attribute | Detail |
|---|---|
| Retread Tire Market Size (2024E) | US$ 11.63 Billion |
| Forecasted Market Value (2034F) | US$ 16.89 Billion |
| Global Market Growth Rate (2024 to 2034) | 2.5% CAGR |
| East Asia Market Growth Rate (2024 to 2034) | 3.7% |
| North America Market Value (2034F) | 4.16 Billion |
| Radial Segment Value (2034F) | US$ 11.74 Billion |
| Passenger Vehicles Segment Value (2034F) | US$ 3.07 Billion |
| Key Companies Profiled | Bridgestone Corporation; Goodyear Tire and Rubber Company; Michelin SCA; Continental AG; Southern Tire Mart; Tread Wright; Oliver Rubber Company; Parrish Tire Company; Redburn Tire Company |
The lower cost of retread tires is a major factor in uplifting sales of these products. This growth in the market is due to a rise in the transportation sector, as stated in the retread tire industry outlook. The low cost of retreaded tires is one of the key factors uplifting the retread tire market growth. Moreover, tire retreading is an eco-friendly solution and hence, it is being supported by various regulating bodies.
Continuous growth in vehicle parc sales is another factor that will upsurge replacement requirements for tires. Large fleet owners prefer tire remolding to ensure cost-effectiveness. All of these factors will positively affect the growth of the global retread tire market.
Vehicle owners prefer these tires as they are more cost-effective. The market is flooded with new economic tire ranges that are projected to deter the expansion opportunities going forward, as per the newly published retread tire industry outlook by Fact.MR.
In terms of demand, Asia Pacific is expected to account for significant sales in the global retread tire market during the projected period. This is mainly due to the robustly increasing vehicle sales in the region and growing vehicle parc. China, India, and ASEAN are expected to hold major stakes in the market.
Moreover, North America is anticipated to be the next big market after Asia Pacific in the global market due to the favorable regulatory environment and enhanced adoption of retread tires, which will build new growth verticals in this region.
The North American market is expected to experience high demand for retread tires due to growth in commercial aircraft. Furthermore, Europe is anticipated to be the next big market followed by North America in the global market. EU5 countries are projected to hold a leading share of the market throughout the forecast period. Moreover, the pandemic led to less transport, which reduced the wear and tear of tires has affected this market.
The global market of retread tires is divided based on types into radial, and steel belts, and studied thoroughly in the retread tire industry analysis. Radial tires reign the share in 2021 in terms of revenue. These tires operate at a lower temperature under loads.
These tires use steel belts for tougher construction resistance. This further increases the lifespan of tires. This segment is expected to gain growth in the forecast period, as more customers are demanding such tires.
Based on vehicle types, the commercial vehicle segment has dominated this market in terms of revenue. These vehicle operators need to repeatedly change their vehicle tires due to high loads and more distance they need to travel. The rising industrialization and development of warehouses fostering transportation of goods via roads are likely to give rise to the commercial vehicle segment in the forecast period.
The retread tire market is expanding in terms of market share as key companies are expanding their business. Collaborations and mergers are key tactics used by these players to maintain the market edge. Recently Apollo in 2020, expanded its business in terms of warehouses in India.
On a similar scale, the Bridgestone Corporation announced a merger with REIFF reifen. This has helped both firms to expand and gain a market edge in Germany.
What is the retread tire market size at present?
The global retread tire market valuation at present is US$ 11.63 billion in 2024.
What is the future market outlook for this market?
The market is anticipated to grow and cross a value of US$ 16.89 billion by 2034.
What is the growth rate projection in this industry?
The retread tire industry is projected to expand with a CAGR of 2.5% in the forecast duration.
Who are the companies in the mainstay?
The key companies in this market are Bridgestone Corp., Valley Tire Company, Parrish Tire Company, and Oliver Rubber Company.
Which segment of vehicles dominates in demand for retread tires?
The commercial vehicle segment is projected to dominate the market in the forecast period due to heavy demand.
Retread Tire Market