Retread Tire Market

Retread Tire Market Analysis By Tire Position (Drive Axle, Trailer Axel), By Production Method (Pre Cure, Mold Cure), By Vehicle Type (Passenger cars, LCVs, Off-road vehicles) & By Region (North America, Latin America, Western Europe) - Global Market Insights 2022-2032

Analysis of Retread Tire Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Retread Tire Market Outlook (2022-2032)

There is a rise in demand for these tires driven by the commercial vehicle sector likely to gain traction in the forecast period. Ever expanding automobile industry is opening opportunities in retread tire markets. The leading manufacturers in the retread tire market are adopting advanced manufacturing processes and strategies to eliminate operational issues in order to deliver high-quality retread tires to end users.

Established tire manufacturers in the automotive industry are adopting strategies to manufacture retread tires that can closely match the quality of their original tires. Leading market players in the retread tire market are marketing retread tires as a cost-effective yet high-quality alternative to traditional tires. This is expected to add a positive characteristic to the growth of the retread tire market.

The increasing rise in demand for retread tires in the commercial vehicle sector is generating numerous opportunities for manufacturers and distributors in the retread tire market. Furthermore, ever-expanding automotive markets in Europe and China are further opening a window of opportunities for retread tire manufacturers in these regions. Manufacturers in the retread tire market are providing additional value-added tire retreading services to gain access to a larger number of potential consumers.

The global retread tire arcade valuation at present is USD 10.79 Billion in 2022. The market is anticipated to grow and cross a value of USD 15.61 Billion by 2032. The Retread tire industry is projected to expand with a CAGR of 3.76% in the forecast duration.

Report Attributes

Details

Market size (2022 A)

USD 10.79 Billion

Base Year for Estimation

2022

Forecast duration for this research

2022-2032

Forecasted Market value (2032 F)

USD 15.61 Billion

Global Market Growth rate (2022-2032 E)

CAGR of 3.76%

Key Companies Profiled

  • Bridgestone Corp.
  • Compagnie Generale des Etablissements Michelin SCA
  • Valley Tire Company
  • Parrish Tire Company
  • TreadWright
  • REDBURN TIRE COMPANY
  • Oliver Rubber Company
  • The Goodyear Tire and Rubber Co.
  • Marangoni S.p.A
  • Michelin North America Inc.

Don't Need a Global Report?

save 40%! on Country & Region specific reports

What are the factors that impel growth in retread tires?

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. 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.

Additionally, continuous growth in vehicle parc is another factor that will upsurge replacement requirements for tires. Large fleet owners prefer tire remoulding to ensure cost-effectiveness. All of these factors will positively affect the growth of the global retread tire market.

What are the challenges faced by the market?

Vehicle owners prefer these tires as they are more cost-effective. The market is flooded with new economic tire ranges is likely to deter the market. The pandemic of Covid-19 has already affected the manufacturer’s supply network owing to gaps followed by the lockdown. The third wave of Covid-19 has influenced negatively the firm’s profit and overall production. The major demand for these tires is from commercial vehicles that are likely to travel less and further reducing demand for these tires.

More Insights, Lesser Cost (-50% off)

Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR

Regional Outlook

In terms of demand, Asia Pacific is expected to account for the highest 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 overall retread tire market.

Moreover, North America is anticipated to be the next big market after Asia Pacific in the global retreat tire 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 retreated tire market. EU5 countries are projected to hold a leading share of the market throughout the forecast period. Moreover, the pandemic led to lesser transport which reduced the wear and tear of tires has affected this market.

Segment wise Insights

The global market of retread tires is divided on the basis of types into radial, and steel belts. 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.

On the basis of 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.

Competitive landscape

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.

Retread Tire Market: Segmentation

  • By Type :

    • Radial
    • Bias
    • Solid
  • By Vehicle Type :

    • Two-wheelers
    • Commercial vehicles
    • Passenger vehicles
  • By Region :

    • North America
      • U.S.
      • Canada
    • Latin America
      • Mexico
      • Brazil
    • Western Europe
      • Germany
      • Italy
      • France
      • U.K
      • Spain
    • Eastern Europe
      • Poland
      • Russia
    • Asia Pacific
      • China
      • India
      • ASEAN
      • Australia
      • New Zealand
    • Japan
    • Middle East and Africa
      • GCC
      • S. Africa
      • N. Africa

- FAQs -

What is the market size at present?

The global retread tire arcade valuation at present is USD 10.79 Billion in 2022.

What is the future market outlook for this market?

The market is anticipated to grow and cross a value of USD 15.61 Billion by 2032.

What is the growth rate projection in this industry?

The Retread tire industry is projected to expand with a CAGR of 3.76% in the forecast duration.

Who are the companies in the mainstay?

The key companies in this market are- • Bridgestone Corp. • Compagnie Generale des Etablissements Michelin SCA • Valley Tire Company • Parrish Tire Company • TreadWright • REDBURN TIRE COMPANY • Oliver Rubber Company

Which segment of vehicles dominates in demand for retread tires?

The commercial vehicle segment is likely to dominate the market in the forecast period due to heavy demand.