As per a study by Future Market Insights (FMI), the global retread tire market 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.
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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Despite negative perceptions around retread tires, they continue remain a highly popular category within automotive aftermarket. Increasing focus on sustainable ways of maintaining cars and curbing vehicular pollution and automotive waste will bode well for the market. Besides this, economical pricing of retread tires have made them a top choice among a large section of vehicle owners.
According to the report, increasing automobile ownership will remain a chief driver. Besides this the demand for heavy commercial vehicle is expected to rise in response to the expansion of various industries, which will continue supporting the growth of the market.
Commercial vehicles often find application in construction and mining activities. Logistics sector too exhibit high demand for commercial vehicles. It might not be a feasible choice for the industries to frequently replace older vehicles with new ones. With an aim of capping environmental impact of vehicle waste and saving resources, an increasing number of industries are opting for aftermarket services.
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.
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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
By Process
- Pre-cure
- Mold cure
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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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