The global retread tire market 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 market is expected to experience significant growth, primarily influenced by the increasing prices of new tires, particularly for sports utility vehicles. This trend can be attributed to the rise in natural rubber costs and the volatility of crude oil prices. Additionally, the expanding number of commercial vehicles in operation worldwide is projected to be a major driving force for market growth.
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Tire manufacturers have shown a strong interest in exploring new opportunities and meeting the growing market demand for tire retreading. They are increasingly recognizing the significance of this technology and its rising popularity among consumers. As a result, major tire manufacturers have initiated research and development efforts to align with this market trend and fulfill the demands of retread tire users.
In September 2021, Bridgestone Corporation unveiled its latest commercial vehicle portfolio, showcasing cutting-edge mobility solutions and tire retreading concepts. Notably, the company highlighted the Bridgestone Duravis R002 premium tire, which stands out for its exceptional wet grip, optimal fuel efficiency, and durable carcass. Bridgestone expects that this retreaded tire will meet the demands of commercial vehicle users, offering high performance and reliability.
The tire retreading market is set to be propelled by the eco-friendly characteristics of retreaded tires and their cost-effectiveness compared to new tires. Retreading is known for its environmentally friendly nature, as it allows manufacturers to reuse existing tires, reducing the need for landfill space. Retreading helps decrease carbon dioxide emissions and saves significant quantities of oil that would otherwise be used in the production of new tires. These factors contribute to the sustainability and conservation of resources in the tire industry.
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
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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.
Some recent developments in the market are:
Key market players are leveraging organic growth strategies like acquisition, mergers, tie-ups, and collaboration to bolster their product portfolio. This is expected to propel the global retread tire market.
- In February 2022, Bridgestone Corporation announced that its ALENZA 001 tire had been selected as the official original equipment for the Nissan Ariya, a compact crossover electric vehicle (EV) sport utility vehicle.
- In July 2021, Michelin North America broadened its portfolio of tire retread technologies with the introduction of two new pre-mold retreads. One of these innovations is the Michelin X ONE Line Energy T2 Pre-Mold Retread, designed specifically to improve the total cost of ownership for the line-haul market in North America.
- In November 2021, Nokian Tires declared its plans to substantially boost the production capacity of passenger car tires at its factory in Nokia, Finland.
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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.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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.
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