The global retread tire market growth 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.
Definition and Functionality: Retreading is a process where the worn tread of a tire is removed, and a new tread is applied to the tire casing. This process allows tires to be reused multiple times, reducing the need for new tire production and promoting sustainability. Retreaded tires undergo rigorous inspection and testing to ensure they meet safety and performance standards.
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Technological Trends: Technological advancements in retread tire manufacturing focus on improving tread compound formulations, tread bonding techniques, casing inspection and repair processes, and retread design optimization for specific applications and performance requirements. These advancements aim to enhance retread quality, durability, and safety, while reducing manufacturing costs and environmental impact.
Market Drivers: Factors driving the retread tire market include cost savings compared to new tires, especially for commercial fleet operators and transportation companies, environmental benefits from reducing tire waste and conserving raw materials and energy, regulatory incentives and mandates promoting tire recycling and reuse, and advancements in retreading technology improving product quality and performance.
Market Challenges: Challenges facing the retread tire market include competition from low-cost new tires and imported tires, concerns about retread quality and reliability compared to new tires, compatibility issues with original equipment manufacturers’ warranties and tire maintenance programs, and the need for education and awareness about the benefits and safety of retreaded tires.
Opportunities: Despite challenges, there are opportunities for growth in the retread tire market, particularly in segments such as commercial trucking and transportation, where cost savings and environmental sustainability are significant considerations. Additionally, there is potential for expansion into new markets and applications, such as retreaded tires for off-road vehicles, industrial equipment, and aircraft.
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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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