The global retread tire market is projected to reach USD 11.2 billion in 2023, with expectations to grow to USD 20 billion by 2033, achieving a CAGR of 6% during this period.
Market Drivers
This significant growth is primarily driven by rising prices of new tires, particularly for sports utility vehicles, due to increasing natural rubber costs and volatile crude oil prices. Additionally, the expanding number of commercial vehicles worldwide is expected to act as a major catalyst for market expansion.
Tire manufacturers are increasingly recognizing the potential within the retread tire market and are working to meet the growing demand. The popularity of retread tires among consumers has prompted major tire companies to invest in research and development to align with this trend.
Innovations in the Industry
In September 2021, Bridgestone Corporation launched its latest commercial vehicle portfolio, featuring advanced mobility solutions and innovative tire retreading concepts. A highlight was the Bridgestone Duravis R002 premium tire, known for its exceptional wet grip, optimal fuel efficiency, and durable carcass. Bridgestone anticipates that this retreaded tire will meet the performance and reliability needs of commercial vehicle users.
Sustainability and Cost-Effectiveness
The eco-friendly attributes and cost-effectiveness of retreaded tires are expected to further propel market growth. Retreading allows for the reuse of existing tires, significantly reducing landfill waste, lowering carbon dioxide emissions, and conserving oil resources that would otherwise be required for new tire production. These factors contribute to sustainability and resource conservation in the tire industry, making retread tires an increasingly attractive option for consumers and businesses alike.
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Key Takeaways from the Retread Tire Market Report:
- 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.
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.
Recent Developments:
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.
Retread Tire Market Segmentation:
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
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