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Tire Retreading Market Size, Share & Industry Analysis, By Type (Pre-Cure, Mold-Cure), By Application Type (Passenger Cars, Commercial Vehicles) And Regional Forecast, 2024-2032

Region : Global | Report ID: FBI105109 | Status : Ongoing

 

KEY MARKET INSIGHTS

A tire that is repaired and retreaded with the help of an appropriate tread rubber to obtain a desired mileage is called a retreaded tire. Due to road driving, tires gradually wear out. The worn part of the tire is called the tire tread. Tire retreading is the process of selecting and inspecting tires to obtain new treads which is called tire remodelling. The worn tire treads are buffed, and the new tread is attached by the process similar to the process of making new tires. This not only brings economic benefits to vehicle owners, but also ensures that tires will not be impulsively discarded. In fact, a significant reduction in costs can be achieved by retreading the vehicle tires as the cost of retreaded tires is 30% to 50% less as compared to the new tires. The remanufactured tire market has made great progress in the past ten years. The main reason is that remanufactured tires provide end users with low-cost advantages compared with new tires. The growing demand for retreaded tires in the commercial vehicle sector has created several opportunities for manufacturers and suppliers in the retreaded tire market. Moreover, the expanding automotive markets in China and Europe have created opportunities for retread tire manufacturers in these regions. Manufacturers in the retread tire market are offering other value-added services related to tire retreading in order to attract more potential consumers. In recent years, retreaded tires have gained great demand in the racing field, therefore prominent manufacturers of retreaded tires are developing advanced technologies in retreaded tires to meet the specific needs of end users in the industry.


Key Market Driver -

Reduction in cost of tires of vehicles is expected to drive the growth of the market in the forecast period.

Key Market Restraint -

Fluctuation in the rates of raw materials may hinder the growth of the market during the forecast period.


Market Segmentation:


Globally, the Tire Retreading market is segmented by type, by application type, and by geographic coverage. Based on type, the market is further segmented into pre-cure and mold-pure process. The pre-cure or pre-vulcanization process segment holds the largest share in the global market. Compared with the mold curing process, factors such as less follow-up costs and lower investment requirements costs will help the industry's growth during the forecast period. The application type is further segmented into passenger cars and commercial vehicles. The commercial vehicles segment holds the major share in the global market. In the past 5 years, global commercial vehicle sales have increased by about 4%, thus driving the demand growth owing to the increase in global industrial and logistics activities. Operators of truck fleets are adopting retreaded tires as they can offer added economic benefits to tires. More than 70% of commercial truck fleets have retreaded their tires at least once. Since the cost of retreading is about one third to half of the cost of the new tires, this is an excellent choice for fleet operators to save upon their budgets. According to a good tire maintenance plan, worn tires can be retreaded up to four to five times, but usually the end user retreads the tires at least twice. Thus, the demand for tire retreading in commercial vehicles is boosting the global market.

Key Players:


Major players operating in the global Tire Retreading market include The Goodyear Tire & Rubber Company, Parrish Tire Company, MICHELIN, REDBURN TIRE COMPANY, Bridgestone Corp., Valley Tire Company, TreadWright, Marangoni S.p.A., and Oliver Rubber Company among others.

Key Insights



  • New Advancements in Tire Retreading

  • Number of Products, Key Countries, 2019

  • New Product Launches, Key Players


Regional Analysis:


Geographically, the Tire Retreading market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the major share in the global market and is expected to maintain its dominant position over the forecast period. This dominance is attributed to the rapid growth in vehicle production and sales in the region. It is expected that China, India and Japan will occupy significant shares in the entire tire retreading market. North America is expected to become the second largest market after the Asia-Pacific region. Favourable government regulations and increased adoption of retreaded tires are expected to create new growth opportunities in the market in this region. The regional market is expected to have a great demand for retreaded tires for passenger cars and commercial vehicles over the coming years. Europe also shows a significant share in the global market. The growing e-commerce sector in the region is also driving demand for commercial vehicles. The region’s government has also reduced product tax rates to encourage car owners to use retreaded tires.

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Segmentation






















  ATTRIBUTES    

 DETAILS    

By Type



  • Pre-Cure

  • Mold-Cure



By Application Type



  • Passenger Cars

  • Commercial Vehicles



By Geography



  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World



 


  • Ongoing
  • 2023
  • 2019-2022

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