The Tire Retreading Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tire Retreading Global Market Report 2024, The tire retreading market size has grown steadily in recent years. It will grow from $7.32 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to cost savings and economic benefits, environmental sustainability awareness, stringent tire disposal regulations, global economic factors, focus on fleet maintenance and efficiency.
The tire retreading market size is expected to see steady growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to circular economy initiatives, increased commercial vehicle fleet size, government incentives for sustainable practices, global efforts to reduce carbon emissions, increased consumer awareness. Major trends in the forecast period include advancements in retreading technology, development of high-performance retreaded tires, utilization of cold retreading techniques, introduction of smart retreading solutions, focus on quality certification and standards, adoption of computerized tread design..
The growing number of transport and passenger vehicles is expected to boost the growth of the tire retreading market going forward. A transport vehicle refers to a type of vehicle that is designed to transport goods or people from one place to another and a passenger vehicle refers to a motor vehicle with motive power designed to carry not more than 10 persons including the driver. Retread tires are a cost-effective alternative to purchasing new tires for passenger car owners, as they help to reduce waste and conserve natural resources. For instance, in September 2023, according to a report published by MarkLines Co. Ltd., a Japan-based advertising agency company, the month of August saw a 12.7% increase in passenger car sales, with a total of 280,223 units sold, resulting in a market share of 20.9% in U.S. Sales of new cars in the US totaled 1.341.169 units in August, which was a 2.0% increase from July 2023 and a 16.2% increase from August 2022. Therefore, the growing number of transport and passenger vehicles is driving the growth of the tire retreading market.
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The tire retreading market covered in this report is segmented –
1) By Type: Pre Cure, Mold Cure
2) By Vehicle Type: Heavy Trucks and Buses, Light Commercial Vehicle, Off-Road Vehicles, Passenger Cars
3) By End Users: Automobile, Heavy Machinery
Major companies operating in the tire retreading market are developing new products such as bead-to-bead retread to meet larger customer bases, more sales, and increase revenue. Bead-to-bead retread refers to a subtype of tire retreading process where the retreading is applied to the side walls of the tire in addition to the tread. For instance, in October 2021, the Goodyear Tire & Rubber Company, a US-based tire retreading company, launched RT-3B bead-to-bead retread. The product’s unique characteristic is its ability to offer optimal performance on a wide range of underfoot conditions suitable for loaders or graders, in addition to its existing range of premium OTR retread tires. RT-3B RT-3B retreads are available in the USA and Canada in two standard sizes, 20.5R25, and one standard size 23.5R25. RT-3Bs are a significant addition to Goodyear’s retread line, providing another great choice for operators looking to increase efficiency, lower costs, and reduce environmental impact.
The tire retreading market report table of contents includes:
1. Executive Summary
2.Tire Retreading Market Characteristics
3.Tire Retreading Market Trends And Strategies
4.Tire Retreading Market analysis
5.Tire Retreading Market Size And Growth
6.Tire Retreading Segmentation
7.Tire Retreading Regional And Country Analysis
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27.Tire RetreadingCompetitive Landscape And Company Profiles
28.Tire Retreading Key Mergers And Acquisitions
29.Tire Retreading Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Bridgestone Corp.
- Michelin SCA
- Goodyear Tire and Rubber Co.
- Yokohama Rubber Co
- Hankook Tire & Technology Co. Ltd.
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