The Global Retread Tire Market was valued at USD 9.38 Billion in the year 2021. The rising demand for cost-effective and economical tires, growing logistics market, and rising demand for retread tires in light commercial vehicles are driving the growth of the market. Also, retread tire is environment friendly and technologically developed which is seen as an opportunity for market investments. The Retread Tire market is growing due to growth in commercial vehicle sales and usage in a large number of upcoming construction projects and mining activities coupled up with the availability of retread tires at effective prices.
Based on the Product segment, Radial retread tire is expected to hold the largest share in Retread Tire Market. This is due to an increase in the number of buses and a rise in demand for medium transportation buses worldwide. In addition, as technology continues to advance at a rapid pace, the transportation and logistics sector has witnessed consistent developments over the past couple of decades.
The Asia Pacific had the highest retread tire demand in 2021 and it is expected to remain the largest consumer base for the next few years. High demand is attributable to the growing construction sector, infrastructural investments and government initiatives in various countries, including China and India. Additionally, demand for retread tires is increasing in the commercial vehicle sector generating numerous opportunities for manufacturers and distributors in the retread tire market. Furthermore, ever-expanding automotive markets in Europe and China are further opening a window of opportunities for retread tire manufacturers in these regions. Moreover, leading tire manufacturers in the automobile industry are introducing techniques to develop retread tires that are fairly similar to their original tire in terms of quality. In recent years, increasing demand for retread tires in the motorsport industry has encouraged leading market players to launch retread tires with unique characteristics.
Scope of the Report
- The report presents the analysis of Retread Tire market for the historical period of 2017-2021 and the forecast period of 2022-2027.
- The report analyses the Retread Tire Market by Value (USD Billion).
- The report analyses the Retread Tire Market by Product (Radial, Bias).
- The report analyses the Retread Tire Market by Vehicle (Passenger Vehicle, Commercial Vehicle, OTR (Off the Road)).
- The report analyses the Retread Tire Market by Retread Process (Hot Process, Cold Process).
- The Global Retread Tire Market has been analysed by countries (United States, Canada, Brazil, United Kingdom, Spain, France, Germany, China, Japan, India, South Korea).
- Also, the attractiveness of the market has been presented by region, by product type, by vehicle and by retread process.
- Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Goodyear Tire & Rubber Company, Bridgestone Corporation, Michelin, Continental AG, Pirelli, Hankook Tire, Sumitomo Rubber Technologies, Nokian Tyers, Kal Tires, Oliver Rubber.
Key Target Audience
- Retread Tire Companies
- Automotive Companies
- Consulting and Advisory Firms
- Government and Policy Makers
- Regulatory Authorities