Retread Tire Market Insights
Despite the negative perceptions about the quality of retread tires, they continue to remain a popular, cost-effective and environmentally-friendly option, which is boosting the growth of the retread tire market. Leading manufacturer in the retread tire market are adopting advanced manufacturing processes and strategies to eliminate operational issues in order to deliver high-quality retread tires to end-users. Established tire manufacturers in the automotive industry are adopting strategies to manufacture retread tires that can closely match the quality of their original tires. Leading market players in the retread tire market are marketing retread tires as a cost-effective yet high-quality alternative to traditional tires. This is expected to add a positive characteristic to the growth of the retread tire market.
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Increasing rise in demand for retread tire in commercial vehicle sector is 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. Manufacturers in the retread tire market are providing additional value-added tire retreading services to gain access to a larger number of potential consumers. In the recent years, retread tires witnessed high demand in the motorsport sector, thereby leading market players in the retread tire market are introducing special characteristics of retread tires to suit specific requirements of end-users in the sector.
Global Retread Tire Market: Introduction
Tires that are repaired and retreaded with the help of suitable tread compounds to receive suitable mileage are known as retread tires. Tires gradually wear down due to road travel. The part of tire which wears down is known as tire tread. However, the casing of the tire does not get affected to a great extent while travelling on roads. The tread of the tire can be replaced and this replacement allows the vehicle to run with full potential. This provides economic advantage to the vehicle’s owner and also ensures that the tires are not discarded impulsively. As a matter of fact, significant cost reduction can be attained using retread tires as the cost of a remolded tire is 30%-50% lower than that of a new tire. The retread tire market is anticipated to witness significant transitions in terms of demand. The global retread tire market is anticipated to witness increasing investments from tire manufacturers. On the other hand, fluctuations in raw material prices may act as a hampering factor and cause fluctuating market growth. Since, oil is a key raw material used for tire retreading, any fluctuations in oil prices are capable of causing fluctuations in retread tire market growth.
Global Retread Tire Market: Dynamics
The low cost of retreaded tires is one of the key factors uplifting the retread tire market growth. This growth is further being boosted by the robust growth of the transportation sector. Moreover, tire retreading is an eco-friendly solution and hence, it is being supported by various regulating bodies. Additionally, continuous growth in vehicle parc is another factor which will upsurge replacement requirements for tires. Large fleet owners prefer tire remolding to ensure cost effectiveness. All of these factors will positively affect the growth of the global retread tire market.
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Global Retread Tire Market: Regional Outlook
In terms of demand, Asia Pacific is expected to account for highest sales in the global retread tire market during the projected period. This is mainly due to the robustly increasing vehicle sales in the region and growing vehicle parc. China, India and ASEAN are expected to hold major stakes in the overall retread tire market. Moreover, North America is anticipated to be the next big market after Asia Pacific in the global retreat tire market due the favorable regulatory environment and enhanced adoption of retread tires, which will build new growth verticals in this region. The North America market is expected to experience high demand for retread tires due to growth in commercial aircrafts. Furthermore, Europe is anticipated to be next big market followed by North America in the global retreated tire market — EU5 countries are projected to hold a leading share in the market throughout the forecast period.
Global Retread Tire Market: Market Participants
Names of some of the manufacturers engaged in the manufacturing of retread tires in the global retread tire market are:
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