ID: MRFR/AM/5457-HCR | 100 Pages | Published By Sejal Akre on March 2023
The Global Automotive Retread Tires Market Size is expected to cross USD 6741.91 Million by 2030 at a CAGR of 5% during the forecast period ending in 2030
Automotive Retread Tires Market Overview
The Automotive retread tires market will grow at a CAGR of 5% in the forecast period of 2022 to 2030. The global automotive retread tires market trends suggest an increasing demand for tires from fleet owners is an essential factor driving the automotive retread tires market.
Retreading can be considered as a type of re-fabricating process through which worn-out and old tire tracks are superseded by the creation of new ones. Retreading of tires generally comes at almost 40% less than the original developments in new tires and the cost viability offered by retread tires is considered as an essential factor hiking the market development, which is additionally improved by the powerful development of the transportation business. Moreover, the industry news further, suggests that the retread tires and tire retreading are nature-friendly solutions and thus, are seeing help from various managing bodies empowering the utilization of retread tires.
The outbreak of the pandemic has managed to create issues for the functioning of various markets and the automotive retread tires market is one of them. The pandemic has created difficulties while meeting the demand and supply chain mechanism of the global market and hence, there is a need for innovation and creation in products and services for the market operations. The disruption in the market mechanism followed by the unavailability of resources and raw materials is further, worsening the conditions of the market. The strict market restrictions are hampering the potential held by the market players and segments.
However, the global governments and key market players are coming in collaboration with each other and hence, coming up with solutions like innovations, and research and development processes through excellent funding that will have a positive impact on the automotive retread tires market share during the ongoing forecast period that will be ending in 2030.
There has been a huge rise in the consumption of tires in the passenger car and especially in heavy commercial vehicles is a crucial factor accelerating the market growth, also rising stringent government norms and other factors like the increased environmental concern, rising innovations in materials, and advancements utilized for automotive manufacturing, the normal operational period of vehicles has expanded considerably, which in turn increases the demand for vehicles, rise in the production of vehicles all over the globe, rising demand of the vehicles due to increase in population and increasing disposable income are the major factors among others boosting the automotive retread tires market during the ongoing forecast period that ends in 2030. Moreover, the rising technological advancements and increasing modernization in the production techniques of vehicles, as a part of the automotive retread tires market, followed by other factors like the rising research and development activities in the market will further create new opportunities for the automotive retread tires market in the ongoing forecast period that will be ending in 2030.
However, the automotive retread tires market is witnessing the birth of major market factors like the increase in the prices of vehicles due to increased technology is a vital factor among others which will curtail the market growth, and will further challenge the automotive retread tires market in the forecast period that will be ending in 2030.
Compared with new tires, the cost-effectiveness of retreaded tires is one of the most prominent technological advancements that has led to accelerated sales. In addition, retreaded tires are environmentally friendly, and this fact contributes to the overall expansion of the market, as most of the targeted consumers are more likely to show a preference for sustainable solutions. Subsequently, other factors, like more and more manufacturers began to use retreaded tires in commercial and heavy vehicles. The expansion of the logistics industry and the rising demand for freight have created a favorable environment for the sale dealings of retreaded tires. As a result of the increased wear and tear on tires, there has been a huge demand for a retread of tires has increased during the ongoing period that will end in 2027. Fleet operators are looking for expansive market opportunities to save costs while maintaining a sustainable and safe vehicle fleet. Fleet owners have sought to tackle this problem is the use of retread tires, which many are finding to be beneficial in the long run. Retread tire quality also has improved significantly in recent years, since 2019, and as a result of the introduction of advanced technology.
Looking at the latest research analysis, the Automotive Retread Tires Market can be bifurcated based on vehicle type, process type, rim size, and end-user. Out of all the segments of this market, the light commercial vehicle (LCV) segment will witness tremendous growth during the forecast period that will be ending in 2030, as in light commercial vehicles the retreading of tires consumes 9 liters of oil in comparison to the consumption of 34 liters of oil in the manufacture of tires.
If we look at this industry then based on process type, it is categorized pre-cure and mold cure.
If we look at Automotive Retread Tires market share and other details, this industry is remarkably working in five major regions of the world that is Asia Pacific, Europe, North America, Latin America, Middle East, and Africa. During the forecast period, the Asia Pacific region will dominate this market and is also expected to register the highest CAGR during the research period due to an increase in sales of retread tires as it is very cost-efficient in terms of usage and manufacturing. Also, the rising concern for the environment due to high automobile consumption is another factor that will contribute towards the growth of the market in this period during the research period. The European region will account for the second-largest market due to the implementation of EC Regulation 108 and EC Regulation 109. According to these regulations, it is mandatory to remanufacture and reuse the tires of passenger cars and commercial vehicles. These regulations are also anticipated to boost the consumption and manufacture of retread tires in the European region.
The prime players of the Automotive Retread Tires market are applying various types of strategies such as mergers, acquisitions, partnerships, collaboration, and others to boost their businesses. These steps taken by the companies are creating a competitive environment among key players present all around the world. Based on the data obtained from Automotive Retread Tires industry analysis, the prominent players of this market are:-
Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (Us), Michelin (France), Marangoni S.P.A. (Italy), Nokian Tyres Plc (Finland), Mrf Tyres (India), Kraiburg Austria Gmbh & Co. Kg (Austria), Cst Industries (Us), Mcdermott (Us), Permianlide (Us), Highland Tank & Manufacturing Company Inc. (Us), Fox Tank Company (Us), T.F. Warren Group (Canada), Jk Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), Eastern Treads (India), Mekro Sp. Z O.O. (Poland), Superior Tank Co. Inc. (Us), Toyo Kanetsu K.K. (Japan), Ishii Iron Works Co. Ltd (Japan), Pfaudler (Us), Cst Industries (Us), Mcdermott (Us), Permianlide (Us), Highland Tank & Manufacturing Company Inc. (Us), Fox Tank Company (Us), And T.F. Warren Group (Canada)
The Automotive Retread Tires market report presents shift analysis that tells about the various market drivers, opportunities, restraints that are accessible in the global market. This market report also tells its readers about how this market was affected during the covid-19 period. The report also discusses how this market is been categorized into different segments, how a healthy competitive environment is evolving among the different key players of this market, and due to what factors this market will grow in different regions of the world. Lastly, this report shares some recent developments that had happened in this market in the last few years.
|Market Size||2030: 6741.91 Million|
|CAGR||5% CAGR (2022-2030)|
|Historical Data||2020 & 2021|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Process Type, Sales Channel, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), and Nokian Tyres plc (Finland). MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), JK Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), and Eastern Treads (India|
|Key Market Opportunities||Increasing automobile consumption Stringent government norms and increased environmental concern will enhance the demand for retread tires among the manufacturers and consumers|
|Key Market Drivers||Increase in the sales of automobile Increase the need for cost-effective tires for heavy commercial vehicles Increasing demand for tires from fleet owners|
Increase in need for affordable automotive tires can impel the global automotive retread tires market at about 5% CAGR in the forecast period 2030
Nokian Tyres plc (Finland), MRF Tyres (India), JK Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), and Pilipinas Kai Rubber Corporation (Philippines) are some major key players of automotive retread tire market, enlisted by MRFR.
Automotive retread tires are environmental friendly. The sales of retread tire in APAC is high due to the growing need to curb pollution. Hence, Asia Pacific is expected to hold the highest share of the global market.
The increase in the sales of automobile is observed as the major factor to induce market growth. In addition, increase the need for cost-effective tires for heavy commercial vehicles can bolster the worldwide automotive retread tires market expansion.
Pre-cure and mold-cure are process type-based segments of the market. The mold-cure segment is expected to generate high revenue for the market.