Retread Tires Market to Grow at a CAGR of 4.9% throughout the Forecast Period

According to a new  market research report published by Brisk Insights “Retread Tires Market ((By Process Type – Pre Cure and Mold Cure), (By Sales Channel- OEM Service Providers and Independent Service Providers), (By Vehicle Class – Commercial Vehicles, Passenger Cars, Off-road Vehicles, Two-wheelers and Electric Vehicles), (By Geography (North America, Europe, Asia Pacific and Rest of World (RoW)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall retread tires market worldwide was valued at US$ 12.65 Bn in 2018 and is set to grow with 4.9% CAGR during the forecast period.

Market Insights

Rising used car market worldwide and growing commercial vehicle sales globally are the major growth drivers for the global retread tires market. The global used car market is expected to grow with a CAGR of above 8% in years to come. In 2018, it an estimated 500 Mn units of retread tires were sold and expected to show growth rate of around 5.5% yearly. Growing tire replacement market worldwide is also a major growth driving factor for the market. Retread tires are 40-50% less costly as compared to new tires owing to which their demand remains strong. Safe, environment-friendly, long lasting and others are some benefits due to which the demand for retread tires is increasing. Increased investment by major market players for retread tires is also a promising factor driving the demand of the market.  Thus, we presume that the global retread tires market will show substantial growth during the forecast period. 

Based on end-use, in 2018, the global retread tires market was led by commercial vehicle segment, contributing for more than 35% of the market revenue share in the same year. Growing sales of commercial vehicles worldwide and increased cost of tires are the major factors for the dominance of commercial vehicle segment. According to OICA, in 2018, 26,365,470 commercial vehicles were sold as compared to 24,365,772 vehicles in 2017. Robust growth of transportation industry and growing use of commercial vehicles in various industries such as mining, infrastructure development, construction and others are some factors for segment growth. Therefore, we expect that the commercial vehicles segment will show significant growth throughout the forecast period. 

Based on the geography, in 2018, Asia Pacific was the market leader in the global retread tires market by value and volume both. Asia Pacific contributes to around 35% of the market revenue share and above 40% volume share in the same year. Asia Pacific is dominant owing to robust vehicle sales and rising tire replacement market in the region. India, China and Japan will be the key contributors in the Asia Pacific retread tires market. In 2018, in the Indian tire industry, more than 65% revenue share comes from replacement. Similarly in China, above 40% revenue came from tire replacement in 2018 as compared to 20% in the year 2009. Therefore, we expect that Asia Pacific will continue its dominance in the global retread tires market during the forecast period.

Browse the full report at https://www.briskinsights.com/report/retread-tires-market

Some of the major companies profiled in the report include, Bridgestone Corporation, Goodyear Tire & Rubber Company, Marangoni S.p.A., Michelin , Valley Tire Company, Parrish Tire Company, Oliver Rubber Company, REDBURN TIRE COMPANY, MRF Limited, JK Tyre & Industries, Nokian Tyres plc, Pirelli & C. S.p.A., Yokohama Rubber Company, Continental AG,  and others.

The Global Retread Tires Market is Segmented into:

*Complete segmentation list is on report page