As per a study by Future Market Insights (FMI), the globalretread tire sales is estimated to be valued at ~US$ 8.8 Bn in 2021. The increase in average miles driven and growing vehicles parc
will drive the tire aftermarket, subsequently fuelling the demand for retreading tires.
Despite negative perceptions around retread tires, they continue remain a highly popular category within automotive
aftermarket. Increasing focus on sustainable ways of maintaining cars and curbing vehicular pollution and automotive
waste will bode well for the market. Besides this, economical pricing of retread tires have made them a top choice among
a large section of vehicle owners.
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According to the report, increasing automobile ownership will remain a chief driver. Besides this the demand for heavy
commercial vehicle is expected to rise in response to the expansion of various industries, which will continue
supporting the growth of the market.
Commercial vehicles often find application in construction and mining activities. Logistics sector too exhibit high
demand for commercial vehicles. It might not be a feasible choice for the industries to frequently replace older
vehicles with new ones. With an aim of capping environmental impact of vehicle waste and saving resources, an increasing
number of industries are opting for aftermarket services.
Higher focus on maintaining commercial vehicles for a longer period of time will boosting retread tires sales. The
report has predicted the heavy commercial vehicles to account for over 44% of sales registered in the market.
Key Takeaways from StudyAfter registering considerable drop in sales amid COVID-19, the retread tire market will bounce back, exhibiting 4.7%
CAGR between 2021 and 2031The U.S. is expected to account for over 78% of retread tires sales in North America, thanks to rising demand for HCVs
across various industriesWith vehicle sales picking up, the U.K. retread tire market will register 3.4% Y-o-Y growth in 2021Increasing vehicle production to continue supporting retread tire market growth in Germany and FranceFavorable policies aimed at reducing automotive waste to support expansion in China
“Retread tire sales are picking up in response to higher focus on maintaining vehicles. While focus on maintenance
remains high among heavy commercial vehicle owners, retread tires are gradually making inroads into off road vehicle
segment. To capitalize on these opportunities manufacturers are likely to focus on expanding their footprint around the
world,” said a lead analyst at FMI.
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Retread tire Market
By Vehicle TypePassenger carsLCVHCVOff-Road Vehicle
By ProcessPre-cureMold cure
By Sales ChannelOEMIndependent Service Provider
By RegionNorth AmericaLatin AmericaEuropeEast AsiaSouth Asia & PacificMiddle East & Africa
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Competitive Landscape
Some of the leading players in the market Bridgestone Corporation, The Goodyear Tire & Rubber Company, JK Tyres, Michelin, Continental AG, MRF, Yokohama Rubber Company, Carloni Tires, and Nokian Tyres. With
price competition getting fiercer, these companies are adopting unique strategies to establish their brand awareness.
For instance, in 2019, Bridgestone Americas, Inc. announced an industry-wide campaign to educate small to medium fleet
owners about the benefits of retread.
In 2018, TravelCenters expanded their commercial tire services to professional drivers with the acquisition of a
commercial tire retread plant.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth
insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the
market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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