Retread Tire Market to Register a Growth of USD12.43 Billion By Value Till 2026
Continuously growing demand for cost-effective tires and the popularity
of retreading in OTR vehicles is anticipated to drive the global retread tire market
through 2026.
According
to TechSci Research report, “Global Retread
Tire Market By Vehicle Type (Commercial Vehicle, Passenger Car & OTR
Vehicle), By Retread Process (Cold Process & Hot Process), By Region (Asia Pacific,
North America, South America & Others), Competition, Forecast &
Opportunities, 2026”, global retread tire market is estimated to reach USD12.43
billion by 2026. One of the main benefits of retreaded
tires is the cost benefit that they offer and hence fleet operators that choose
retread tires save their company a huge amount of money. The retreaded tires
are available at approximately half the price of new tires, which provides the
buyer a huge cost benefit. Moreover, almost 7 gallons of oil is required to
produce retreaded tires, while approximately 22 gallons of oil is required to
produce new tires. Hence with growing environmental concerns, consumers are
preferring retreaded tires while replacing or retrofitting them. Therefore,
these factors are expected to propel the market with a robust growth rate in
the forecast period as well.
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Global
retread tire market can be segmented based on vehicle type, by retread process,
by company and by region. On the basis of vehicle type, the market is segmented
into commercial vehicles, off-the-road vehicles and passenger cars. As of 2020,
the market is dominated by the commercial vehicles segment. Tires used in
commercial vehicles especially medium and heavy commercial vehicles (M&HCV)
have a shorter shelf life due to higher traction coupled with greater load
carriage. This generates the need to replace the tires more often than
passenger cars and off-the-road vehicles, which in turn adds up the operating
cost of the vehicles. Thus, commercial fleet owners prefer to opt for retread
tires as it is less expensive than replacing them with new tires, to save cost.
In terms of retread process, the market is segmented into cold process and hot
process, and the market is majorly constituted by cold process as this process
of retreading tire requires less investment as it does not require expensive
molds, needs smaller production units, and involves lower follow-up cost. Among
region, the market is divided amongst Asia Pacific, South America, North
America, Europe, and Middle East & Africa. Most of the tire retreading is
performed in the region of Asia Pacific, owing to the presence of many
commercial and off-the-road vehicle fleet and rapidly growing construction and
infrastructural activities, the demand for commercial and off-the-road vehicles
is increasing continuously. Moreover, due to retread tires being inexpensive, fleet
owners prefer retread tires instead of new ones which is driving the market
enormously and is anticipated to witness the same trend in the forecast period as
well.
Vipal Borrachas S.A., Marangoni S.p.A., Bridgestone Americas Tire
Operations, LLC. (Bandag), Michelin, Goodyear Tire & Rubber Company, Midas
Mileage, MRF, Indag Rubber, etc. among others are some of the leading players
operating in the global retread tire market. Apart from these globally known
companies, many unorganized players are also increasing their footprint in the global
retread tire market by pushing their low-cost products blended with ease of
availability.
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“With the ease of availability of raw material, better economic
affordability for manufacturing tires along with growing vehicle fleet, backed
by an increase of commercial vehicle fleet size and growth of tire retreading
traders, the demand for retread tires is expected to grow at a robust pace in
the global retread tire market. Also, increasing demand for commercial
vehicles, as well as construction and mining equipment across the globe, is
pushing the demand for respective tires globally. Moreover, due to the growing
prices of new tires, commercial vehicle fleet owners and mining and
construction contractors are increasingly opting for retread tires and hence the
market is further expected to back the growth of the global retread tire market
in the future years”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Retread Tire Market By Vehicle Type
(Commercial Vehicle, Passenger Car & OTR Vehicle), By Retread Process (Cold
Process & Hot Process), By Region, Competition, Forecast &
Opportunities, 2026” has
evaluated the future growth potential of global retread tire market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global retread tire market.
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