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) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027

Growing Sales of Commercial Vehicles Market Worldwide to Boost the Demand for Retread Tires

The retread tires market worldwide is projected to risers with a CAGR of 4.9% during the estimated period from 2019 to 2027, starting from US$ 12.65 Bn in 2018. Rising sales of commercial vehicles are expected to continue to boost the demand for retread tires. Retread is a process of re-manufacturing in which a worn tire casing is replaced with a renewed tread and sidewall rubber. Over 500 Mn units of retread tires were sold in 2018. The growth of the tire replacement market worldwide and the increasing used vehicles market are some of the major factors for the market growth. In addition, the cost-effective, long-lasting, and environment-friendly benefits of retread tires are helping the market grow. Therefore, we assume that the retread tires market will show significant growth during the forecast period. 

Market Synopsis

Pre-cure Segment to continue its Dominance

The global retread tires market is segmented into pre-cure and mold cure. The pre-cure Segment led the global retread tires market in 2018. Pre-cure Segment contributed more than 60% of the market revenue share in the same year. Low investment requirements and fewer follow-up costs compared with mold cure are the major factors for the Dominance of the Segment. In addition, more flexible tire sizes, original casing visibility, and less stress on the casing are some of pre-cure's benefits that drive the segment growth. As a result, we expect the pre-cure Segment to remain its Dominance during the forecast period.

The Asia Pacific to Continue its Dominance during the Forecast Period

The Asia Pacific was the largest value contributor in the global retread tires market, followed by North America and Europe in 2018. The Asia Pacific contributed around 1/3rd of the global revenue share and more than 40% of the volume share in the same year. The Asia Pacific has its Dominance owing to the growing transportation industry, rising used cars market, and development of the replacement tire market in the region. In addition, developing countries of the Asia Pacific, such as India and China, will be the largest contributor due to more revenue generation from the replacement tire segment, with the contribution of above 65% and above 40%, respectively, in Asia Pacific tire industry. Thus, we presume that the Asia Pacific will continue its Dominance throughout the forecast period.

Some of the prominent players operating in the retread tires market 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. 

Historical & Forecast Period

This research report presents the analysis of each Segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective Segment was calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The retread tires market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global retread tires market based on process type, sales channel, end-use, and geography.

Frequently Asked Questions

The market for Retread Tires is expected to reach US$ 12.65 Bn in 2027.

The Retread Tires market is expected to see significant CAGR growth over the coming years, at 4.9%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

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 are some of the major players in the global market.

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Published Date:  Dec 2019
Category:  Automotive & Transportation
Report ID:   60085
Report Format:   PDF
Pages:   120
Rating:    4.2 (56)
Delivery Time: 24 Hours to 48 Hours   
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