Automotive Retread Tires Market Key Drivers, Size, Share, Trends, and Future Scope by forecast 2023

Summary

Global Automotive Retread Tires Market Trends, Analysis, Size, Share, Growth by Process Type (Pre-Cure and Mold Cure), by Sales Channel (OEM and Aftermarket), by Vehicle Type (Passenger Cars, Light Commercial, Heavy Commercial), and Region - Forecast till 2023

Automotive Retread Tires Market Highlights

Retread tires are remanufactured tires which also known as "remold tires". The manufacturing of retread tires can be carried out through pre-cure and mold cure process, which enhance the stability and toughness of the spent tires. Retread tires preserve about 40% from the overall cost of the new tires and save 20% of the material cost while remanufacturing of old tires. According to OICA, there is a continuous increase in the consumption of retread tires in the heavy commercial vehicles. High prices for the tire in the vehicles will grow the demand for the retread tires. Moreover, increased investment for the development and improvement of retread tire safety level from the manufacturers such as Bridgestone Corporation and the Goodyear is expected to increase the market size of the retread tires. Growing strict regulations regarding the retreading of automobile tires will influence the sales for the automotive retread tires in the market globally during the forecast period. The US National Highway Traffic Safety Administration (NHTSA) identifies the consumer behavior about the knowledge of retread tires. The NHTSA is continuing research about the proportion of tire condition from retreading and comparison with new tires. However, retread tires lower the use of raw materials and also reduced the use of oil in the vehicles.

Global Automotive Retread Tires Market is projected to witness ~5% CAGR by 2023.

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Key Players

The prominent players in the global automotive retread tires market include 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) are among others.

Market Research Analysis

In terms of region, the global automotive retread tires market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the highest CAGR and market share for automotive retread tires. Increased vehicle consumption in countries such as China and India will influence the sales for the automotive retread tires. Increase in environmental awareness and stringent governmnet regulations in China and other countries will influence the manufacturing and consumption of retread tires in the automobiles, thus grow the market share for the region. Europe implemented strict norms named EC Regulation 108 and EC Regulation 109 regarding the remanufacturing of passenger car and commercial vehicle tires. These norms will mandate the recycling of used tires. Additionally, in the US, the department of transport ready to implement the "DOTR Number", which gives you the information about the name of the retreader and the year of retearded. The favorable government policies will play a significant role in the positive increment of the automotive retread tires in Europe and North America. The rest of the world consists of the Middle East and Africa and South America. The Middle East and Africa is expected to dominate the market in the base year and during the forecast period.

Scope of the Report

This study provides an overview of the global automotive retread tires market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive retread tires market by process type, sales channel, vehicle type, and regions.

By Process Type

• Pure Cure
• Mold Cure

By Sales Channel

• OEM
• Aftermarket

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Regions

• North America
• Asia-Pacific
• Europe
• Rest of the World

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