Rising Demand for Commercial Vehicle Sector Boosts the Global Tire Retreading Market Growth

In 2023, the size of the Global Tire Retreading Market was evaluated at around USD 5.21 million, and is anticipated to reach around USD 7.11 million by 2030. Moreover, it is expected that the market will grow at a CAGR of around 4.39% from 2024 to 2030. Several factors, such as the increasing requirement for sustainable solutions, cost-effectiveness, and the expanding commercial vehicle tire sectors are propelling the growth and development of the tire retreading market.

Moreover, the retread tires market is mainly driven by the booming commercial vehicle sector. The number of commercial vehicles such as buses, trucks, and heavy machinery is on the rise in tandem with the demand for logistics and transportation services. These vehicles generally require to have their tires changed frequently in order to maintain safety and fuel efficiency.

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Moreover, the best retread tires are becoming a more popular choice for heavy use due to the great durability, and dependability of contemporary retreading techniques. Hence, the expanding commercial vehicle industry is adopting retread tires from the top retread tire companies and ultimately augmenting the volume and size of the Global retreaded market.

Strict Regulations & Standards Hampering the Growth & Expansion of the Tire Retreading Industry

The Global Tire Retreading Market faces several issues from strict regulations and standards. In the process of tire retreading a fresh tread to worn tire casting in included that satisfies both safety and performance requirements imposed by regulatory bodies. Stringent testing rules and regulations, cutting-edge technology, and heavy investments in quality control systems are the key requirements for a retread tire company.

Furthermore, to remain compliant, updates and modifications must be made regularly due to changes in regulatory standards. This might lead to more complicated operations and higher expenditures. To work as per these standards is essential for an organization as non-compliance can lead to legal repercussions and product recalls.

Radial Tire Segment Holds a Prominent Share in the Global Tire Retreading Market

On the basis of types of tires, the Global Tire Retreading Market is divided into two main categories including

• Radial
• Bias

Among these, the radial tire segment holds a major share due to multiple factors supporting its widespread application and dominance in the industry. Radial tires are known for their durability, flexibility, and performance because their structure, which features cords arranged at a 90-degree angle to the direction of travel.

Moreover, retreaded radial tires are also in excessive demand in the commercial vehicle market, which closely relies on radial tires for endurance and overall advantages. Because retreaded radial tires and more financially viable and dependable than new tires, fleet operators in markets such as logistics, construction, and transportation want them, which is fueling the growth of the Global Tire Retreading Industry.

Top Market Participants of the Global Tire Retreading Market

As per the latest report by MarkNtel Advisors, the top market players of the tire retreading market are:

• Bridgestone
• Continental
• Goodyear Tire & Rubber Company
• Kraiburg Austria
• Marangoni SPA
• Michelin
• MRF Ltd
• Pirelli
• Sumitomo Rubber Industries
• Rethread (Pty) Ltd
• TreadWright Tires
• Vipal Rubber Corporation
• Oliver Rubber Company
• Cooper Tires

Latest Development in the Global Tire Retreading Industry

In 2022, Nissan Ariya a small crossover electric vehicle SUV. Bridgestone Corporation declared that the Nissan Ariya would now use its ALENZA 001 tire as the official original equipment.

Asia-Pacific Leads the Global Tire Retreading Market

Geographically, the Geographically, the Global Tire Retreading Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Among these, the Asia-Pacific region dominates the tire retreading industry across the globe. The considerable presence of commercial vehicles along with trucks, buses, and several heavy-duty vehicles, in the Asia-Pacific region, is one of the main causes of the dominance of this region in the tire retreading market.

Furthermore, the Asia-Pacific region has quite a few climates, from tropical to temperate, which might affect the durability of tires. Tire retreading has also become more famous in Asia-Pacific because of the environmental regulations and a focal point on sustainable practices. It helps the objective of global sustainability and motivates companies to adopt eco-friendly practices.

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals.