The global Tire Retreading market is valued at US$ 5187.63 million in 2020. The market size will reach US$ 6299.37 million by the end of 2027, growing at a CAGR of 2.01% during 2021-2027.
The industry is very fragmented. Some key suppliers in the industry include Bridgestone, Michelin, GoodYear, Marangoni, Continental, TreadWright. The top 5 players account for about 40% share while the remained 60% is held by numerous small or medium size companies. In the United States, Japan and Europe, the major players in the market have achieved integration and expansion through mergers and acquisitions. The market is characterized high concentration. Compared with the European and American market, China, India and Southeast Asia tire retreading market indicates low concentration with numerous small companies.
Retreading is a re-manufacturing process through which old and worn out tire treads are replaced by new ones. Retreading is applied to casings of old tires after inspection. Retreading of tires costs at least 40% less than the cost of a new tire. The cost effectiveness offered by Retread tires is one of the primary factors driving market growth, which is further supplemented by the robust growth of the transportation industry. Furthermore, retread tires and tire retreading are environment-friendly solutions and hence, are witnessing support from various regulating bodies encouraging the use of retread tires.
Continuously growing vehicle parc is another major factor which will increase the demand for replacement of tires and thus, will drive the demand for retread tires. Large fleet owners of commercial vehicles prefer tire remolding to ensure cost effectiveness. Hence, growth in automobile, forestry and construction is expected to create healthy growth opportunities for the retread tires market.
The truck fleet operators are adopting retreaded tires because of the financial benefit it provides them. More than 70% of commercial trucking fleets retread their tires at least one time. Heavy Commercial Vehicles segment captures the largest market share for tire retreading market. The demand is rising due to the increase in industrial and logistics activities around the world.
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