Pune, India – The global retread tire market is expected to attain a valuation of US$ 11.2 billion in 2023, and is projected to reach US$ 20 billion by 2033. From 2023 to 2033, sales of retread tires are likely to rise at a CAGR of 6% according to Future Market Insights.
Despite negative perceptions, retread tires remain a relatively popular category in the automotive aftermarket. The market will profit from a greater focus on environmentally friendly auto repair practices and actions to cut down on vehicle waste and pollution. Retread tires are also a well-liked option for a significant number of car owners due to their reasonable cost.
According to the report, increasing car ownership will remain a significant impact. Additionally, it is projected that increased demand for heavy commercial vehicles will assist the market’s rise as a result of the expansion of several sectors.
Construction and mining projects usually include the usage of commercial trucks. The logistics industry is also in strong demand for commercial trucks. The industry might not have the money to regularly replace outdated vehicles with new ones. To lessen the environmental impact of vehicle waste and conserve resources, an increasing number of businesses are turning to aftermarket services.
Sales of retread tires will rise as commercial vehicle maintenance receives more focus. The prediction states that sales of large commercial vehicles will account for more than 44% of the market.
After registering considerable drop in sales amid COVID-19, the retread tire market will bounce back, exhibiting 4.7% CAGR between 2021 and 2031
The U.S. is expected to account for over 78% of retread tires sales in North America, thanks to rising demand for HCVs across various industries
With vehicle sales picking up, the U.K. retread tire market will register 3.4% Y-o-Y growth in 2021
Increasing vehicle production to continue supporting retread tire market growth in Germany and France
Favorable policies aimed at reducing automotive waste to support expansion in China
“Retread tire sales are picking up in response to higher focus on maintaining vehicles. While focus on maintenance remains high among heavy commercial vehicle owners, retread tires are gradually making inroads into off road vehicle segment. To capitalize on these opportunities manufacturers are likely to focus on expanding their footprint around the world,” said a lead analyst at FMI.
Some of the leading players in the market Bridgestone Corporation, The Goodyear Tire & Rubber Company, JK Tyres, Michelin, Continental AG, MRF, Yokohama Rubber Company, Carloni Tires, and Nokian Tyres. With price competition getting fiercer, these companies are adopting unique strategies to establish their brand awareness.