Report Id: SNS/AUTO/2161 | July 2022 | Region: Global | 128 Pages
Report Scope & Overview:
Automotive Retread Tires Market Size was valued at USD 5.40 billion in 2022 and is expected to reach USD 7.40 billion by 2030 and grow at a CAGR of 4% over the forecast period 2023-2030.
Retreading is the process of remanufacturing worn tires by replacing their tread. Casings of worn-out tires that have been inspected and repaired are retreaded. It's possible to think of retreading as a form of re-fabricating process, in which worn-out and outdated tire tracks are replaced with brand new ones created by the retreading of tires. In most cases, the cost of retreading tires is approximately forty percent lower than the costs associated with purchasing brand new tires. Retreading involves subjecting a tire's casing to a series of pressure and temperature changes in order to generate new tread patterns, which are then applied to the tire and driven on for the same number of miles as the original ones.
In February of 2022, Continental Tires introduced a brand-new lineup of CrossContact AX6 SUV tires to the Indian market. Increased off-road traction may be achieved with the help of the new innovative all-terrain Generation 6 CrossContact AX6 tires from Continental. These tires have an open tread design that maximizes the tire's edges and contact areas. In addition to this, the treads of the tires feature traction grooves that are equipped with gripping teeth to stop the surface from slipping through the tread grooves.
Increased demand for retreaded tires has been driven by their affordability.
Environmentally-friendly retreaded tires help the general expansion of the market,
Logistics business growth and increased freight demand have boosted retreaded tire sales.
Rising consumer awareness of tire types will drive market demand throughout the forecast period.
Increased vehicle pricing owing to technology will slow market growth.
It is anticipated that a decrease in reliability will act as a barrier to the expansion of the market.
Fleet operators want to save money while maintaining a safe and sustainable fleet.
Advanced technology has enhanced retread tire quality in recent years.
The global retreaded tire market is being stifled by the availability of the new economic budget tires.
The market's growth may be slowed or even halted by changes in the price of raw materials.
IMPACT OF COVID-19:
As the epidemic continues to spread, numerous markets have been affected, including the automotive retread tire sector. The pandemic has made it difficult to meet global market demand and supply chain mechanisms, thus new products and services for market operations need to be developed. As a result of the lack of resources and raw materials, the market's current conditions have deteriorated even worse. Market participants and segments are being hampered by the limitations imposed by the market. However, the global governments and key market players are working together to come up with solutions like innovations and research and development processes through excellent funding, which will have a positive impact on the automotive retread tires market share during the current forecast period that will end in 2027, according to a new report.
KEY MARKET PLAYERS:
Continental AG, Bridgestone Corporation (Japan), Nokian Tires plc (Finland). MRF Tires (India), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), Pilipinas Kai Rubber Corporation (Philippines), JK Tires (India), and Eastern Treads (India) are some of the affluent competitors with significant market share in the Automotive Retread Tires Market.
Market, By Tire Type:
The global market has been divided into Radial, bias, and Solid based on the tire type segment. Revenue-wise, radials led the global retreaded tire industry. At highway speeds and under load, radial tires run cooler. This extends tire life, increasing their popularity. Customers demand retreaded radial tires because more casings are available.
Market, By Process:
The global market has been divided into pre-cure, and mold cure Based on the process segment. In terms of revenue, the pre-cure segment was the most important part of the global retreaded tire market. The pre-cure retreading procedure is typically preferred by owners of vehicles since it provides greater flexibility and reduces overall costs.
Market, By Vehicle Type:
The global market has been divided into Passenger Cars, and Commercial Vehicles based on the vehicle type segment. When it came to total income, the section of the global retreaded tire industry that dealt with commercial vehicles was by far the most lucrative. Because of the high weights and increased mileage covered by their vehicles, fleet operators of commercial vehicles are required to routinely replace the tires on their cars because of the rapid wear that is caused by the tires.
By Tire Type:
Pre-cure (Cold Treading)
Mold-cure (Hot Treading)
By Vehicle Type:
This sector of the economy is doing very well in five of the world's most important areas, namely Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa. Due to an increase in sales of retread tires, because it is very cost-efficient in terms of usage and manufacturing, the Asia Pacific region is expected to dominate this market during the forecast period and is also expected to register the highest CAGR during the research period. This is because of an increase in sales of retread tires. Another aspect that will contribute to the expansion of the market during this period of time throughout the study period is the growing concern for the environment as a direct result of the increased usage of the automobile. The European region will become the world's second-largest market. Tires from passenger cars and commercial vehicles must be remanufactured and used multiple times before they can be considered compliant with these rules. It is projected that the implementation of these restrictions will both increase the demand for and production of retreaded tires in the European region.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 5.40 Billion|
|Market Size by 2030||US$ 7.40 Billion|
|CAGR||CAGR of 4% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Tire Type (Radial, Bias, Solid)
• by Process (Pre-cure (Cold Treading), Mold-cure (Hot Treading))
• by Vehicle Type (Passenger Cars, Commercial Vehicles)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Continental AG, Bridgestone Corporation (Japan), Nokian Tires plc (Finland). MRF Tires (India), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), Pilipinas Kai Rubber Corporation (Philippines), JK Tires (India), and Eastern Treads (India)|
|Key Drivers||•Increased demand for retreaded tires has been driven by their affordability.
•Environmentally-friendly retreaded tires help the general expansion of the market,
|RESTRAINTS||•Increased vehicle pricing owing to technology will slow market growth.
•It is anticipated that a decrease in reliability will act as a barrier to the expansion of the market.
Frequently Asked Questions (FAQ) :
Ans:- The market size is expected to reach USD 6.84 billion by 2028.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Ans:- Environmentally-friendly retreaded tires, Logistics business growth and increased freight demand are the primary market drivers for Automotive Retread Tires Market.
Ans:- The study includes a comprehensive analysis of market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter’s five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Retread Tires Market Segmentation, By Tire Type
9. Global Automotive Retread Tires Market Segmentation, By Process
9.1 Pre-cure (Cold Treading)
9.2 Mold-cure (Hot Treading)
10. Global Automotive Retread Tires Market Segmentation, By Vehicle Type
10.1 Passenger Cars
10.2 Commercial Vehicles
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Continental AG (Germany),
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Bridgestone Corporation (Japan)
12.3 Nokian Tires plc (Finland)
12.4 MRF Tires (India)
12.5 The Goodyear Tire & Rubber Company (US)
12.6 Michelin (France)
12.7 Marangoni S.p.A. (Italy)
12.8 KRAIBURG AUSTRIA GmbH & CO. KG (Austria)
12.9 Pilipinas Kai Rubber Corporation (Philippines)
12.10 JK Tires (India)
12.11 Eastern Treads (India)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.