Automotive Retread Tires Market Size, Share and Segmentation by Tire Type (Radial, Bias, Solid), by Process (Pre-cure (Cold Treading), Mold-cure (Hot Treading)), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Regions and Global Market Forecast 2023-2030

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 It's possible to think of retreading as a form of re-fabricating process, in which worn-out and outdated tire tracks are replaced with brand new ones created by the retreading of tires.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.

MARKET DYNAMICS: 

KEY DRIVERS: 

• 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.

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.

OPPORTUNITIES: 

• Fleet operators want to save money while maintaining a safe and sustainable fleet.

• Advanced technology has enhanced retread tire quality in recent years.

CHALLENGES: 

• 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 ESTIMATION: 

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.

MARKET SEGMENTATION:

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:

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.

REGIONAL COVERAGE:

• North America

  • The USA

  • Canada

  • Mexico

• Europe

  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • The 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

Frequently Asked Questions (FAQ) :