The global market for retreaded tires is expected to expand at a CAGR of 5.10% during the forecast period of 2024 to 2032. Retreading, which is a sort of tire remanufacturing, is a method for replacing the tread on worn tires. Retreading is the process of putting new treads to the casings of previously inspected and repaired worn tires. In recent years, sales of retreaded tires have increased since they are more cost-effective than brand-new tires. Also, retreaded tires are beneficial for the environment, which contributes to the growth of the business as a whole because customers are more likely to pick environmentally friendly options. As a result, an increasing number of manufacturers began installing retreaded tires on commercial and heavy-duty vehicles. The expansion of the logistics industry and the growing need for freight have created favorable market conditions for the sale of retreaded tires. In recent years, tire retreading has become more widespread as a direct result of the increased levels of tire wear and tear. The operators of vehicle fleets are looking for ways to reduce costs while still managing an environmentally responsible and secure fleet of cars. The use of retread tires, which many fleet owners have discovered to be beneficial, has been one approach taken by fleet vehicle owners to address this problem. As a direct result of the advent of cutting-edge technology, the quality of retreaded tires has also increased dramatically during the past several years. In addition, rising levels of consumer knowledge about the type of tire, as well as rising levels of the average sale price of new tires, will fuel market demand during the forecast period.
The construction of a single tire for a light-duty vehicle requires an average of 26 liters of oil, however retreading the same tire requires just 9 liters of oil, which represents around 34% of the process of new manufacturing. The Retread Tire Association, on the other hand, predicts that a brand-new set of four tires for a large Vehicle will cost roughly $1,000. When it comes to light-duty automobiles, retreading can save over half of the total cost. A number of tire manufacturing companies are releasing retread tires. For example, Michelin introduced two new pre-mold retreads to expand its selection of tire retread technology. Also, additional tire manufacturers are releasing retread tires. This retread's tread is made using a compound that helps save money on fuel, resulting in a lower total cost of ownership. In addition, Goodyear Tire & Rubber Company and Cooper Tire & Rubber Company have announced that they have engaged in a comprehensive transaction agreement in order to increase their size and support investments in New Mobility and Fleet Solutions. As a result, retreading suppliers are concentrating on light-duty vehicles, and a number of tire manufacturers, including The Goodyear Tire & Rubber Company, are entering the market for retreading tires for light commercial vehicles. As a result, the market for retread tires will be primarily driven by the rising demand for retreaded tires on light commercial vehicles.
A premium tire that has been retreaded twice can last up to 500% longer on the road than an ultra-low-cost tire. Modern commercial tires can have a longer useful life since they are designed to be retreaded multiple times in a safe manner. As seen in the example below, many fleets purchase brand-new premium tires for the "steer" position of their trailers, retread them once for the "drive" position, and retread them one or more times for the "trailer" position. Comparing a premium tire with a retread to an ultra-cheap tire used solely for steering and then discarded, the premium tire with a retread has the potential to last up to 500% longer.
Browse for report at : https://www.acutemarketreports.com/report/retread-tires-market
Although if retreaded tires have a good effect on the environment, the proliferation of inexpensive tires is producing a paradigm shift in the tire industry's competitive landscape. Budget tires are less expensive than retreaded tires and newly made tires, the latter of which are of greater quality than retreaded tires. Hence, stakeholders must broaden their business capabilities to include budget tires in addition to retreading their tires in order to preserve their market relevance and provide retreaded tires to customers with specific specifications. Businesses are creating complex on-site mixing facilities in order to acquire new types of oils, polymers, and other materials. These facilities facilitate collaboration between producers and suppliers.
In 2023, the pre-cure segment dominated the global retread tire market by manufacturing methods. During the projected period, the pre-cure industry is anticipated to maintain its revenue share dominance. This pre-cure procedure necessitates a somewhat lower initial expenditure and reduces later maintenance expenses. As a result, it is projected that the pre-cure procedure will drive the growth of this market over the projection period.
By sales channel, the worldwide retread tire market in 2023 was dominated by small and medium-sized businesses. Due to the significant prospects currently accessible to new enterprises in the retread tire market, it is anticipated that the number of new market participants will continue to grow, particularly in terms of growth potential. Thus, it is predicted that the market for small and medium-sized businesses would generate the bulk of revenue over the projection period.
By vehicle class, the worldwide retread tire market in 2023 was dominated by commercial vehicles. Due to the tires' quick deterioration, fleet operators of commercial vehicles are required to routinely replace the tires on their vehicles. This is a result of their vehicles' large weights and increasing mileage, both of which contribute to tire wear. The increasing number of factories, warehouses, and other commercial facilities promotes sales and the number of miles driven by transport vehicles, which in turn drives the commercial vehicle segment's portion of the global market for retreaded tires.
APAC Remains the World Leader In 2021, APAC retained the greatest revenue share on the global retread tire market, generating over $3,014,440,000. This expansion can be attributed to Asian countries, such as China, India, Japan, Indonesia, South Korea, and Thailand, that are increasing their investments in the automotive manufacturing business; this will lead to an even higher increase in the need for retread tires. It is anticipated that the presence of a substantial number of small and medium-sized vehicle tire manufacturers in the region will contribute to the growth of the industry throughout the projected time period. In addition, the region's increasing industrialization has led to an increase in the number of kilometers driven by commercial vehicles, which has contributed to an increase in the demand for replacement tires.
Investments and expansions are the primary strategies employed by the industry leaders (excluding the others). Product launches, partnerships and collaborations, and acquisitions are among the secondary methods utilized by leading firms. The difference between the primary and secondary techniques was insignificant. All other methods are insignificant. Bridgestone Corporation, JK Tire & Industries, and Michelin invested and expanded the most. It was discovered that Marangoni had the most press releases connected to product launches. The corporation is also ranked first in press releases about acquisitions. As a strategy, the majority of leading corporations emphasized partnership and collaboration. Bridgestone Company and Continental AG have sold a few businesses. Continental, for example, sold six retread locations. To Conlan Tire and Bridgestone, the Hong Kong airplane retread tire plant must be shut down.
