PUBLISHER: Acute Market Reports | PRODUCT CODE: 1697110
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1697110
The tread on worn tires can be replaced by a process called retreading, which a form of tire is remanufacturing. Retreading is the process of applying new treads to the casings of used tires that have already undergone inspection and repair. Mold-cure and pre-cure are the names of the two primary procedures that are utilized in the process of retreading tires. Because they are more cost-efficient than brand-new tires, retreaded tires have experienced a surge in sales in recent years. In addition, retreaded tires are good for the environment, which adds to the growth of the industry as a whole because customers are more likely to express a preference for ecologically friendly alternatives. As a consequence of this, an increasing number of manufacturers started fitting commercial and heavy vehicles with retreaded tires. The growth of the logistics industry and the increasing need for freight have combined to produce a market situation that is advantageous for the selling of retreaded tires. The need for retreading tires has become more prevalent in recent years as a direct consequence of the elevated levels of tire wear and tear. The operators of vehicle fleets are seeking ways to cut expenses while still operating a fleet of vehicles that is environmentally friendly and secure. The global market for retreaded tires was worth US $9581.3 million in the year 2024 and is expected to reach over US $15146.6 million by 2033. It is anticipated to grow at a compound annual growth rate of 5.22% during the forecast period of 2025 - 2033.
Intense Focus by Market Players to Intensify the Market Growth
Because of the sluggish CAGR, businesses are exerting extra effort to provide technical support, quality control, and visibility in the hopes of reviving growth in the retreaded tire industry. This is being done in an effort to attract new customers. For instance, Marangoni is putting more of an emphasis on B2B online ordering systems and providing technical assistance for machinery and casings in order to improve the quality of their finished products. In the market for retreaded tires, various stakeholders place a significant emphasis on technological advancements. The use of commercial and managerial tools and educational programs is taking place in order to maximize the use of available resources and provide superior outcomes. To build tires without joints and weak structural spots in order to guarantee optimal adhesion and performance on par with new tires, tire manufacturers are ramping up their research and development efforts. They are becoming more proficient in tire retreading systems that make use of spliceless pre-cured rings, which can be molded to match the casing without any issues.
Significant Amount of Misconception About Tire Retreading is Restraining the Market
A significant misconception restraining the tire retreading market is the belief that retreaded tires are unsafe or structurally weak due to their reuse of tire casings. However, properly maintained casings retain ample strength, making retreaded tires a safe and reliable choice. Another misconception is that retreaded tires lack visual appeal, yet today's advanced retreading processes produce high-quality products with appearances comparable to new tires, favored by truck drivers seeking performance and aesthetics. Additionally, despite some users' preference for new tires, modern retreads offer comparable performance, durability, and financial and environmental advantages, matching or even surpassing many new premium tires. Concerns regarding poor gas mileage are also unfounded, as retread tires can achieve mileage similar to new tires, particularly when properly maintained.
Market Segmentation by Process
Global retread tire market by process was dominated by pre-cure segment in the year 2024. During the forecast period, the pre-cure sector is expected to maintain its dominant position in terms of revenue share. This pre-cure process calls for a comparatively less investment and also results in lower costs associated with subsequent maintenance. As a result, all of these factors the pre-cure process is anticipated to fuel the growth of this market during the forecast period.
Market Segmentation by Vehicle Class
The global retread tire market by vehicle class was dominated by commercial vehicles in the year 2024. Fleet operators of commercial vehicles are required to routinely replace the tires on their vehicles because of the rapid wear that is caused by the tires. This is due to the high weights and increased mileage covered by their vehicles, both of which contribute to the wear that is caused by the tires. The growing number of factories, warehouses, and other commercial facilities drives sales and the number of miles driven by transport vehicles, which in turn drives the share of the worldwide market for retreaded tires contributed by the commercial vehicle segment.
Market Segmentation by Region
Asia Pacific currently held the largest revenue share in the global retread tire market in 2024. This growth can be attributed to the Asian countries that are increasing investments in the automobile manufacturing industry, such as China, India, Japan, Indonesia, South Korea, and Thailand, amongst others; this will lead to an even greater increase in the demand for the retread tire market. It is anticipated that the existence of a significant number of small and medium-sized vehicle tire producers in the region would also contribute to the expansion of the sector throughout the course of the projected period of time. In addition, the growing industrialization of the region 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.The prominent players in this market are Bridgestone Corporation, Goodyear Tire & Rubber Company, Marangoni S.p.A., Michelin, Valley Tire Company, Parrish Tire Company, Oliver Rubber Company, REDBURN TIRE COMPANY, MRF Limited, JK Tyre & Industries, Nokian Tyres plc., Pirelli & C. S.p.A., Yokohama Rubber Company, Continental AG.
Historical & Forecast Period
This study report represents an analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Retread Tires market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Retread Tires market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.