Global Automotive Retread Tires Market is expected to grow at 5% CAGR during the forecast period. Global Automotive Retread Tires Market Research Report: Information by Process Type (Pre-Cure and Mold Cure), by Sales Channel (OEM and Aftermarket), by Vehicle Type (Passenger Cars, Light Commercial, Heavy Commercial), and Region – Forecast till 2023.
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The prominent players in the global automotive retread tires market include Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), and Nokian Tyres plc (Finland). MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), JK Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), and Eastern Treads (India) are among others.
Retread tires are remanufactured tires which also known as “remold tires”. The manufacturing of retread tires can be carried out through pre-cure and mold cure process, which enhance the stability and toughness of the spent tires. Retread tires preserve about 40% from the overall cost of the new tires and save 20% of the material cost while remanufacturing of old tires. According to OICA, there is a continuous increase in the consumption of retread tires in the heavy commercial vehicles. High prices for the tire in the vehicles will grow the demand for the retread tires.
Moreover, increased investment for the development and improvement of retread tire safety level from the manufacturers such as Bridgestone Corporation and the Goodyear is expected to increase the market size of the retread tires. Growing strict regulations regarding the retreading of automobile tires will influence the sales for the automotive retread tires in the market globally during the forecast period. The US National Highway Traffic Safety Administration (NHTSA) identifies the consumer behavior about the knowledge of retread tires. The NHTSA is continuing research about the proportion of tire condition from retreading and comparison with new tires. However, retread tires lower the use of raw materials and also reduced the use of oil in the vehicles. As per the US EPA estimated that using retread tires saves 70% of oil when compared to new tires. This also significantly reduce the greenhouse gas emissions from vehicles.
Automotive Retread Tires Market Segmentation:
Global automotive retread tires market is segmented on the basis of process type, sales channel, vehicle type, and region.
On the basis of process type, the market has been segmented into pre cure and mold cure.
On the basis of sales channel, the market has been segmented into OEM and aftermarket.
On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
Geographically, the global automotive retread tires market has been segmented into the four major regions of North America, Europe, Asia-Pacific, and the Rest of the World. The automotive retread tires market in Asia Pacific is expected to dominate the market in terms of market share followed by Europe. Sales of retread tire is expected to hold the highest CAGR during the forecast period owing to high cost benefits with manufacturing of retread tires. Moreover, the growing environment concern due to increasing automobile consumption will enhance the demand for automotive retread tires in Asia-Pacific. In Europe, EC Regulation 108 and EC Regulation 109 is implemented, in which it is mandatory to remanufacturing of passenger car tires and commercial vehicle tires. The EC Regulation will enhance the production and consumption of retread tires in Europe.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/Supply Chain Analysis
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