0

Second Hand Tire Market Expected to Reach $12.5 Billion by 2032—Allied Market Research

 
2022
Second Hand Tire Market

Report Code : A156737

quote Second hand tire market is primarily driven by the affordability of the second hand tires which are relatively safer owing to the presence of treads to a depth as stipulated in tire standards and regulations in various countries. In addition, second hand radial tires are in high demand. Furthermore, Latin America is expected to witness the highest growth rate in the coming years. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Second Hand Tire Market," The second hand tire market was valued at $8.1 billion in 2018, and is estimated to reach $12.5 billion by 2032, growing at a CAGR of 4% from 2023 to 2032.Furthermore, on the basis of volume, the global second hand tire market size was valued at 35,13,698 metric tons in 2018 and is projected to reach 49,35,237 metric tons by 2032, registering a CAGR of 3.3% from 2023 to 2032.

Commonly, second hand tires in the market are available in two variants, such as tube tires and tubeless tires. Out of these two, the tubeless second hand tire segment dominated the second hand tire market, in terms of revenue in 2018 and also in 2022, which is the base year for the study. The same segment is also expected to grow with a higher CAGR during the forecast period. Tubeless tires are strong and are reliable in case of a puncture, as they do not deflate instantaneously; thereby, giving the rider time to reach a tire repair center.

Moreover, a new tubeless tire is expensive and thus, riders chose to buy second hand tubeless tires, which offer all its benefits at a fraction of the original market price. On the other hand, tube tires are being sold for decades and have a well-established market demand. These tires offer various advantages that make them desirable in times when tubeless tires are gaining more popularity.

The second hand tire market is segmented on the basis of design which includes radial and bias tires. The radial segment registered a high market share in 2018, in terms of revenue. A radial has become more popular over the years as it provides many benefits to the riders in terms of comfort of the ride, and also the maintenance of the vehicle. Pressure in a radial tire is evenly distributed over a larger footprint of tire that prevents localized tire wear and allows more uniform wear, which eventually increases the life of the tire.

The same segment is expected to dominate the second hand tire market forecast by growing with the highest CAGR in the coming years. Vehicle owners that use their vehicles such as off-road vehicles, heavy vehicles, and others on an occasional basis are expected to propel the demand for second hand bias tires. Vehicles with moderate speeds are equipped with bias tires due to their property of expanding at higher centrifugal forces, which makes them difficult to handle.

Furthermore, the market is studied with regard to relevance of second hand tire in different vehicle types which includes two wheelers, passenger cars, commercial vehicles, and others. The study exhibited that the commercial vehicles segment reported the highest market share in regards of revenue in 2018, and also in 2022, which is the base year for the study. The report further added that the same segment is also estimated to grow with a significant CAGR during the forecast period. This is attributed to rapid industrialization in developing nations.

Commercial vehicle owners and other vehicle operators with or without large fleets of vehicles, opt for second hand tires. A second hand tire helps the operator to reduce operating costs. This comes handy especially during the budget constraints. Moreover, passenger cars segment stood second after the commercial vehicle segment in terms of revenue generated in 2018. Passenger cars are used for commercial purposes such as taxis, as well as for personal use, and are generally designed for paved road usage. Cars are driven at high speeds on well-paved or harsh-conditioned roads; thus, they require second hand tires that are safe.

The market is mainly driven by rise in the number of industrial, commercial, and passenger vehicles, driven by the rapidly growing population. In addition, easy availability of second hand tires and their affordable prices, are also major factors driving the second hand tire market growth. However, safety issues associated with second hand tires are expected to negatively affect the second hand tire market outlook in the coming years.

In 2022, Asia was the region which contributed majorly to the revenue generated by the the second hand tire market. Moreover, the second hand tire market in Latin America is anticipated to grow with a higher CAGR during the forecast period.

Key Findings Of The Study

  • The report provides an extensive analysis of the current and emerging second hand tire market trends and dynamics. 
  • Depending on the type, the tubeless tires segment dominated the second hand tire market, in terms of revenue in 2022 which is the base year for the study, and the same segment is projected to grow at a significant CAGR during the forecast period.
  • By design, the radial segment dominated the second hand tire market share in terms of revenue generated in 2022.
  • By vehicle type, the commercial vehicles segment registered the highest revenue in 2022.
  • Latin America is projected to register the highest growth rate in the coming years.
  • The key players within the second hand tire market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the second hand tire industry.
  • The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
  • In-depth second hand tire market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Second Hand Tire Market by Type (Tube Tire, Tubeless Tire), by Design (Radial, Bias), by Vehicle Type (Two Wheelers, Passenger Cars, Commercial Vehicles, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date May 2024

FMCG Packaging Market

Download Sample
rep-img

Published Date May 2024

Pet Insurance Market

Download Sample
rep-img

Published Date May 2024

Forex Brokers Market

Download Sample

Buy Full Version
"Second Hand Tire Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers