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Retread Tire Market by Rim Size (13-15, 16-18, 19-21, and >21 inches), Aspect Ratio (<60, 60-70, and >70), and Section Width (<200, 200-230, and >230 mm), and Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12263
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Sep 2021 | 64 Views
   
Author(s) : Sonia Mutreja
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COVID-19

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Retread Tire Market Outlook 2021-2030 -

Retread is a re-manufacturing process for tires that replace the tread on worn tires. Retreading is applied to casings of consumed tires that have been inspected and repaired. There are two main processes used for retreading tires, called Mold Cure and Pre Cure. Compared with new tires, the cost-effectiveness of retreaded tires has led to accelerated sales. In addition, retreaded tires are environmentally friendly, which contributes to the overall expansion of the market, as consumers are more likely to show a preference for sustainable solutions. Subsequently, more and more manufacturers began to use retreaded tires in commercial and heavy vehicles. The expansion of the logistics industry and the rising demand for freight have created a favorable environment for the sales of retreaded tires. As a result of the increased wear and tear on tires, the demand for retread of tire has increased. Fleet operators are looking at opportunities to save costs while maintaining a sustainable and safe vehicle fleet. Fleet owners have sought to tackle this problem is the use of retread tires, which many are finding to be beneficial. Retread tire quality also has improved significantly in recent years as a result of the introduction of advanced technology. Besides this, increasing awareness among consumers about the type of tire, coupled with rising average sale prices of new tires, will push the demand in the market over the forecast period.

Market scope and structure analysis:

Report Metric

Details

 Market size available for years

 2020–2030

 Base year considered

 2020

 Forecast period

 2021–2030

 Forecast units

 Value (USD)

 Segments covered

 Rim Size, Aspect Ratio, Section Width, Vehicle Type and Region

 Regions covered

North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa)

 Companies covered

Bridgestone Corporation, Compagnie Gnrale des tablissements Michelin SCA, Continental AG, Goodyear Tire and Rubber Co., Pirelli & C. SpA, Alliance Tire Group, Apollo Tires Ltd., Cooper Tire and Rubber Co., Hangzhou Zhongce Rubber Co. Ltd, and Hankook Tire Co.

 

COVID-19 Impact analysis

The COVID-19 pandemic has severely impacted the global economy at numerous stages and the effect is seen on vehicle industry as well. COVID-19 has created an indirect impact on the automotive retread tire manufacturing companies resulting in production shut down. The global automobile sector has faced the severe challenges during the COVID-19 pandemic as the production houses got closed, inventories started overflowing, and the demand completely subsided which impact the sales of retread tires market. Services across the globe have halted due to the ban on transportation. Airlines and ships stopped operating in many countries, which made cargo transportation impossible. This is estimated to result in huge losses to manufacturers. Automobiles makers, consumer electronics, and pharmaceuticals in various countries rely on China and other developed countries for the supply of several raw materials. However, due to the pandemic, this got severely affected. The supply chain has been broken due to lockdown and the demand has completely subsided, which are estimated to take a very long time to revive.

Top Impacting Factors

  • The rising demand for cost effective & economical tires, growing logistics market, and rising demand for retread tire in light commercial vehicle are driving the growth of the market.
  • Less reliability is expected to hamper the growth of the market.
  • Environment friendly, and technological development can be seen as an opportunity for the market investments.

The retread tire market trends are as follows:

Rising demand for retread tire in light commercial vehicle

Retreading of tires has always been a popular concept with heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles have been noticed. In a light-duty car, the manufacture of a single tire consumes an average of 26 liters of oil, while retreading the same tire consumes only 9 liters of oil, which accounts for almost 34% of the new manufacturing process. On the other hand, according to the Retread Tire Association, for a large SUV, the cost of a new set of four tires is about $1,000. Almost 50% of the cost is saved by adopting retreading for light-duty vehicles. Various tire manufacturing companies are launching retread tire, for instance, Michelin launched two new pre-mold retreads to expand its lineup of tire retread technologies.  This retread offers fuel savings through its innovative compound tread for a lower total cost of ownership. Also, Goodyear tire & rubber company and cooper tire & rubber company stated that they have entered a definitive transaction agreement to increases scale to support investments in New Mobility and Fleet Solutions. Thus, retreading suppliers are now focusing on light-duty vehicle along with certain tire manufacturers entering into the retreading business, such as The Goodyear Tire & Rubber Company for light commercial vehicles. Thus rising demand for retread tire in light commercial vehicle will drive the demand for retread tire market.

Key segments covered:

Segments

Sub-segments

 Rim Size

  • 13-15
  • 16-18
  • 19-21
  • >21 inches

 Aspect Ratio

  • <60
  • 60-70
  • >70

 Section Width

  • 200
  • 200-230
  • >230 mm

 Vehicle Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

 Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa


Key benefits of the report:

  • This study presents the analytical depiction of the retread tire market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the retread tire market.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the retread tire market growth scenario.
  • The report provides a detailed retread tire market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the retread tire market research report:

  • Which are the leading market players active in the retread tire market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the retread tire market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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