Continuously growing demand for cost-effective tires and the popularity of retreading in OTR vehicles is anticipated to drive the global retread tire market through 2026.
According to TechSci Research report, “Global Retread Tire Market By Vehicle Type (Commercial Vehicle, Passenger Car & OTR Vehicle), By Retread Process (Cold Process & Hot Process), By Region (Asia Pacific, North America, South America & Others), Competition, Forecast & Opportunities, 2026”, global retread tire market is estimated to reach USD12.43 billion by 2026. One of the main benefits of retreaded tires is the cost benefit that they offer and hence fleet operators that choose retread tires save their company a huge amount of money. The retreaded tires are available at approximately half the price of new tires, which provides the buyer a huge cost benefit. Moreover, almost 7 gallons of oil is required to produce retreaded tires, while approximately 22 gallons of oil is required to produce new tires. Hence with growing environmental concerns, consumers are preferring retreaded tires while replacing or retrofitting them. Therefore, these factors are expected to propel the market with a robust growth rate in the forecast period as well.
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Global retread tire market can be segmented based on vehicle type, by retread process, by company and by region. On the basis of vehicle type, the market is segmented into commercial vehicles, off-the-road vehicles and passenger cars. As of 2020, the market is dominated by the commercial vehicles segment. Tires used in commercial vehicles especially medium and heavy commercial vehicles (M&HCV) have a shorter shelf life due to higher traction coupled with greater load carriage. This generates the need to replace the tires more often than passenger cars and off-the-road vehicles, which in turn adds up the operating cost of the vehicles. Thus, commercial fleet owners prefer to opt for retread tires as it is less expensive than replacing them with new tires, to save cost. In terms of retread process, the market is segmented into cold process and hot process, and the market is majorly constituted by cold process as this process of retreading tire requires less investment as it does not require expensive molds, needs smaller production units, and involves lower follow-up cost. Among region, the market is divided amongst Asia Pacific, South America, North America, Europe, and Middle East & Africa. Most of the tire retreading is performed in the region of Asia Pacific, owing to the presence of many commercial and off-the-road vehicle fleet and rapidly growing construction and infrastructural activities, the demand for commercial and off-the-road vehicles is increasing continuously. Moreover, due to retread tires being inexpensive, fleet owners prefer retread tires instead of new ones which is driving the market enormously and is anticipated to witness the same trend in the forecast period as well.
Vipal Borrachas S.A., Marangoni S.p.A., Bridgestone Americas Tire Operations, LLC. (Bandag), Michelin, Goodyear Tire & Rubber Company, Midas Mileage, MRF, Indag Rubber, etc. among others are some of the leading players operating in the global retread tire market. Apart from these globally known companies, many unorganized players are also increasing their footprint in the global retread tire market by pushing their low-cost products blended with ease of availability.
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“With the ease of availability of raw material, better economic affordability for manufacturing tires along with growing vehicle fleet, backed by an increase of commercial vehicle fleet size and growth of tire retreading traders, the demand for retread tires is expected to grow at a robust pace in the global retread tire market. Also, increasing demand for commercial vehicles, as well as construction and mining equipment across the globe, is pushing the demand for respective tires globally. Moreover, due to the growing prices of new tires, commercial vehicle fleet owners and mining and construction contractors are increasingly opting for retread tires and hence the market is further expected to back the growth of the global retread tire market in the future years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Retread Tire Market By Vehicle Type (Commercial Vehicle, Passenger Car & OTR Vehicle), By Retread Process (Cold Process & Hot Process), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global retread tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global retread tire market.
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