How Has the Tire Retreading Market Size Evolved in Recent Years?
The tire retreading market has seen considerable growth due to a variety of factors.
• Over the past few years, the tire retreading market has demonstrated consistent growth. The market size is expected to increase from $7.67 billion in 2024 to $8.04 billion in 2025, indicating a compound annual growth rate (CAGR) of 4.7%.
This growth during the historical period can be credited to factors such as cost-effectiveness, increasing awareness about environmental sustainability, strict regulations on tire disposal, global economic influences, and an emphasis on maintaining and enhancing fleet efficiency.
What are the Market Size and Expected Growth Rates for the Tire Retreading Market?
The tire retreading market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the tire retreading market is anticipated to experience consistent growth, reaching $9.22 billion in 2029 with a compound annual growth rate (CAGR) of 3.5%.
This growth within the predicted period can be credited to circular economy strategies, an increase in the size of the commercial vehicle fleet, governmental encouragement of eco-friendly practices, worldwide endeavors to cut carbon emissions, and heightened consumer awareness. The forecast period will also see significant trends, such as the enhancement of retreading technology, creation of superior quality retreaded tires, the employment of cold retreading methods, the launch of intelligent retreading solutions, emphasis on quality accreditation and standards, and the adoption of computerized tread design.
Which Key Drivers Are Propelling The Tire Retreading Market's Growth?
The surge in transport and passenger vehicles is predicted to amplify the growth of the tire retreading market in the near future. A transport vehicle is typically one that is built to carry goods or individuals from one location to another, while a passenger vehicle is a motorized conveyance meant to transport no more than 10 people, including the driver. Retread tires offer a cost-efficient solution for passenger car owners as opposed to buying new tires, as they assist in decreasing waste and preserving natural resources. For instance, a report by MarkLines Co. Ltd., a Japanese advertising agency, in September 2023, highlighted that August experienced a 12.7% surge in passenger car sales, hitting a total of 280,223 units sold. This led to a market share of 20.9% in the U.S. The total sales of new cars in the U.S. reached 1.341.169 units in August, reflecting a 2% growth from July 2023 and a 16.2% rise from August 2022. Thus, the escalating number of transport and passenger vehicles is fuelling the tire retreading market's growth. The burgeoning expansion of the logistics sector is anticipated to push the tire retreading market growth further ahead. The logistics sector covers the transportation, storage, and management of items and resources across the supply chain, guaranteeing seamless flow from production to utilization. Tire retreading reduces operational expenses for the logistics sector by lengthening the tire's lifespan, enhancing fuel efficiency, and diminishing environmental impact. For instance, in June 2024, according to a report by Logistics UK, a UK-based trade association, the sector contributed £185 billion ($233 billion) in 2022 which was a steep increase from the 2021 figure of £160.2 billion ($198 billion), indicating a positive economic growth trend. Thus, the thriving logistics sector is stimulating the growth of the tire retreading market.
What Are The Key Segments Within The Global Tire Retreading Market?
The tire retreading market covered in this report is segmented –
1) By Type: Pre Cure, Mold Cure
2) By Vehicle Type: Heavy Trucks and Buses, Light Commercial Vehicle, Off-Road Vehicles, Passenger Cars
3) By End Users: Automobile, Heavy Machinery
Subsegments:
1) By Pre Cure: Pre-Cured Tread Strips, Pre-cure Retreading Process
2) By Mold Cure: Mold-cured Treads, Mold Retreading Process
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How Are New Trends Impacting The Size Of The Tire Retreading Market?
Leading entities in the tire retreading industry are innovating new items such as multi-life tyres that enhance grip and longevity. These multi-life tyres, which are retreaded for a variety of uses, advocate for sustainability by diminishing waste and resource consumption while guaranteeing performance and security. For example, Black Star, a US retread tire company, in April 2023, introduced a new retreaded tyre named Leonard. This groundbreaking tyre, designed as a multi-life product, can be used for numerous cycles, substantially lowering its environmental footprint. It boasts the industry's smallest carbon footprint, with a remarkable 80% reduction in material use and up to 60% decrease in CO2 emissions during manufacturing. The Leonard tyre delivers superior traction, increased durability, and improved safety, all while retaining minimal rolling resistance for improved fuel efficiency and reduced emissions. It is available in various profiles appropriate for different vehicles like passenger cars, SUVs, and commercial vehicles, effectively meeting diverse driving requirements.
Who Are the Key Players In The Tire Retreading Market?
Major companies operating in the tire retreading market report are:
• Bridgestone Corp.
• Michelin SCA
• Goodyear Tire and Rubber Co.
• Yokohama Rubber Co
• Hankook Tire & Technology Co. Ltd.
• Apollo Tyres Limited
• Giti Tire Pte. Ltd.
• MRF Ltd.
• Southern Tire Mart LLC
• Nokian Tyres PLC
• JK Tyre & Industries Ltd.
• CEAT Limited
• Pomp's Tire Service Inc.
• Marangoni S.p.A
• Kraiburg Austria Gmbh & Co.Kg
• BestDrive LLC
• Oliver Rubber Company
• Parrish Tire Company
• Rosler Tyre Innovators Pty Ltd.
• Valley Tire Company
• Redburn Tire Company
• TreadWright Tires L.L.C.
• Tolins Tyres Pvt. Ltd.
• Easters Treads Limited
• Dale’s Tire & Retreading Inc.
• Pilipinas Kai Rubber Corporation
What Are The Regional Insights Into The Tire Retreading Market?
Asia-Pacific was the largest region in the tire retreading market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tire retreading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
