Global Market: Introduction
Tires that are repaired and retreaded with the help of suitable tread compounds to receive suitable mileage are known as retread tires. Tires gradually wear down due to road travel.
The low cost of retreaded tires is one of the key factors uplifting the retread tire market growth. This growth is further being boosted by the robust growth of the transportation sector. Moreover, tire retreading is an eco-friendly solution and hence, it is being supported by various regulating bodies.
Additionally, continuous growth in vehicle parc is another factor which will upsurge replacement requirements for tires. Large fleet owners prefer tire remolding to ensure cost effectiveness. All of these factors will positively affect the growth of the global retread tire market.
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Global Retread Tire Market: Regional Outlook
In terms of demand, Asia Pacific is expected to account for highest sales in the global retread tire market during the projected period. This is mainly due to the robustly increasing vehicle sales in the region and growing vehicle parc. China, India and ASEAN are expected to hold major stakes in the overall retread tire market.
Moreover, North America is anticipated to be the next big market after Asia Pacific in the global retreat tire market due the favorable regulatory environment and enhanced adoption of retread tires, which will build new growth verticals in this region.
The North America market is expected to experience high demand for retread tires due to growth in commercial aircrafts. Furthermore, Europe is anticipated to be next big market followed by North America in the global retreated tire market
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Global Retread Tire Market: Market Participants
Names of some of the manufacturers engaged in the manufacturing of retread tires in the global retread tire market are:
- Bridgestone Corp.
- Compagnie Generale des Etablissements Michelin SCA
- Valley Tire Company
- Parrish Tire Company
- REDBURN TIRE COMPANY
- Oliver Rubber Company
- The Goodyear Tire and Rubber Co.
- Marangoni S.p.A
- Michelin North America Inc.
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