Automotive Retread Tires Market Snapshot
Global automotive retread tires market has seen remarkable growth; expected to rise at a CAGR of ~5%. Increasing demand for tires from fleet owners is the major driving factor for the growth of the global automotive retread tires market. According to OICA, there is a continuous increase in the consumption of tires in the passenger car and especially in heavy commercial vehicles, which increase the need for retread tires in the vehicles. Stringent government norms and increased environmental concern will enhance the demand for retread tires among the manufacturers and consumers. High-cost benefits from the retreading of old and worn out tires will open up new opportunities for the new manufacturers in the global market. According to tire manufacturers, the retreading of old tires will save at least 30% of the overall cost compared to new tires and further positively impact the environment. Bridgestone Corporation and the Goodyear tire manufacturing company investing heavily in inspection and development of old tires. However, according to US National Highway Traffic Safety Administration (NHTSA) identifies the consumer behavior about the using of retread tires
The prominent players in the Automotive Retread Tires Market are-
Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), and Nokian Tyres plc (Finland). MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), JK Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), and Eastern Treads (India) are among others.
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Automotive Retread Tires Market Segmentation:
Global automotive retread tires market is segmented on the basis of process type, sales channel, vehicle type, and region. On the basis of process type, the market has been segmented into pre cure and mold cure. On the basis of sales channel, the market has been segmented into OEM and aftermarket. On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
Scope of Report:
The report for Global Automotive Retread Tires Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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