Automotive Retread Tires Market Research Report Industry Forecast till 2030, By Process Type (Pre-cure and Mold-cure) Sales Channel (OEM, and aftermarket), Vehicle Type (passenger cars, light commercial vehicles, and heavy commercial vehicles), and By Reg

Automotive Retread Tires Market Research Report Industry Forecast till 2030, By Process Type (Pre-cure and Mold-cure) Sales Channel (OEM, and aftermarket), Vehicle Type (passenger cars, light commercial vehicles, and heavy commercial vehicles), and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South & Central America)

The Automotive Retread Tires Market was valued at USD 7810.6 million in 2023. The automotive retread tire industry is expected to develop at a compound annual growth rate (CAGR) of 3.74% over the forecast period. The Automotive Retread Tires Market is continually developing because of rising global demand for automobiles and increased government backing through rules and regulations. Furthermore, increased research and development capabilities among leading industry players are expected to fuel the region's market during the projection year. Because of government rules and regulations requiring tire sustainability, the tire industry is making tremendous efforts to produce tires in a greener and more sustainable manner while reducing CO2 emissions.

The tire contributes significantly to the fleet's running costs. Tire costs account for one-third of fleet operators' annual expenditures. Retreaded tires are approximately 40% more cost-effective than new tires, providing a substantial advantage in terms of operational efficiency. Furthermore, one of the key elements contributing to cheap retread costs is reduced rubber consumption, which reduces reliance on raw materials for retread tire manufacture. As a result of multiple recycling, the lifecycle of tires rises while the cost decreases dramatically.

Market Segment Insights

Pre-cure and Mold-cure are the procedure types used to separate Automotive Retread Tires.

The sales channel divides the division into OEM and aftermarket.

The OEM segment's procedures include the production, procurement, and installation of car retread tires.

The Automotive Retread Tires market research segmentation is based on vehicle type: passenger cars, light commercial vehicles, and heavy commercial vehicles.

Regional Insights

Asia Pacific accounted for the greatest share of revenue in 2022 and is predicted to maintain its lead in terms of CAGR in the coming years due to the massive development of the automotive sector in countries such as China, India, and Japan.

Furthermore, India's automotive industry is well-positioned in terms of GDP contribution, thanks to sustained rise in passenger car demand. India is a major vehicle exporter in Asia-Pacific, thanks to its high production rate, low labor costs, improving ease-of-doing business rating, status as a developing economy, and globally acknowledged engineering talents. Furthermore, rising knowledge of the use of retreaded tires, as well as a movement in consumer preference toward cost-effective solutions, are projected to promote automobile tire adoption during the projection period.

The need for automobile retread tires in construction and industrial equipment trucks is projected to boost the North American market. Furthermore, the consistently expanding demand for high-performance industrial-grade tires, particularly in the replacement market, is likely to provide profitable prospects for the automotive retread tire market over the forecast period. Offroading and rally racing are popular activities in this region. Europe has one of the world's major vehicle retread tire markets. The existence of key global automobile tire producers such as Michelin, Continental AG, and Pirelli & C. SpA. is driving the market. These companies offer low-cost, technologically advanced vehicle tires in order to increase their market share, hence contributing to the region's increased use of such tires. The Middle East and Africa region comprises countries like the UAE, Saudi Arabia, Israel, and South Africa, among others. The ongoing increase in automobile sales can be ascribed to high GDP and rising per capita disposable incomes. Countries in South America include Brazil, Argentina, Chile, Peru, and Venezuela. Governments across the region are developing legislation and programs to increase vehicle efficiency in order to boost regional mining and construction operations.

Major Players

Bridgestone, Michelin, The Goodyear Tire & Rubber Company, Marangoni S.p.A., Nokian Tyre, MRF Tyre, Kraiburg Austria Gmbh & Co. KG, Jk Tyre, Continental AG, and Pirelli & C. S.p.A. are the market's leading participants.