Tire Retreading Market to Witness Robust Expansion by 2025-Bridgestone Corporation, Goodyear Tire and Rubber Company, Marangoni S.p.A

Tire Retreading Market by Component, Application, Services, and Region- Forecast to 2025

The Global Tire Retreading Market Research Report 2021-2025 published by MarketInsightsReports is a significant source of keen information for business specialists. It furnishes the Tire Retreading business outline with development investigation and historical and futuristic cost analysis, income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the Tire Retreading worth chain and its wholesaler examination. Tire Retreading Market study gives extensive information which upgrades the agreement, degree, and use of this report.

The Tire Retreading Market is projected to grow with a CAGR of more than 5 % during the forecast period.

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Top Leading Companies of Tire Retreading Market are Bridgestone Corporation, Goodyear Tire and Rubber Company, Marangoni S.p.A., Michelin SCA, Oliver Rubber Company, Valley Tire Company, Parrish Tire Company, TreadWright, Redburn Tire Company, and others.

-Industry News And Updates on Tire Retreading Market-

Asia-Pacific Continues to be the Largest Market

The region has major developing economies in the world China and India, where the income level of the people is rising which is allowing people to purchase cars and due to the growing industrial and logistics activities in the region the sales of commercial vehicles are also on a rise.

The growing e-commerce sector in the region is also boosting the commercial vehicles demand. The government in the region is also encouraging vehicle owners to use retreaded tires by providing lower tax bracket for the product.

-Key Market Trends Tire Retreading Market-

Commercial Vehicles Segment Captures Largest Market Share

Commercial vehicle segment captures the largest market share for tire retreading market. The demand is fueled by the commercial vehicles sales globally which increased with a rate of around 4% during the last 5 years. The demand is rising due to the increase in industrial and logistics activities around the world.

The truck fleet operators are adopting retreaded tires because of the financial benefit it provides them. More than 70% of commercial trucking fleets retread their tires at least one time. As a retread is approximately 1/3 to 1/2 the cost of a new tire, it is a very good option for the fleet operator to save cost. Following a good tire maintenance program, worn tires can be retreaded up to four or five times but normally end users are retreading a tire at least twice.

-Competitive Landscape On Tire Retreading Market-

The Tire Retreading Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in the Tire Retreading Market are Bridgestone corp, valley tire, Treadwirght, Goodyear and others. The major players in the country are entering into different geographies to capture considerable market share.

For instance, in October 2019, Kal Tire opened retreading and repair facility in Mexico. The location is strategically located as 30% of Mexico's mines are in the state of Sonora. This marks the sixth OTR retreading and repair facility for Kal Tire, with the other facilities located in Canada, the UK, West Africa and Chile.

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