Insights into Tire Retreading Market: Global Trends and Analysis by TBRC

The tire retreading market size has grown steadily in recent years. It will grow from $7.32 billion in 2023 to $7.67 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to cost savings and economic benefits, environmental sustainability awareness, stringent tire disposal regulations, global economic factors, focus on fleet maintenance and efficiency.

The tire retreading market size is expected to see steady growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to circular economy initiatives, increased commercial vehicle fleet size, government incentives for sustainable practices, global efforts to reduce carbon emissions, increased consumer awareness. Major trends in the forecast period include advancements in retreading technology, development of high-performance retreaded tires, utilization of cold retreading techniques, introduction of smart retreading solutions, focus on quality certification and standards, adoption of computerized tread design..

Market Overview -
Tire retreading refers to a re-manufacturing process that adds fresh tread to used tires in order to extend their lifespan. Tire retreading is done to offer fleet owners and other vehicle operators a reliable, affordable, and ecologically friendly method for managing tire replacement costs and lowering their environmental impact.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=13545&type=smp

The Tire Retreading Market's Acceleration with Growing Transport and Passenger Vehicles
The growing number of transport and passenger vehicles is expected to boost the growth of the tire retreading market going forward. A transport vehicle refers to a type of vehicle that is designed to transport goods or people from one place to another and a passenger vehicle refers to a motor vehicle with motive power designed to carry not more than 10 persons including the driver. Retread tires are a cost-effective alternative to purchasing new tires for passenger car owners, as they help to reduce waste and conserve natural resources. For instance, in September 2023, according to a report published by MarkLines Co. Ltd., a Japan-based advertising agency company, the month of August saw a 12.7% increase in passenger car sales, with a total of 280,223 units sold, resulting in a market share of 20.9% in U.S. Sales of new cars in the US totaled 1.341.169 units in August, which was a 2.0% increase from July 2023 and a 16.2% increase from August 2022. Therefore, the growing number of transport and passenger vehicles is driving the growth of the tire retreading market.

Competitive Landscape -
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

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.