Tire Retreading Market Set to Reach $9.22 Billion by 2029 with 3.5% Yearly Growth

What industry-specific factors are fueling the growth of the tire retreading market?
The anticipated increase in transport and passenger vehicles is set to stimulate the expansion of the tire retreading market. Transport vehicles, designed for the purpose of transporting goods or individuals from one location to another, and passenger vehicles, referring to engine-driven vehicles meant to accommodate not more than 10 people including the driver, contribute to this surge. One reason why a large number of passenger car owners prefer retread tires is their cost-effectiveness. By opting for these instead of new tires, they not only save money but also contribute to waste reduction and resource conservation. As highlighted in a MarkLines Co. Ltd report published in September 2023, August's passenger car sales rose by 12.7% amounting to 280,223 units, thereby occupying a market share of 20.9% in the U.S. New car sales in the U.S. reached the figure of 1.341.169 units in August, indicating a 2.0% rise from July 2023 and a 16.2% surge from August 2022. Subsequently, the surge in transport and passenger vehicles has a beneficial impact on the tire retreading market growth. The accelerating expansion of the logistics sector is poised to further contribute to the growth of the tire retreading market. This sector involves the transport, storage, and management of goods and materials throughout the supply chain to guarantee their efficient flow from production to end-use. The use of retreaded tires in this sector aids in decreasing operational expenditures by increasing tire longevity, enhancing fuel efficiency, and lessening the environmental footprint. As per a report by Logistics UK, a UK-based trade association, in June 2024, the logistics industry's GVA contribution of £185 billion ($233 billion) in 2022 represented a considerable boost from £160.2 billion ($198 billion) in 2021, indicating a promising economic growth trajectory. The burgeoning growth of the logistics sector, therefore, propels the tire retreading market's expansion.

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What Is the projected market size and growth rate for the tire retreading market?
In recent years, there has been a steady expansion in the size of the tire retreading market, and it is predicted to increase from $7.67 billion in 2024 to $8.04 billion in 2025, with a compound annual growth rate (CAGR) of 4.7%. The upward trend during the historic period can be credited to cost-saving measures and economic advantages, heightened awareness around environmental sustainability, strict regulations surrounding tire disposal, broader global economic influences, and an emphasis on maintaining and enhancing fleet efficiency.

The market size of tire retreading is projected to witness consistent growth in the coming years, with an expected valuation of $9.22 billion by 2029, growing at a compound annual growth rate (CAGR) of 3.5%. The factors contributing to this growth during the forecast period include circular economy strategies, expansion in the commercial vehicle fleet, sustainable practices incentivized by the government, worldwide efforts to lower carbon emissions, and greater consumer consciousness. Key trends noted within the predicted period involve developments in retreading technology, creation of advanced performance retreaded tires, application of cold retreading methods, the launch of intelligent retreading solutions, emphasis on quality accreditations and norms, and the implementation of computerized tread design.

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What new trends are reshaping the tire retreading market and its opportunities?
Key players in the tire retreading market, such as Black Star, are innovating by creating products like multi-life tyres. These tyres are designed to maximise sustainability by reducing waste and conserving resources. They deliver superior performance and safety, along with the added benefits of enhanced grip and longevity. The US based retread tyre company, Black Star, introduced a new multi-life retreaded tyre, Leonard, in April 2023. The Leonard tyre is designed to last through multiple lifecycles, which significantly lessens its environmental effect. It boasts the smallest carbon footprint in the sector, with an astonishing 80% decrease in material usage and up to 60% fewer CO2 emissions during the manufacturing process. The Leonard tyre excels in grip, durability, and safety, while also providing low rolling resistance for improved fuel economy and reduced emissions. The tyre is available in various profiles, allowing it to cater to a range of vehicles like passenger cars, SUVs, and commercial vehicles, while tackling a variety of driving situations.

What major market segments define the scope and growth of the tire retreading market?
The tire retreading market covered in this report is segmented -

1) By Type: Pre Cure, Mold Cure
2) By Vehicle Type: Heavy Trucks and Buses, Light Commercial Vehicle, Off-Road Vehicles, Passenger Cars
3) By End Users: Automobile, Heavy Machinery

Subsegments:
1) By Pre Cure: Pre-Cured Tread Strips, Pre-cure Retreading Process
2) By Mold Cure: Mold-cured Treads, Mold Retreading Process

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Asia-Pacific was the largest region in the tire retreading market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tire retreading market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the tire retreading industry growth?
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

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What Is Covered In The Tire Retreading Global Market Report?

•Market Size Forecast: Examine the tire retreading market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the tire retreading market for a structured understanding.
•Key Players Overview: Analyze major players in the tire retreading market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tire retreading market.
•Segment Contributions: Evaluate how different segments drive overall growth in the tire retreading market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tire retreading market.
•Industry Challenges: Identify potential risks and obstacles affecting the tire retreading market.
•Competitive Landscape: Review strategic developments in the tire retreading market, including expansions, agreements, and new product launches.

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