A study by Future Market Insights has estimated the value of the global retread tire sales market at approximately US$8.8bn in 2021, highlighting an increase in average miles driven and growing vehicles parc as driving the tire aftermarket and, subsequently, fueling the demand for retreading tires.
The Retread Tire Market report details that, despite negative perceptions around retread tires, they remain a popular category within the automotive aftermarket.
According to the findings, increasing automobile ownership will remain a chief driver for the retread market. Besides this, the demand for heavy commercial vehicles is expected to rise in response to the expansion of various industries, which will also continue to support the growth of the retread sector.
Commercial vehicles often encompass applications in construction and mining. The logistics sector also creates a high demand for commercial vehicles. With some companies experiencing limited feasibility for frequently replacing older vehicles with new – and with increasing focus on capping the environmental impact of vehicle waste and saving resources – an increasing number of industries are opting for aftermarket services.
This increased focus on maintaining commercial vehicles for a longer period of time will, according to the Future Markets team, boost retread tires sales. The report has predicted the heavy commercial vehicles to account for over 44% of sales registered in the market.
Other key predictions for the study include:
- After registering considerable drop in sales during Covid-19, the retread tire market will recover, exhibiting 4.7% CAGR between 2021 and 2031.
- The USA is expected to account for over 78% of retread tires sales in North America, thanks to rising demand for HCVs across various industries.
- With vehicle sales picking up, the UK retread tire market will register 3.4% year-on-year growth in 2021.
- Increasing vehicle production will continue to support retread tire market growth in Germany and France.
- Favorable policies aimed at reducing automotive waste to support expansion in China.
For more details of the report, visit the publisher’s site here https://www.futuremarketinsights.com/reports/tire-retreading-market
