Increasing focus on low budget and sustainable tires for commercial vehicle to boost the retread tire market

DUBAI, UAE / ACCESSWIRE / April 14, 2021 / Increasing demand from the fleet operators and focus on cost-effectiveness are driving the retread tire market, opines ESOMAR- certified consulting firm, Future Market Insights. Increasing demand from the motorsport industry and expansion of logistic industry have been accelerating sales. The demand is rising among fleet operators as they aim for cost-saving and offering greater sustainability.

The demand will continue rising in response to the increasing production of light and heavy commercial vehicles. Growing environmental and budget concerns have been encouraging both commercial and government fleet owners to opt for retreading tires. Quality improvement and introduction of advanced technology are other factors pushing the retread tires sales through 2021 and beyond.

Driven by aforementioned factors, the retread tire market is forecast to reach a valuation of US$ 8.8 Bn in 2021.

'Increasing automobile ownership and demand from commercial vehicles will result in higher sales of retread tires' remarks the FMI analyst.

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Key Takeaways

• Heavy commercial vehicle (HCV) to retain the crown through 2021 and beyond
• Cost-effectiveness to improve sales for pre-cure retreading process
• Independent service providers to remain the most preferred one than OEMs
• US government is leaning towards maintaining sustainable environment enabling the HCV demand, bolstering market growth
• Rising demand for passenger and light commercial vehicle to drive growth in Germany
• India expected to be the most lucrative market in South Asia
• Favorable policies for the use of rubber tire to create growth opportunities in China

Prominent Drivers

• Cost-effectiveness of retread tires in comparison to other varieties to accelerate the sales
• Increased production of light and heavy commercial vehicle to boost the demand

Key Restraints

• Preference for budget tires over retread tires due to the low budget is likely to restrain the market

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Competitive Landscape

Leading market players operating in the retread tire industry profiled by Future Market Insights includes Michelin, Bridgestone, The Goodyear Tire & Rubber Company, Continental AG, MRF, YOKOHAMA Rubber Company, Rosler Tech innovators, Carloni Tires, and JK TYRES among others. According to FMI study, with the market being highly competitive, strategic collaboration and acquisition is the focus area for the players to expand their regional footprints in the global industry.

In 2021, GALGO, announced a new independent dealer for the retread facility RIMAY, with a highly trained staff to provide over 12,000 high-quality retreads a year.

In August 2020, Bridgestone Americas announced a restart of commercial tire and diversified product operations in North America. The company start-ups plans are expected to reflect the performance trend in several areas of its commercial products.

More Insights on FMI's Retread Tire Market

Future Market Insights presents a detailed segmentation on global retread tire market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and challenges, the market is segmented on the basis of vehicle (passenger cars, LCV, HCV, and off-road vehicle), process (pre-cure and mold cure), sales channel (OEM and Independent service provider), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE: Future Market Insights