Global Automotive Retread Tires Market is expected to witness significant growth during the forecast period
Market Research Future published a Half Cooked Research Report Global Automotive Retread Tires Market that contains the information from 2018 to 2023. The global automotive retread tires market is expected to progress with the CAGR of ~5% from 2018 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Retread Tires Market Information from 2018 to 2023”
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Key Players:
The prominent players in the global automotive retread tires market include Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (US), Michelin (France), Marangoni S.p.A. (Italy), and Nokian Tyres plc (Finland). MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), JK Tyres (India), Pilipinas Kai Rubber Corporation (Philippines), and Eastern Treads (India) are among others.
The automotive retread tires are made by the remanufacturing of the old and worn out tires. The retreading process inspected and then applied to the casing of spent tires. The automotive retread tires is an environment-friendly solution and getting backing from various government regulatory bodies to spread awareness regarding retread tires. The retread tires preserve the cost and increase better road stability for the consumers.
Growing demand for low-cost tires in commercial vehicles and growing concern regarding vehicle emissions are expected to influence the sales for the automotive retread tires in the global market. The continuous increase in the consumption of vehicle in all regions will significantly influence the demand for tires. The increased demand for tires will the concern for the government regulatory bodies, as it will increase the greenhouse gas emissions from vehicles. Retread tires lowers the use of raw materials and also reduced the use of oil in the vehicles. The U.S. Environmental Protection Agency estimated that using retread tires can save 70% of oil in the vehicle compared to new tires. This also significantly reduce the greenhouse gas emissions from vehicles. Bridgestone Corporation and the Goodyear tire manufacturing company investing heavily in inspection and development of old tires. However, consumer safety is the major concern for the manufacturers and customer satisfaction will hamper the growth of the market.
The global automotive retread tires market is estimated to witness ~5% CAGR during the period from 2018 to 2023.
Segmentation:
Global automotive retread tires market is segmented on the basis of process type, sales channel, vehicle type, and region. On the basis of process type, the market has been segmented into pre-cure and mold cure. Pre-cure is expected to hold the highest market share in the base year and during the forecast period. Pre-cure is cost-effective process to produce retread tires of different sizes and treads. On the basis of sales channel, the market has been segmented into OEM and aftermarket. OEM will hold the highest market share in terms of value and volume. Better safety and guaranteed product will enhance the market share for OEM. On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. Heavy commercial vehicle is expected for the highest market share in terms of market revenue share. The growing need for low cost effective tire around the globe will enhance the growth for automotive retread tires in the global market.
Report Overview:
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global Automotive Retread Tires market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
