Global Retread Tires Market revenue driven by auto industry growth and increasing awareness
Latest report projects market growth at close to five percent over next decade
Future Market Insights has released their Retreat Tires Market report. According to the firm, the long-term outlook of the global retread tires market remains positive and the market value is expected to increase at a CAGR of 4.6% during the forecast period (2018 - 2028). Among the end use segments of the retread tires market, the heavy commercial vehicles segment is expected to expand with a significant CAGR in terms of value as well as volume over the forecast period. The global sales of retread tires are estimated to be valued at US$ 8,684.9 Mn by the end of 2018.
The China retread tires market is estimated to account for a value share of 29.6% in the global retread tires market by 2018 end and is anticipated to retain its dominance throughout the forecast period. In this report, Report throws light on the drivers and restraints likely to impact revenue growth of the retread tires market during this period.
Increasing Automotive Production and Vehicle Parc to Drive Market Revenue Growth
Sales of retread tires is directly related to their region (vehicle parc in Europe) and vehicle production. Despite unstable economic conditions in the market in the recent past, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase with a modest CAGR of 3%-3.5% during the forecast period. Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This can mainly be attributed to increasing urbanisation and stable economic conditions in these regions. During the forecast period, the fleet on road is also expected to rise with a modest CAGR, thereby providing marginal opportunities for the growth of the retread tires market over the forecast period.
Global Retread Tires Market: Segmentation Analysis
The global retread tires market can be segmented on the basis of vehicle type into passenger car, light commercial vehicle, heavy commercial vehicle and off road vehicle. On the basis of vehicle type, the heavy commercial vehicle segment is anticipated to continue to dominate the global market in terms of value over the forecast period. The demand for retread tires in heavy commercial vehicles is estimated to grow at a relatively high CAGR as compared to other vehicle types over the forecast period. This segment is expected to represent a total incremental opportunity of US$ 2,228.1 Mn between 2018 and 2028.
Global Retread Tires Market: Regional Market Projections
The China retread tires market is expected to represent a significantly high incremental opportunity between 2018 and 2028, while the South East Asia & Pacific retread tires market is projected to expand at a significant CAGR in terms of volume over the forecast period. Sales of retread tires in South East Asia & Pacific is expected to represent a total incremental opportunity of US$ 469.6 Mn between 2018 and 2028.
Global Retread Tires Market: Vendor Landscape
This new report highlights some of the top companies operating in the global retread tires market such as Bridgestone Corporation, The Goodyear Tire & Rubber Company, Marangoni S.p.A., MICHELIN, MRF Tyres JK Tyres, Easters Treads, Nokian Tyres plc, Kraiburg Austria Gmbh & Co.Kg, Pilipinas Kai Rubber Corporation.