Market Size of Tire Retreading Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.44 Billion |
| Market Size (2029) | USD 6.41 Billion |
| CAGR (2024 - 2029) | 3.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tire Retreading Market Analysis
The Tire Retreading Market size is estimated at USD 5.44 billion in 2024, and is expected to reach USD 6.41 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
The global automotive industry witnessed a hit for the year 2020 due to COVID-19 pandemic-associated lockdown. During the lockdown situation, manufacturing activities, including tire retreading activities, were halted for several weeks in the first half of 2020. This, in turn, hampered the growth of the market. However, the automotive industry witnessed significant growth in terms of production in 2022, which in turn is likely to witness major growth for the market during the forecast period.
Over the medium term, The tire retreading market is anticipated to be primarily driven by rising prices of new tires, especially for sports utility vehicle tires, primarily attributed to rising natural rubber costs and fluctuating crude oil prices. The increase in the number of commercial vehicles in operation across the world is anticipated to remain a major driving factor for the market\
Tire manufacturers have also expressed keen interest in exploring new opportunities and market demand for retreading the tires, owing to the increased inclination toward this technology. Major tire manufacturers have also begun research into this technology with a vision to cater to this market. For instance,
The tire retreading market is anticipated to be driven by the eco-friendly nature of retreaded tires and lower cost when compared to new tires. Retreading is highly environment-friendly. When the existing tires are made ready for further use, the manufacturers save landfill space. Also, it reduces carbon dioxide emission and saves millions of gallons of oil which is required to manufacture new tires.
Tire Retreading Industry Segmentation
Tire retreading is a remanufacturing process to replace the worn tread on used tires with new treads to help extend the life of the tire.
The tire retreading market is segmented into vehicle type, production process, and geography. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By production method, the market is segmented into pre-cure and mold cure. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, the market sizing and forecasts have been done based on the value (USD).
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| Passenger Cars | |
| Commercial Vehicles |
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| Pre-cure | |
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Tire Retreading Market Size Summary
The tire retreading market is poised for growth, driven by the increasing costs of new tires and the eco-friendly benefits of retreading. As the automotive industry rebounds from the impacts of the COVID-19 pandemic, the demand for retreaded tires is expected to rise, particularly in the commercial vehicle sector. The market is supported by the growing number of commercial vehicles worldwide and the interest from major tire manufacturers in exploring retreading technologies. This interest is further bolstered by the environmental advantages of retreading, such as reduced landfill use and lower carbon emissions, as well as the significant cost savings compared to new tire production.
In regions like China, India, and Japan, the expanding automotive industry and economic growth are contributing to the demand for tire retreading. The market is also benefiting from strategic partnerships and acquisitions among key players, which aim to enhance market presence and expand retreading capabilities. Government initiatives and favorable policies in these regions are further supporting market growth. The tire retreading market is characterized by the involvement of major companies like Bridgestone, Goodyear, and Continental, which are actively investing in new technologies and facilities to meet the increasing demand for retreaded tires.
Tire Retreading Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Environmental Benefits Driving Growth
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1.2 Market Restraints
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1.2.1 Decreasing Rubber Production And Volatile Raw Material Cost
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value (USD)
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2.1 Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 Production Method
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2.2.1 Pre-cure
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2.2.2 Mold Cure
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United State
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 Brazil
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2.3.4.2 Mexico
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2.3.4.3 United Arab Emirates
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2.3.4.4 Other Countries
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Tire Retreading Market Size FAQs
How big is the Tire Retreading Market?
The Tire Retreading Market size is expected to reach USD 5.44 billion in 2024 and grow at a CAGR of 3.31% to reach USD 6.41 billion by 2029.
What is the current Tire Retreading Market size?
In 2024, the Tire Retreading Market size is expected to reach USD 5.44 billion.
