Tire retreating is the process through which selected and inspected tires receive a new tread. It also called as tire remolding. The worn tread is buffed away and the new tread is bonded through a process which is quite similar to the process of manufacturing a new tire. The market for remanufactured tires has grown at a significant step over the past decade, the primary reason being the low cost advantage that remanufactured tires offer to end users in comparison to new tires. As a matter of fact, significant cost reduction can be achieved using tire retreading as the cost of a remolded tire is 35 to 50 % lower than that of a new tire.
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The market for tire retreading is characterized by the presence of leading tire manufacturers. However, a large number of small and medium size players also exist in the market. Leading players in the tire retreading market adhere to the stringent guidelines provided by the regulating bodies and hence, ensure quality remanufacturing that provides tires with good operational life and services. This is estimated to augment the tire retreating market during the forecast period.
The global tire retreating market can be segmented based on process, vehicle, electric vehicle, and region. In terms of process, the tire retreating market can be divided into pre-cure, and mold-cure. The pre-cure process type segment accounted for the major shares of the tire retreading market. Factors such as the requirement of lower investment and lesser follow up costs compared with the mold-cure process will contribute to the growth of this industry segment in the forecast period. Based on vehicle, the tire retreating market can be classified into passenger vehicle, light commercial vehicle, heavy commercial vehicle, and off-road vehicle.
The high production of passenger vehicles is estimated to increase the demand for tire retreading in the automobile sector. Based on electric vehicle, the tire retreating market can be segregated into battery vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Continuous promotion and support by the government toward the usage of green energy is expected to drive the market for electrical vehicle during the forecast period. Hybrid electric vehicles segment constitute larger share of the global market than battery electric vehicle or plug-in hybrid electric vehicle segment.
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Based on geography, the global tire retreating market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of value Asia Pacific is anticipated to account for significant sales of retreaded tires over the forecast period. This can be attributed to the robustly increase in vehicle sales in the region and growing vehicle. China, India and Japan are expected to hold major stakes in the overall tire retreading market. North America is anticipated to be the next big market after Asia Pacific. Favorable regulatory environment and enhanced adoption of retreaded tires are expected to create new growth verticals in this region. The North America market is expected to experience significant demand for retreaded tires for passenger and commercial vehicle. Europe is expected to be next big market followed by North America. France, Italy, Germany, Spain, and England are expected to hold a dominant share of the market throughout the forecast period.
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