The global retread tyres market value is expected to increase by a CAGR of 4.6% during the 2018-2028 forecast period as reported by Future Market Insights (FMI) – the global sales of retread tyres are estimated to be valued at US$8.7 million by the end of 2018.
Automotive Production and Vehicle Parc
The sale of retread tyres is directly related to vehicle parc and production. Despite past unstable economic conditions, increased automotive production with a modest CAGR of 3–3.5% is anticipated during the forecast – higher in emerging economies over developed economies due to increasing urbanisation and stable economic conditions.
The road fleet is also expected to rise with a modest CAGR, providing marginal growth of the retread tyres market.
Global Retread Tyres Market – Segmentation Analysis
The global retread tyres market can be segmented into passenger car, light commercial vehicle, heavy commercial vehicle and off-road vehicle. On this vehicle type basis, the heavy commercial vehicle segment is anticipated to dominate global market values with a relatively high CAGR demand as compared to other vehicle types – representing a total incremental opportunity of US$2.2 million between 2018 and 2028.
Global Retread Tyres Market – Regional Market Projections
The Chinese market is estimated to account for value shares of 29.6% in the global retread tyres market by the end of 2018 and will retain its dominance throughout the forecast period.
South East Asian and Asia Pacific retread tyres market is then projected to expand at a significant CAGR volume – representing a total incremental opportunity of US$470 million between 2018 and 2028.
Global Retread Tyres Market – Vendor Landscape
Some of the top companies operating in the market include Bridgestone, Goodyear, Marangoni, MICHELIN, Nokian Tyres, and Pilipinas Kai Rubber.