Vehicle production is expected to be one of the growth drivers of the Global Retread Tires Market according to a new report released by Future Market Insights.
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). 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 vehicle parc 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.
For more information on this report, go to www.futuremarketinsights.com/reports/tire-retreading-market