Future Market Insight, market intelligence and consulting company, has published its key insights on the global retread tires market in its latest report titled: ‘Retread Tires Market: Global Industry Analysis (2013 – 2017) and Opportunity Assessment 2018 –2028.’ According to the report, the global sales of retread tires is estimated to be valued at US$ 8.684Bn by the end of 2018.

The long-term outlook of the global retread tires market remains positive and the market value is expected to increase at a Compound Annual Growth Rate (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 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.

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

The 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.

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Global retread tires market valued at US$8.6Bn by end of 2018