Industry Background:
Retreading Tire market has high growth prospects due to its demand for vehicle sales and battery vehicles. Retreading Tire is the process where selected and inspected tires received a new tread. The Retreading Tire is mostly applicable in the mining and explorations industry due to its better tire remolding and high level of durability. The major companies are adding more innovative techniques in Asia-Pacific countries as these countries are focused on the fastest-growing verticals for the manufacturing process. Major companies such as Bridgestone launched a new retread tire in their product portfolio in United States markets which is beneficial in higher traction for severe service applications in both on-road and off-road locations.
According to AMA, the market for Retreading Tire is expected to register a CAGR of 12.3% during the forecast period to 2027. This growth is primarily driven by Increasing Demand of Tire Treading in Automobile Industries. and Adoption of Electric Vehicles Such as Hybrid and Plug-In Hybrid..
Globally, a noticeable market trend is evident Increasing Mining Activities Boost the Demand of Retreading Tire.
. The Tires & Rubber sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Bridgestone Corp. (Japan), Compagnie Generale des Etablissements Michelin SCA (France), Valley Tire Company (United States), Parrish Tire Company (United States), TreadWright (United States), REDBURN TIRE COMPANY (United States), Oliver Rubber Company (United States), The Goodyear Tire and Rubber Co. (United States), Marangoni S.p.A (Italy) and Michelin North America Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2018, Purcell Tire & Rubber Co. purchased the Northwest Retreaders Division of NRI Inc. This acquisition is beneficial for providing off-the roads retreading tires for ports and industrials sectors.
In August 2018, firestone launched a new tire with improved mileage performance and grade “A” traction, which is beneficial for wet terrains for the highways transport sector. It also delivers tubeless radial tire designed for directional & moderate traction axles for trucks and buses.
Market Drivers
- Increasing Demand of Tire Treading in Automobile Industries.
- Adoption of Electric Vehicles Such as Hybrid and Plug-In Hybrid.
Market Trend
- Increasing Mining Activities Boost the Demand of Retreading Tire.
- Collaboration and Tie Up Of Leading Players
Restraints
- Adverse Impact due to Environmental Conditions
- Rigid Regulation by Government Bodies.
Opportunities
Growing Demand Due to Eco-Friendly Solution. and Increasing Investment from Tire Manufacturers.
Challenges
Fluctuation Of Raw Materials Is Anticipated To Challenge The Market. and Stiff Competition between Major Players
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Retreading Tire Study Sheds Light on
The Retreading Tire Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Retreading Tire industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Retreading Tire industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.