What is Tire Retreading?
Tire retreading is the remolding of used tires to replace tread on it. The retreaded tires can perform similar to the new tire. This process extends the life of the tire and it includes verification, Shearography, carding, repair, dressing, heating, identification and verification. Additionally, this process includes cold and hot process. As the tire retreading is done in less than half of the cost of new tires it can reduce the operational cost. Hence there is a demand in these tires which is propelling the market.
The market study is broken down, by Application (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles) and major geographies with country level break-up.
In this market of tire retreading new technology has been developed which is called cold process retreading which will improve the production efficiency and fuel the market. Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Tire Retreading market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bridgestone Corp. (Japan), The Goodyear Tire and Rubber (United States), Marangoni S.p.A (Italy), Valley Tire Company (United States), Parrish Tire Company (United States), TreadWright (United States), Redburn Tire Company (United States), Oliver Rubber Company (United States), ETRMA (Belgium) and TOLINS Tyres Pvt. Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are TVS tread (India) and Shamrock Marketing Inc. (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Tire Retreading market by Type, Application and Region.
On the basis of geography, the market of Tire Retreading has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Automobile will boost the Tire Retreading market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Pre Cure will boost the Tire Retreading market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In January 2019, Bridgestone has made an agreement to acquire TomTom Telematics which provides data platform for connected vehicles. It enables for better driving and improvement of productivity
In June 2018, travel centers of America LLC has purchased a tire retread plant in Bowling Green Ohio. This purchase will provide a good year commercial tire retread products.
Market Trend
- Increasing Adoption of Retreaded Tires among the Consumers
- Rising Environmental Concerns among the Consumers
Market Drivers
- Growing Number of Transport as well as Passenger Vehicles are fueling the Growth of the Market
- Environment Friendly Nature of Retreaded Tires
Opportunities
- Lower Cost of Operations Required for Retreading
- Increasing Technological Advancements can create an Opportunity
Restraints
- Lack of Highly Trained and Skilled Manpower Required for Manufacturing
Challenges
- Availability of New Tires in Low Cost May Hamper the Market
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.