Global Automotive Retreaded Tires Market size was valued at US$ XX Mn. in 2019 and the total revenue is expected to grow about 4.6% from 2020 to 2027, reaching nearly US$ XX Mn.
Global Automotive Retreaded Tires Market
Global Automotive Retreaded Tires Market: Overview
Tire re-fabricating process is known as retarding or remolding, worn out and old tire tracks are renewed by new track. Retreading of tire is cost-efficient than buying a new tire. The retreading of tire is almost 40% less costly than new tires. This is the main factor fueling the Global Automotive Retreaded Tires Market.
Retreaded tires are getting more market capture in the vehicle market. Increasing vehicle market is also fueling the growth of this market.
Global Automotive Retreaded Tires Market: Drivers
Retreaded tires are cost effective solution rather than changing tires.
Retreaded tires are economically friendly as it reduces the pollution caused by the new tire change frequency.
Using worn out tire is very unsafe so due to its cost-effectiveness driver retreads tires for safety reasons.
Expanding vehicle production is surging the market of replacement and maintenance of vehicle which increases retreading market.
Retreaded tires are getting support from government due to its eco-friendliness.
Global Automotive Retreaded Tires Market: Regional Overview
Europe implemented rules like EC regulation 108 and 109, which make passenger car and commercial car to remanufacture their car tires. These rules increase the growth of Automotive Retreaded Tires Market.
The Asia Pacific shows significant growth in the passenger vehicle sector and also major commercial vehicle players like Uber and Ola are also operating in most of the region. This will cause a surge in the automotive component use. This will mostly effect on tire changing. Owing to this retread is a good solution to make environment friendly decision, these factors positively affect the Automotive Retreaded Tires Market in this region.
The MMR report will provide an accurate prediction of the contribution of the various segments to the growth of the Automotive Retreaded Tires Market size.
The report also helps in understanding Automotive Retreaded Tires Market dynamics, structure by analyzing the market segments and projects the Automotive Retreaded Tires Market size. Clear representation of competitive analysis of key players by Propulsion Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Retreaded Tires Market make the report investor’s guide.
Scope of the Automotive Retreaded Tires Market
Automotive Retreaded Tires Market, by End Use
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
Automotive Retreaded Tires Market, by Process Type
• Mold Cure
Automotive Retreaded Tires Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Automotive Retreaded Tires Market
• The Goodyear Tire & Rubber
• THE YOKOHAMA RUBBER
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