PUBLISHER: Allied Market Research | PRODUCT CODE: 1365697
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365697
According to a new report published by Allied Market Research, titled, "Second Hand Tire Market," The second hand tire market was valued at $8.1 billion in 2018, and is estimated to reach $12.5 billion by 2032, growing at a CAGR of 4% from 2023 to 2032. Second hand tires are used tires that are sold at a relatively lower cost to be used again in other vehicles. These tires still have a tread depth not less than the limits stipulated by the governments in different countries. Second hand tire are available for all common vehicles such as passenger cars, commercial vehicles, two-wheelers, and industrial vehicles.
Rise in population has been instrumental in the growth of the automotive sector globally, especially in developing nations. For various vehicle owners in developing nations, replacing the tires of their vehicles is an expensive affair, therefore, they opt for second hand tires. Moreover, second hand tires are readily available at the vehicle repair shops or with the tire retailers. Many companies such as Emanuel Tire, Liberty Tire Recycling, ASM Auto Recycling Ltd., and others offer second hand tires for bult sales and also retail sales.
However, if second hand tires are not properly inspected, there can be safety concerns for the vehicles in which they are installed as well as for other traffic on the road. This is a major restraining factor for the second hand tire market. Furthermore, increasing awareness among the common man regarding environmental protection and demand for sustainable materials, which also include the reuse of usable tires, are anticipated to provide lucrative opportunities for the growth of the second hand tire market.
Furthermore, the price of oil & gas is experiencing increased volatility globally, due to rise in inflation, mainly driven by Ukraine-Russia war. This has led to increased cost of shipping, eventually increasing the prices of second hand tires for end users.
The second hand tire market is segmented on the basis of type, design, vehicle type, and region. By type, the market is divided into tube and tubeless second hand tires. Depending upon design, the market is categorized into radial and bias second hand tires. The vehicle type considered in the report are two wheelers, passenger cars, commercial vehicles, and others. The market is also analyzed across the world, parted into regions including North America, Europe, Asia, Pacific, Latin America, the Middle East, and Africa.
Competition Analysis
Key companies profiled in the second hand tire market report include 2nd Time Around Tires, Allgemeine Gummiwertstoff und Reifenhandels GmbH, ASM Auto Recycling Ltd., BURD Automobile, Emanuel Tire, German Used Tires Co., JBees Tires, Liberty Tire Recycling, Tire Hut, and Turak Tyres. The major players are primarily involved in the export of second hand tires mostly from European and North American countries to countries in Latin America, Africa, and Asia-Pacific.
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