Market Research Report
Global Tire Retreading Market Size study, by Vehicle Type (Passenger cars, Commercial Vehicles), by Production Method (Pre-Cure, Mold-Cure) and Regional Forecasts 2020-2027
|Published by||Bizwit Research & Consulting LLP||Product code||971947|
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|Global Tire Retreading Market Size study, by Vehicle Type (Passenger cars, Commercial Vehicles), by Production Method (Pre-Cure, Mold-Cure) and Regional Forecasts 2020-2027|
|Published: October 13, 2020||Content info:||
Global Tire Retreading Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2020-2027. Tire retreading is defined as tire re-manufacturing process that restores the tread on worn tires. Over the years, lot of developments have been taking place in the tire manufacturing industry throughout the world. High standard tires are increasingly manufactured through utilizing premium technologies, due to which they could perform their functions flawlessly. Consequently, the retreaded tire industry is also expanding at significant pace, as stronger tire casings improve techniques of re-manufacturing. Moreover, the rise in production and sales of passenger cars and electric vehicles, growing awareness among automobile manufacturers regarding fuel consumption and vehicle efficiency, and stringent government norms and regulations for ensuring quality remanufacturing are the few factors responsible for the impressive CAGR of the market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of passenger cars in Asia-Pacific was around 43.4 million in 2018, an increase from 24.6 million units since 2008. According to the Bloomberg New Energy Finance (BNEF) report released in 2019, the sales of electric vehicle sale around the world is estimated to reach at almost 54 million by 2040, which is nearly 32% of the global passenger vehicles sales. This, in turn, is likely to strengthen the demand for tire retreading services, thereby contributing to the market growth around the world. However, the lack of awareness about the tire retreading among manufacturers is one of the prime the few factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Tire Retreading market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the rise in production of passenger cars and commercial vehicle, along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in penetration of electric vehicle coupled with stringent government norms concerning environment safety and fuel-efficiency in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Tire Retreading market in the Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Furthermore, years considered for the study are as follows:
Target Audience of the Global Tire Retreading Market in Market Study:
List of figures