Retread tires are highly desirable among automobile manufacturers due to multiple benefits offered by them. Market Research Future (MRFR) identifies this, as the primary driver for the global retread tires market to expand. According to a report, published By MRFR, on the global automotive retread tires market, it reveals that the market is expected to expand at about 5% CAGR during the forecast period of 2018 to 2023. Automotive Retread Tires Market to Profit by Rising Demand.
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Eastern Treads (India), The Goodyear Tire & Rubber Company (US), Bridgestone Corporation (Japan), Marangoni S.p.A. (Italy), Michelin (France), MRF Tyres (India), KRAIBURG AUSTRIA GmbH & CO. KG (Austria), Nokian Tyres plc (Finland), Pilipinas Kai Rubber Corporation (Philippines), JK Tyres (India), and others. MRFR profiled them as the well-known companies that are functioning in the global market of automotive retread tires market.
Michelin North America, a manufacturer and supplier of tires, announced its application and billing upgradations to its Michelin Advantage program. Retreading BFGoodrich heavy- and light-truck tires is a crucial segment of the program.
Retread tires undergo similar safety assessments tests as of new tires. It offers the same safety as new tires, at an affordable price. Hence, this is augmenting the desirability of retread tires among people. As a result, manufacturers are using retread tires in the production of automobiles. It has also been observed that government, medical, military, and vehicles that are used for commercial purpose also used retread tires. The high sales volume of automotive retread tires can be attributed to these mentioned factors. Retread tires that have high durability, serve their purpose in every terrain type. Retread tires are eco-friendly. According to the Environmental Protection Agency (EPA), high sales of retread tires is reducing the need to harvest rubber plants, thereby conserving rubber. Consequently, it cut-down ecological footprint. These factors are expected to boost the growth of the global automotive retread tires market.
The global market of automotive retread tires market has been segmented by process type, sales channel, and vehicle type. By process type, the market has been segmented into mold cure and pre-cure. By the sales channel, the market has been segmented into OEM and aftermarket. By type of vehicle, the market has been segmented into light commercial vehicle, passenger car, and heavy commercial vehicle.
By region, the automotive retread tires market has been analyzed for Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The market in the Asia Pacific region is expected to register robust growth, followed by Europe. The sales of automotive retread tire is high in the Asia Pacific due to their cost-effectiveness. Retread tires they offer similar safety as original tires. The growing awareness of this benefit is augmenting their demand. The increase in the production rate of automobiles that are fabricated with retread tires due to their high sales are expected to boost the APAC market over the assessment period. The environmental protection benefit offered by automotive retread tires is expected to surge the North America retread tires market. In the United States, the government mandated the use of retread tire in all government vehicles. The US is expected to secure the highest share of the regional market, also due to the existence of several cash-rich automobile manufactures. In Europe, the automotive retread tire market is expected to exhibit robust growth in the foreseeable future. Increase in the research and developmental undertakings in upgrading the efficacy of automotive retread tires and hefty investment made by wealthy companies in the same are factors that are anticipated to spur the growth of the market.
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