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The US - tire retreading market size is estimated to grow at a CAGR of 3.85% between 2023 and 2028. The market size is forecast to increase by USD 814.89 million. The growth of the market depends on several factors such as the lower cost of tire retreading, the environmental benefits associated with tire retreading, and the increase in demand for M and HCVs.
This US tire retreading market report extensively covers market segmentation by product type (precure and mold cure), consumption pattern (domestic consumption and export), and vehicle type (commercial vehicle and passenger vehicle). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the US tire retreading market growth is the increase in demand for M and HCVs. There have been revolutionary changes in the global commercial vehicle industry in the areas of application, advanced system integration, and electrification of components and systems. In addition, the demand for M and HCVs is growing rapidly in developing economies, such as China, India, Saudi Arabia, members of ASEAN, and countries in Latin America.
Moreover, there is growth in the commercial vehicle industry due to the ongoing developments in the field of world infrastructure, road networks, urbanization, logistics, trade, and shipping activities. In addition, such developments are leading to fundamental changes in the transportation concept, especially in tier-1 and tier-2 cities. Hence, such factors are positively impacting the US - tire retreading market. Therefore, it is expected to drive the US tire retreading market growth during the forecast period.
A key factor shaping the US tire retreading market growth is the rising demand for premium quality retreading. Premium quality retreading is gaining traction in the US due to the growing preference for premium retreading over budget tires (low-cost tires). In addition, the demand is high in large fleets and heavy goods vehicles, which demand retreaded tires with enhanced durability and rolling resistance.
Moreover, several companies like Marangoni Tread North America Inc., a subsidiary of tire manufacturer Marangoni, have already introduced their blackline rings line, a premium quality retreading system. In addition, several prominent players are focusing on premium quality retreading to target only the niche market segment to avoid any price war with Chinese players in the US. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the US tire retreading market growth during the forecast period.
The availability of low-cost new tires posing threats to retread tires is one of the key challenges hindering the US tire retreading market growth. There has been an increase in demand for tires with the supply remaining the same over the last decade. As a result, it led to a shortage of new tires in the market, which fuelled the retreading tire industry significantly.
Moreover, the recession reduced the tire demand, while new factories increased the supply of new tires. Therefore, this versed the scenario with plenty of new tires in the market at a historically lower cost. In addition, imports from China further reduced the price of new tires and bridged the price gap between new tires and retreads significantly. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the US tire retreading market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
US Tire Retreading Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aviation Tires and Treads LLC: The company offers tire retreading services which provides services for all components of the tire and are used to inspect for internal defects that may limit the retreadability of a carcass
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The precure segment is estimated to witness significant growth during the forecast period. The procure process comprises the vulcanization of retread rubber separately, followed by its binding to the tire through the cushion gum. In addition, the growth in the adoption of radial tires in the mid-1960s led to the establishment of precure retreading in the commercial vehicles segment in the US, after which it dominated the tire retreading market
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The precure segment was the largest segment and was valued at USD 3.31 billion in 2018. Moreover, precure retreading manufacturing requires lower investment and incurs lower follow-up costs compared with the mold cure process. In addition, the manufacturers can run decentralized, smaller production units for their precure process, which results in massive savings on logistic costs and initial investment and gives flexibility to the operation. Furthermore, the flexibility facilitates manufacturers to cure multiple tires at the same time in one chamber. Therefore, the time required to retread a greater number of tires decreases, giving more revenue-generating opportunities to the manufacturers. Hence, such factors are fuelling the growth of this segment which in turn drives the US tire retreading market growth during the forecast period.
The US tire retreading market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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US Tire Retreading Market Scope |
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Report Coverage |
Details |
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Page number |
141 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.85% |
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Market Growth 2024-2028 |
USD 814.89 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.69 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aviation Tires and Treads LLC, Best One Tire and Service, Blacks Tire and Auto Service, Bob Sumerel Tire, Boulevard Tire Center, Bridgestone Corp., CraftTire Inc., Kilgore Tire Center, Les Schwab Tire Centers, McCarthy Tire, McWhorters Tire Co, New Pride Tire LLC, Parrish Tire Co., Pomps Tire Service Inc, Southern Tire Mart, The Goodyear Tire and Rubber Co., Tredroc Tire Services, VSE Corp., WILKERSON CO INC., and Ziegler Tire |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Consumption Pattern
8 Market Segmentation by Vehicle Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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