The global automotive tire retreading services market is expected to post a CAGR of close to 1%, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the period 2019-2023.
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Technavio predicts the global automotive tire retreading services market to post a CAGR of close to 1% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the environmental benefits associated with the adoption of retreaded tires. Demand for automotive tire retreading services is growing amid improving road networks, infrastructure, trade activities, logistics services, and shipping and mining activities. Most fleets use retreaded tires as they are cost-effective over new tires and environmentally beneficial. With retreaded tires being challenged by low-cost Chinese tires, environmental benefits of the former remain a crucial driver for their adoption aided by encouragement from regulators. Retreaded tires help control environmental pollution significantly by increasing the actual productive life of tires. Moreover, the manufacturing process of retreaded tires takes less time and can lead to better tire management in terms of economy and efficiency. Hence, environmental benefits of retreaded tires are crucial boosters for the automotive tire retreading services market.
This market research report on the global automotive tire retreading services market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the retreaders enhancing service offerings to satisfy customer demands as one of the key emerging trends in the global automotive tire retreading services market:
Global automotive tire retreading services market: Retreaders enhancing service offerings to satisfy customer
Strong competition in the tire retreading services market is pushing retreaders to streamline operational processes and enhance customer satisfaction through effective servicing. Currently, prominent tire retreading service providers are investing in new equipment and relocating service centers to tap customers effectively. They are also making efforts to reduce costs to remain competitive and be able to provide value to customers. Fleet management solutions have become crucial offerings for retreaders as they need to traverse beyond traditional solution offerings to provide value to customers. They are introducing a range of fleet management solutions and diversifying into products such as tires and wheel service equipment and accessories. Such enhancements in service offerings by retreaders are expected to help them remain competitive and build a sustainable business.
“Retreaded tires are vital for most commercial vehicle fleet operators and service providers as such tires form the backbone of their business. Retreaded tires are finding increasing penetration in commercial vehicles. The combination of advanced retreading technologies, processes. and government regulations are aiding in effecting major changes in the global automotive tire retreading services market,” says a senior analyst at Technavio for research on automobiles & components.
Global automotive tire retreading services market: Segmentation analysis
This market research report segments the global automotive tire retreading services market by technology (pre-cure and mold cure) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of more than 44%, followed by APAC and EMEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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