Global Automotive Tire Retreading Services Market 2019-2023
About this market
Retreaded tires help control environmental pollution significantly by increasing the actual productive life of tires. This is because retreads are applied to original casings of used worn-out tires that have not fully completed their actual lifecycle. As the original casing can be used twice or thrice for retreading. it results in efficient utilization of a tire's lifecycle. In addition. the use of rubber resources can be optimized by avoiding the need to scrap millions of worn out tires every year which reduces the number of tires in landfills. Retreaded tires also conserve less energy compared to the energy used up in manufacturing new 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. Technavio’s analysts have predicted that the automotive tire retreading services market will grow by over USD 118 million by 2023.
Regulators favoring retreaded tires
Most government bodies across the world are taking several initiatives to promote the adoption of retreaded tires. Also. the price difference between retreads and new low-cost imported tires is reducing. As a result. regulators in the developed regions are focused on curbing imports of low-cost tires. which is promoting the market's growth.
Retreaders facing cost pressures
The cost pressure is further aggravated by factors such as higher wages and raw material prices among others. impeding the efficient operations of tire retreading service providers. Stiff competition in terms of pricing is lowering the profit margins of providers and can pull down their financial standing. This has led to consolidation in the automotive tire retreading services market which is a challenge.
For the detailed list of factors that will drive and challenge the growth of the automotive tire retreading services market during the 2019-2023, view our report.
The automotive tire retreading services market is reasonably fragmented with the presence of several international and regional vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.’
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