Future Market Insights recently released a report which analyzed the global retread tires market over the next 10 years, from 2018 – 2028. Overall, the retread tire market is set to grow at a CAGR of 4.6% during the forecast period.
Among end use segments, heavy commercial vehicles are expected to grow tremendously in terms of both value and volume. The projected valuation of global retread tire sales is $8,684.9 Mn by the end of 2018.
Retread tire sales are directly related to vehicle production. Without significant gains in vehicle production, retread sales will stagnate. Despite recent instability in the automotive market, automotive production is expected to grow at a CAGR of 3 – 3.5% during the forecast period. The on-road fleet population will also experience moderate growth during this time, with more growth in both areas experienced among developing countries.
With more vehicles in production and a growing fleet population, the tire retreading industry is set to experience significant gains. As fleet managers continue to identify maintenance and repairs as the most expensive operational costs, the tire retreading industry is uniquely positioned to meet budgetary demands and help fleets extend tire life cycles to improve their bottom line.
The global retread tires market can be further segmented based on vehicle type:
Of these segments, heavy commercial vehicles are set to dominate the market in terms of value over the next 10 years. Just this segment alone is projected to produce $2,228.1 Mn in sales revenue during the forecast period.
Retread tires are a great way for fleet managers to extend the life of their commercial trucking tires. With improved methods for better casing and reliable tire tread, professional tire retreading services have become an excellent resource for fleet managers looking to improve their bottom line.
STTC provides unparalleled tire retreading services, with a team of TIA-certified tire technicians to tend to all your commercial trucking tire needs. Work with our team to establish a preventative tire maintenance program for your commercial fleet to reduce your maintenance and repair spend even further. Discover your fleet’s true trucking potential by partnering with the tire retreading professionals at STTC. Contact our team today to find out more about our retread tires and preventative maintenance programs.
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