Rising Commercial Vehicle Fleet to Aid Growth of Retread Tire Market until 2023

Growing technological innovations in retread tire industry coupled with growing commercial vehicle fleet across the globe to drive global retread tire market through 2023

Industry Reports –> Automotive –> Automobile Tires

According to TechSci Research report, “Global Retread Tire Market By Vehicle Type, By Retread Process, By Region, Competition, Forecast & Opportunities, 2023”, the global retread tire market is projected to cross $ 11.5 billion by 2023, on account of rising technological advancements in retread tire industry and increasing consumer inclination towards using retread tires. Moreover, retread tires are witnessing high demand from fleet owners as these tires provide better cost per kilometer along with enhanced retread tire life. Additionally, growing fleet of commercial vehicles across the globe and rising environmental concerns is further anticipated to push sales of retread tires in the coming years.

Browse 160 market data Figures and Tables spread through 190 Pages and an in-depth TOC on “Global Retread Tire Market”

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With more than four-fifth of the market share, commercial vehicle segment dominated global retread tire market in 2017, followed by passenger car and off-the-road vehicle segments. The lion’s share of commercial vehicle segment is backed by growing e-commerce and logistics industries, in which trucks are being extensively used for transportation. Moreover, growing construction and infrastructural development across the globe is further supporting global retread tire market. Prominent companies in retreading business such as Vipal, Michelin, Marangoni, Bandag, Continental, Goodyear, etc., are continuously working on producing more affordable and advanced products as well as increasing focus on expanding their product offerings to attract customers.

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“With growing environmental concerns across the globe, retread tires offer a promising alternative to new tires. Moreover, retread tires are cost-effective and require less resources to manufacture as compared to new tires. Also, with the introduction of new advanced technologies, the quality of retread tires has become much better over the last several years, thereby making them a preferred choice for fleet owners. Additionally, rising consumer acceptance of retread tires coupled with growing average selling price of new tires would further steer growth  in global retread tire market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Retread Tire Market By Vehicle Type, By Retread Process, By Region, Competition, Forecast & Opportunities, 2023” has analyzed the potential of retread tire market, globally, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by global retread tire market.

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