Market Size of Tire Retreading Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.44 Billion |
| Market Size (2029) | USD 6.41 Billion |
| CAGR (2024 - 2029) | 3.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tire Retreading Market Analysis
The Tire Retreading Market size is estimated at USD 5.44 billion in 2024, and is expected to reach USD 6.41 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
The global automotive industry witnessed a hit for the year 2020 due to COVID-19 pandemic-associated lockdown. During the lockdown situation, manufacturing activities, including tire retreading activities, were halted for several weeks in the first half of 2020. This, in turn, hampered the growth of the market. However, the automotive industry witnessed significant growth in terms of production in 2022, which in turn is likely to witness major growth for the market during the forecast period.
Over the medium term, The tire retreading market is anticipated to be primarily driven by rising prices of new tires, especially for sports utility vehicle tires, primarily attributed to rising natural rubber costs and fluctuating crude oil prices. The increase in the number of commercial vehicles in operation across the world is anticipated to remain a major driving factor for the market\
Tire manufacturers have also expressed keen interest in exploring new opportunities and market demand for retreading the tires, owing to the increased inclination toward this technology. Major tire manufacturers have also begun research into this technology with a vision to cater to this market. For instance,
The tire retreading market is anticipated to be driven by the eco-friendly nature of retreaded tires and lower cost when compared to new tires. Retreading is highly environment-friendly. When the existing tires are made ready for further use, the manufacturers save landfill space. Also, it reduces carbon dioxide emission and saves millions of gallons of oil which is required to manufacture new tires.
