According to the research report titled ‘Global Retread Tire Market (2022 Edition) - Analysis By Product Type, Vehicle, Retread Process, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global retread tire market was worth USD 9.38 billion in 2021 and is anticipated to record a healthy CAGR during 2022-2027.

Report findings suggests that flourishing logistics sector, increasing preference for cost-effective tires, rising demand for retread tires in light commercial vehicles, and extensive usage across motorsport vertical are the major growth determinants for global retread tire market.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/5164678/  

Notably, retread tires are environmentally friendly and technologically advanced. Tire manufacturers are identifying & incorporating technologies which produce retread tires with quality fairly similar to original tires, which is expected to augment market trends in the coming years.

On the basis of retread process, the marketplace is bifurcated into cold process and hot process. Based on vehicle, the industry is divided into OTR (off the road), commercial vehicle, and passenger vehicle. Among these, the commercial vehicle segment is gaining traction at present, owing to soaring number of construction projects and mining operations, as well as the availability & affordability of retread tires.

In terms of product terrain, worldwide retread tire market is split into radial and bias. Out of which, the radial tire segment is slated to hold major revenue share in the coming years, owing to rising demand for medium transit buses around the world, an increasing number of buses on the road, and rapid technological advancements.

Seasoned analysts cite that Asia Pacific held a major industry share in 2021 and is slated to grow modestly during the forecast period, due to flourishing construction sector, rising infrastructure investments, and government initiatives in nations like China and India.

Whereas burgeoning automotive sector in Europe and China is creating lucrative opportunities for retread tire makers in these regions, which in turn is expected to fuel market growth.

Bridgestone Corporation, Kal Tire, Nokian Tyres plc, Sumitomo Rubber Industries Ltd., Oliver Rubber Industries LLP, Hankook Tire & Technology, Pirelli & C. S.p.A., Continental AG, Michelin, and Goodyear Tire & Rubber Company are the leading players influencing the global retread tire market dynamics.