According to the business intelligence report titled ‘Global Tire Retreading Market Size study, by Vehicle Type (Passenger cars, Commercial Vehicles), by Production Method (Pre-Cure, Mold-Cure) and Regional Forecasts 2020-2027’, available with Market Study Report, global tire retreading market is estimated to exhibit 5% CAGR during 2020-2027.
 

As per the findings of the report, global tire retreading market is primarily driven by mounting production and sales of electric vehicles as well as passenger cars, and stringent government regulations to ensure high-quality remanufacturing. Further, growing awareness among automobile manufacturers regarding vehicle efficiency and fuel consumption is further propelling industry expansion.
 

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For those unaware, tire retreading refers to the remanufacturing process that involves the restoration of the tread on worn out tires. Rapid development in the tire manufacturing vertical has facilitated the production of high standard tires with the aid of premium technologies, further enhancing the industry outlook.
 

On the contrary, lack of awareness regarding tire retreading among manufacturers is expected to obstruct business development during the study period.
 

Speaking of vehicle type, global tire retreading market is bifurcated into commercial vehicles and passenger cars. With regards to production method, the industry vertical is split into mold-cure and pre-cure.
 

Elaborating on the geographical scope, the overall market is divided into North America, Europe, Asia-Pacific, Latin America, and rest of the world. Among these, Asia-Pacific captures a substantial portion of global tire retreading market share and is anticipated to grow exponentially through 2027. This can be accredited to increasing production and sales of commercial and passenger vehicles, high concentration of vendors and manufacturers, stringent government regulations aimed at reducing carbon footprint, and rising penetration of electric vehicles in the region.
 

Major companies influencing the worldwide tire retreading market trends are Goodyear Tire and Rubber Co., Redburn Tire Co., Bridgestone Corp., Marangoni S.p.A., Oliver Rubber Co., LLC, Michelin Group, Valley Tire Co., TreadWright Tires Inc., and Parrish Tire Co.