2016 – 2026 Global Retread Tire Market Competition, Forecast and Opportunities
Published: March 2021 www.techsciresearch.com MARKET INTELLIGENCE. CONSULTING
Table of Contents S. No.
Contents
1.
Product Overview
2.
Research Methodology
3.
Executive Summary
4.
Voice of Customer
5.
4.1.
Factors Influencing Purchase Decision
4.2.
Brand Switching Attribute
4.3.
Brand Recall
4.4.
Brand Satisfaction
Global Retread Tire Market 5.1.
Market Size & Forecast 5.1.1.
5.2.
6.
Market Share & Forecast 5.2.1.
By Vehicle Type (Commercial Vehicle, Off the Road Vehicle, and Passenger Car)
5.2.2.
By Retread Process (Cold Process and Hot Process)
5.2.3.
By Region
5.2.4.
By Company
5.3.
Market Attractiveness Index (By Vehicle Type)
5.4.
Market Attractiveness Index (By Retread Process)
Asia Pacific Retread Tire Market Outlook 6.1.
Market Size & Forecast 6.1.1.
6.2.
Automotive
By Value & Volume
By Value & Volume
Market Share & Forecast
© TechSci Research
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Table of Contents S. No.
Contents 6.2.1.
By Vehicle Type
6.2.2.
By Retread Process
6.2.3.
By Country
6.3.
Market Attractiveness Index (By Vehicle Type)
6.4.
Market Attractiveness Index (By Retread Process) 6.2.3.1.
China Retread Tire Market Outlook 6.2.3.1.1.
Market Size & Forecast 6.2.3.1.1.1.
6.2.3.1.2.
Market Share & Forecast 6.2.3.1.2.1.
6.2.3.1.3. 6.2.3.2.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 6.2.3.2.1.1.
6.2.3.2.2.
6.2.3.2.3.
By Value & Volume
Market Share & Forecast 6.2.3.2.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Malaysia Retread Tire Market Outlook 6.2.3.3.1.
Market Size & Forecast 6.2.3.3.1.1.
6.2.3.3.2.
6.2.3.3.3.
By Value & Volume
Market Share & Forecast 6.2.3.3.2.1.
Automotive
By Vehicle Type
India Retread Tire Market Outlook 6.2.3.2.1.
6.2.3.3.
By Value & Volume
By Vehicle Type
Market Attractiveness Index (By Vehicle Type) © TechSci Research
3
Table of Contents S. No.
Contents 6.2.3.4.
Sri Lanka Retread Tire Market Outlook 6.2.3.4.1.
Market Size & Forecast 6.2.3.4.1.1.
6.2.3.4.2.
Market Share & Forecast 6.2.3.4.2.1.
6.2.3.4.3. 6.2.3.5.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 6.2.3.5.1.1.
6.2.3.5.2.
6.2.3.5.3.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Australia Retread Tire Market Outlook 6.2.3.6.1.
Market Size & Forecast 6.2.3.6.1.1.
6.2.3.6.2.
6.2.3.6.3.
By Value & Volume
Market Share & Forecast 6.2.3.6.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
South America Tire Market Outlook 7.1.
Market Size & Forecast 7.1.1.
7.2.
Automotive
By Value & Volume
Market Share & Forecast 6.2.3.5.2.1.
7.
By Vehicle Type
Japan Retread Tire Market Outlook 6.2.3.5.1.
6.2.3.6.
By Value & Volume
By Value & Volume
Market Share & Forecast 7.2.1.
By Vehicle Type
7.2.2.
By Retread Process
7.2.3.
By Country © TechSci Research
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Table of Contents S. No.
Contents 7.3.
Market Attractiveness Index (By Vehicle Type)
7.4.
Market Attractiveness Index (By Retread Process) 7.2.3.1.
Brazil Retread Tire Market Outlook 7.2.3.1.1.
Market Size & Forecast
7.2.3.1.1.1. 7.2.3.1.2.
Market Share & Forecast 7.2.3.1.2.1.
7.2.3.1.3. 7.2.3.2.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 7.2.3.2.1.1.
7.2.3.2.2.
7.2.3.2.3.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Chile Retread Tire Market Outlook 7.2.3.3.1.
Market Size & Forecast 7.2.3.3.1.1.
7.2.3.3.2.
7.2.3.3.3.
By Value & Volume
Market Share & Forecast 7.2.3.3.2.1.
Automotive
By Value & Volume
Market Share & Forecast 7.2.3.2.2.1.
8.
By Vehicle Type
Argentina Retread Tire Market Outlook 7.2.3.2.1.
7.2.3.3.
By Value & Volume
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
North America Retread Tire Market Outlook
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Table of Contents S. No.
Contents 8.1.
Market Size & Forecast 8.1.1.
8.2.
By Value & Volume
Market Share & Forecast 8.2.1.
By Vehicle Type
8.2.2.
By Retread Process
8.2.3.
By Country
8.3.
Market Attractiveness Index (By Vehicle Type)
8.4.
Market Attractiveness Index (By Retread Process) 8.2.3.1.
United States Retread Tire Market Outlook 8.2.3.1.1.
Market Size & Forecast 8.2.3.1.1.1.
8.2.3.1.2.
Market Share & Forecast 8.2.3.1.2.1.
8.2.3.1.3. 8.2.3.2.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 8.2.3.2.1.1.
8.2.3.2.2.
8.2.3.2.3.
By Value & Volume
Market Share & Forecast 8.2.3.2.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Canada Retread Tire Market Outlook 8.2.3.3.1.
Market Size & Forecast 8.2.3.3.1.1.
8.2.3.3.2.
8.2.3.3.3.
By Value & Volume
Market Share & Forecast 8.2.3.3.2.1.
Automotive
By Vehicle Type
Mexico Retread Tire Market Outlook 8.2.3.2.1.
8.2.3.3.
By Value & Volume
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
© TechSci Research
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Table of Contents S. No. 9.
Contents Europe Retread Tire Market Outlook 9.1.
Market Size & Forecast 9.1.1.
9.2.
By Value & Volume
Market Share & Forecast
9.2.1.
By Vehicle Type
9.2.2.
By Retread Process
9.2.3.
By Country
9.3.
Market Attractiveness Index (By Vehicle Type)
9.4.
Market Attractiveness Index (By Retread Process) 9.2.3.1.
Germany Retread Tire Market Outlook 9.2.3.1.1.
Market Size & Forecast 9.2.3.1.1.1.
9.2.3.1.2.
Market Share & Forecast 9.2.3.1.2.1.
9.2.3.1.3. 9.2.3.2.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast
9.2.3.2.1.1. 9.2.3.2.2.
9.2.3.2.3.
By Value & Volume
Market Share & Forecast 9.2.3.2.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Russia Retread Tire Market Outlook 9.2.3.3.1.
Market Size & Forecast 9.2.3.3.1.1.
9.2.3.3.2.
By Value & Volume
Market Share & Forecast 9.2.3.3.2.1.
Automotive
By Vehicle Type
United Kingdom Retread Tire Market Outlook 9.2.3.2.1.
9.2.3.3.
By Value & Volume
By Vehicle Type © TechSci Research
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Table of Contents S. No.
Contents 9.2.3.1.3. 9.2.3.4.
Market Attractiveness Index (By Vehicle Type)
Turkey Retread Tire Market Outlook 9.2.3.4.1.
Market Size & Forecast 9.2.3.4.1.1.
9.2.3.4.2.
Market Share & Forecast 9.2.3.4.2.1.
9.2.3.4.3. 9.2.3.5.
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 9.2.3.5.1.1.
9.2.3.5.2.
9.2.3.5.3.
By Value & Volume
Market Share & Forecast 9.2.3.5.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Middle East and Africa Retread Tire Market Outlook 10.1.
Market Size & Forecast 10.1.1.
10.2.
Automotive
By Vehicle Type
Italy Retread Tire Market Outlook 9.2.3.5.1.
10.
By Value & Volume
By Value & Volume
Market Share & Forecast 10.2.1.
By Vehicle Type
10.2.2.
By Retread Process
10.2.3.
By Country
10.3.
Market Attractiveness Index (By Vehicle Type)
10.4.
Market Attractiveness Index (By Retread Process)
© TechSci Research
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Table of Contents S. No.
Contents 10.2.3.1.
South Africa Retread Tire Market Outlook
10.2.3.1.1.
Market Size & Forecast 10.2.3.1.1.1.
10.2.3.1.2.
Market Share & Forecast 10.2.3.1.2.1.
10.2.3.1.3. 10.2.3.2
Market Attractiveness Index (By Vehicle Type)
Market Size & Forecast 10.2.3.2.1.1.
10.2.3.2.2.
10.2.3.2.3.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Kenya Retread Tire Market Outlook
10.2.3.3.1.
Market Size & Forecast 10.2.3.3.1.1.
10.2.3.3.2.
10.2.3.3.3.
By Value & Volume
Market Share & Forecast 10.2.3.3.2.1.
By Vehicle Type
Market Attractiveness Index (By Vehicle Type)
Oman Retread Tire Market Outlook 10.2.3.4.1.
Market Size & Forecast 10.2.3.4.1.1.
10.2.3.4.2.
10.2.3.4.3.
By Value & Volume
Market Share & Forecast 10.2.3.4.2.1.
Automotive
By Value & Volume
Market Share & Forecast 10.2.3.2.2.1.
10.2.3.4
By Vehicle Type
United Arab Emirates Retread Tire Market Outlook 10.2.3.2.1.
10.2.3.3
By Value & Volume
By Vehicle Type
Market Attractiveness Index (By Vehicle Type) © TechSci Research
9
Table of Contents S. No.
Contents
11.
Impact of COVID-19
12.
Market Dynamics 14.1.
Drivers
14.2.
Challenges
13.
Market Trends & Developments
14.
Competitive Landscape 14.1.
Bridgestone Americas Tire Operations, LLC. (Bandag)
14.2.
Goodyear Tire & Rubber Company
14.3.
Michelin Tire Company
14.4.
Marangoni S.p.A.
14.5.
Vipal Tire
14.6.
Elgi Rubber Company Limited
14.7.
Indag Rubber Ltd.
14.8.
MRF Ltd.
14.9.
Midas Mileage
14.10.
TVS Tread
15.
Strategic Recommendations
16.
About Us & Disclaimers
Automotive
© TechSci Research
10
Product Overview
Product Definition Retreading of tire means rebuilding the tire by replacing its tread and shoulders. It involves the removal of the worn tread of the tire casing so that a new tread can be put through a vulcanization process.
Classification According to Vehicle Type
Vehicle Segment
Customer Segment
Passenger Car (PC)
Individuals
Commercial Vehicle (LCV)
Transport Companies, Logistics, Small Business Entrepreneurs, Government
OTR (Off-the-Road) Vehicle (includes Mining, Construction & Industrial Equipment, Agriculture Vehicles and Others)
Mining Companies, Construction Companies and Industries, Farmers, Sports Companies, Adventure Activity Industries, etc.
Automotive
© TechSci Research
11
Research Methodology
12
Research Methodology
Market Profiling
Formulating Questionnaire
In-depth secondary research was conducted to determine top players in the Global Retread Tire market, overall market size and segmental market size.
Developing List of Respondents
In order to conduct interviews with industry experts, TechSci formulated a detailed questionnaire.
List of industry players and industry specialists was developed.
Data Collection
TechSci conducted interviews with industry experts and industry players for data collection and verification.
Data Analysis
Data Validation
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
The data was scrutinized using MS-Excel and statistical tools, such as Time Series Analysis, etc., to obtain qualitative and quantitative insights about the Global Retread Tire market.
Primary Research ✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews
• • •
LinkedIn Industry Interviews TechSci Internal Database
• • • • • • •
Company Website Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body, Associations, etc.
• •
Factiva Hoovers
Desk Research / Secondary Research ✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Final Conclusion Data Collection
Data Filter & Analysis
Research & Intelligence
Actionable Insights
Business Solution
Company Analysis / Paid Sources ✓ Market Participants ✓ Key Strengths
Automotive
© TechSci Research
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Research Methodology
Baseline Methodology: For the study, TechSci Research has gathered information through primary research surveys with leading retread tire companies operating worldwide and subsequently verified information from major dealers/distributors of automobile retread tires across the globe. We also put through an exhaustive search of credible paid databases such as Business Week, Factiva, Hoovers, etc., including our internal database. Our team of analysts has then prudently evaluated all the collected information and presented the same in chronological order to depict a meaningful and clear picture of the global retread tire market. While compiling the data, we have cross-checked all the collected information from multiple sources and data warehouses to present the most accurate and precise information of the concerned industry. The reports are prepared with in-depth primary research, followed by exhaustive secondary research thus ensuring creation of high-quality reports.
Primary Research – Company/Dealers & Distributors Interviewed S. No.
Company/Dealers & Distributor Names
Few Secondary Research Sources S. No.
Secondary Sources
1.
Tire Retread & Repair Information Bureau (TRIB)
2.
Tyre Retreading Manufacturers Association of Malaysia (TRMAM)
1.
Bridgestone Americas Tire Operations, LLC. (Bandag)
2.
Goodyear Tire & Rubber Company
3
Michelin
4.
Marangoni S.p.A.
3.
Japan Retreaders Association (JRA)
5.
Vipal Tire
4.
ABR Tires Reform Association
6.
Elgi Rubber Company Limited
7.
Indag Rubber Ltd.
5.
Automotive Tyre Manufacturer’s Association (ATMA)
8.
MRF Ltd.
6.
IMF
9.
Midas Mileage
7.
World Bank
10. Automotive
TVS Tread © TechSci Research
14
Research Methodology
Market Size Calculation Technique: Primary Research For the preparation of the global retread tire market report, bottom-up research model has been used, which has been later cross validated by using top-down approach. TechSci Research had interviewed senior managers and regional managers of prominent retreading companies using the Delphi technique for calculating the market size. Respondents were also asked about the current and future growth rates, market share by vehicle type, etc. All the information gathered has been carefully analyzed. Data points that exhibited high deviations from the majority estimates have been eliminated as outliers and the remaining refined data points have been put together to arrive at the volume data.
Secondary Research We have also put through an exhaustive search of credible paid databases, such as Factiva, Hoovers, etc., in addition to our internal database. Further analysis of credible publications, white papers, companies’ annual reports, investor presentations, news articles, etc., has been done to cross validate the end findings derived from primary research.
Forecasting Technique: The team has performed forecasting on the basis of econometric and judgemental analysis in addition to statistical techniques, such as averaging, and geometric mean. During primary interviews, questions regarding historical trends of the retread tire market during the last five years were also put forward. Respondents were asked about the current and future growth rates and market share by vehicle type. In order to forecast the global retread tire market, following forecast techniques were used: •
Time Series Analysis
•
Econometric and Judgmental Analysis
•
Moving Average
Automotive
© TechSci Research
15
Industry Brief According to TechSci Research report, “Global Retread Tire Market By Vehicle Type (Commercial Vehicle, Passenger Car & OTR Vehicle), By Retread Process (Cold Process & Hot Process), By Region (Asia Pacific, North America, South America & Others), Competition, Forecast & Opportunities, 2026”, global retread tire market is estimated to reach USD12.43 billion by 2026. One of the main benefits of retreaded tires is the cost benefit that they offer and hence fleet operators that choose retread tires save their company a huge amount of money. The retreaded tires are available at approximately half the price of new tires, which provides the buyer a huge cost benefit. Moreover, almost 7 gallons of oil is required to produce retreaded tires, while approximately 22 gallons of oil is required to produce new tires. Hence with growing environmental concerns, consumers are preferring retreaded tires while replacing or retrofitting them. Therefore, these factors are expected to propel the market with a robust growth rate in the forecast period as well. Global retread tire market can be segmented based on vehicle type, by retread process, by company and by region. On the basis of vehicle type, the market is segmented into commercial vehicles, off-the-road vehicles and passenger cars. As of 2020, the market is dominated by the commercial vehicles segment. Tires used in commercial vehicles especially medium and heavy commercial vehicles (M&HCV) have a shorter shelf life due to higher traction coupled with greater load carriage. This generates the need to replace the tires more often than passenger cars and off-the-road vehicles, which in turn adds up the operating cost of the vehicles. Thus, commercial fleet owners prefer to opt for retread tires as it is less expensive than replacing them with new tires, to save cost. In terms of retread process, the market is segmented into cold process and hot process, and the market is majorly constituted by cold process as this process of retreading tire requires less investment as it does not require expensive molds, needs smaller production units, and involves lower follow-up cost. Among region, the market is divided amongst Asia Pacific, South America, North America, Europe, and Middle East & Africa. Most of the tire retreading is performed in the region of Asia Pacific, owing to the presence of many commercial and off-the-road vehicle fleet and rapidly growing construction and infrastructural activities, the demand for commercial and off-the-road vehicles is increasing continuously. Moreover, due to retread tires being inexpensive, fleet owners prefer retread tires instead of new ones which is driving the market enormously and is anticipated to witness the same trend in the forecast period as well. Vipal Borrachas S.A., Marangoni S.p.A., Bridgestone Americas Tire Operations, LLC. (Bandag), Michelin, Goodyear Tire & Rubber Company, Midas Mileage, MRF, Indag Rubber, etc. among others are some of the leading players operating in the global retread tire market. Apart from these globally known companies, many unorganized players are also increasing their footprint in the global retread tire market by pushing their low-cost products blended with ease of availability.
“With the ease of availability of raw material, better economic affordability for manufacturing tires along with growing vehicle fleet, backed by an increase of commercial vehicle fleet size and growth of tire retreading traders, the demand for retread tires is expected to grow at a robust pace in the global retread tire market. Also, increasing demand for commercial vehicles, as well as construction and mining equipment across the globe, is pushing the demand for respective tires globally. Moreover, due to the growing prices of new tires, commercial vehicle fleet owners and mining and construction contractors are increasingly opting for retread tires and hence the market is further expected to back the growth of the global retread tire market in the future years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Automotive
© TechSci Research
16
Sample Data - Snapshot Global Retread Tire Market Size, By Value (USD Billion), By Volume (Million Unit), 2016-2026F CAGR 2016-2020 By Value: xx% By Volume: xx%
CAGR 2021E-2026F By Value: xx% By Volume: xx%
14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00
90.00 85.00 80.00 75.00 70.00 65.00 2016
2017
2018
2019
2020
2021E
2022F
Value (USD Billion)
2023F
2024F
2025F
2026F
Volume (Million Unit)
North America Retread Tire Market Share, By Vehicle Type, By Volume, 2016–2026F
2016 Commercial Vehicle
2017
2018
2019
2020
2021E
2022F
2023F
2024F
2025F
2026F
20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Off-the-Road Vehicle 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% Passenger Car
30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Global Retread Tire Market Share, By Retread Process, By Volume, 2016–2026F
2016
2017
2018
2019
2020
2021E
2022F
2023F
2024F
2025F
2026F
Cold Process 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% Hot Process 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Automotive
© TechSci Research
17
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Automotive
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.