LONDON--(BUSINESS WIRE)--The automotive tire retreading services market size is poised to grow by USD 118.01 million during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The demand for automotive tire retreading services is growing amid improving road networks, infrastructure, trade activities, logistics services, and shipping and mining activities. Most fleets use retreaded tires as they are cost-effective and environmentally beneficial. With retreaded tires being challenged by low-cost Chinese tires, environmental benefits of the former remain a crucial driver for their adoption aided by encouragement from regulators. Moreover, the manufacturing process of retreaded tires takes less time and can lead to better tire management in terms of economy and efficiency. Hence, environmental benefits of retreaded tires are expected to boost market growth during the forecast period.
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As per Technavio, the development of 3D laser scanner for tire tread measurement will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Tire Retreading Services Market: Development of 3D Laser Scanner for Tire Tread Measurement
The automotive retread tire market is witnessing developments such as advanced retread designs, retread compound quality, and eco-friendly tires. Tire retreading service providers need to adhere to legal limits for tire treads, and they invest valuable time for tire measurement due to the adoption of traditional point gauges. In a recent development, companies are incorporating 3D laser scanner for tire tread measurement. The 3D scanner technology allows retreaders to effectively identify issues with a tire and state the period when the tire will need replacing. Thus, the development of 3D laser scanner for tire tread measurement will drive the growth of the market during the forecast period.
“Other factors such as the development of automated tire retreading technology, and enhancements of service offerings by retreaders to satisfy customer demands will have a significant impact on the growth of the automotive tire retreading services market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Tire Retreading Services Market: Segmentation Analysis
This market research report segments the automotive tire retreading services market by technology (pre-cure and mold cure) and geographical regions (APAC, EMEA, and Americas).
The Americas region led the market in 2018, followed by APAC and EMEA respectively. However, the APAC region is expected to witness the highest incremental growth due to factors such as the availability of cheap, low-cost new tires from China, and rapid economic development in the emerging economies of APAC.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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