Tire Retreading Market in the US to Grow by USD 355.21 Mn in 2021-2025 | Aviation Tires and Treads LLC and Best-One Tire and Service to Emerge as Key Contributors to growth| Technavio
NEW YORK, Aug. 19, 2021 -- According to Technavio, the tire retreading market in the US estimates a market value of USD 355.21 million during 2021-2025. The report offers a detailed analysis of the COVID-19 impact on the market and the new opportunities that market players can expect. In addition, the report projects the market to progress at a CAGR of 1.82%.
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Tire Retreading Market in the US: Lower cost of tire retreading to drive growth
The lower cost of retreading compared to new tires is one of the major factors that will drive tire retreading market growth in the US. The retreading of tires costs about 40% lesser than new tires. This will offer fleet operators increased leverage in attaining operational efficiency. The lesser consumption of rubber decreases the dependence of retreads on raw materials. Multiple recycling of tires raises its lifecycle and reduces its cost. Retreads do not attract certain taxes, such as the Federal Excise Tax (FET) charges. Major retread manufacturers provide a warranty every time a tire is retreaded. This lowers the cost of retreaded tires in case of probable failures.
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As per Technavio, the increasing number of M&A activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Tire Retreading Market In US: Environmental Benefits Associated with Tire Retreading
The environmental benefits associated with tire retreading are likely to drive the growth of the tire retreading market in the US during the forecast period. A considerable amount of rubber can be saved through retreading tires than using new tires. Landfilling space is becoming scarce in the US as tires do not biodegrade and have a significant negative effect on the environment. Tire retreading addresses this issue by reducing the need for landfilling and decreasing the carbon footprint involved in the manufacturing of new tires. The oil savings with retreads are also very significant since tires are petrochemical products. Tire retreading is environment-friendly and hence, is witnessing support from various regulating bodies that are encouraging the use of retread tires.
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Tire Retreading Market In US: Segmentation Analysis
This market research report segments the tire retreading market in the US by Type (Pre-cure and Mold cure) and Market Landscape (Domestic consumption and Export).
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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