The Tire Retreading Market in US is being driven by Lower cost of tire retreading
The Tire Retreading Market in US is expected to grow at a CAGR of 4.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 926.8 million. The tire retreading market in the US is poised for significant growth due to technological innovations such as the adoption of Low Rolling Resistance (LRR) retreads, the integration of smart technology in vehicles, and the implementation of nanotechnology to minimize tire wear in heavy-duty applications. Tire manufacturers are increasingly focusing on producing fuel-efficient tires, which aligns with regulatory initiatives like the US Environmental Protection Agency's (US EPA) SmartWay program. This program encourages businesses to enhance the sustainability of their supply chains by assessing and comparing freight transportation efficiency, thereby promoting the use of tires that contribute to reduced fuel consumption and greenhouse gas emissions in commercial vehicles.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product Type (Precure, Mold cure) Consumption Pattern (Domestic consumption, Export) Vehicle Type (Commercial vehicle, Passenger vehicle) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Tire Retreading Market in US Research Report
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The US Tire Retreading Market is experiencing significant growth, with key players like Bob Sumerel Tire leading the charge. Pre-mold retreading is gaining popularity in the logistics sector, particularly for freight services, due to the high wear and tear experienced by vehicle fleets. Retread tires, such as blackline rings, offer economical solutions for fleet operators, especially for warranty-less vehicles. Leading tire manufacturing companies are investing in premium quality retreading technology for the motorsport industry and sport utility vehicles. The circular economy is driving the market, with the reuse of end-of-life tires as retreaded tires becoming increasingly common. Customer preferences for cost-effective and sustainable options are fueling the trend, with truck drivers and tire retailers embracing the benefits of retreaded tires.
The tire retreading market in the US is a significant segment of the larger global tires and rubber industry. This market caters to the logistics sector, particularly freight services, where the need for cost-effective and efficient tire solutions is paramount due to the high wear and tear experienced by fleet operators. According to Technavio, the global tires and rubber market, which encompasses tire manufacturers and rubber producers, is projected to grow substantially. Key drivers for this expansion include the aftermarket sector's potential for higher growth compared to original equipment fitment. The long-term ownership of vehicles and the periodic necessity for tire replacement contribute to this trend.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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