India Retread Tire Market Size Set to Grow at Steady CAGR of 3.2% During 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India retread tire market size to grow at a significant CAGR of 3.21% by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India retread tire market size to grow at a significant CAGR of 3.21% by 2029. The demand for retread tires is expected to continue to increase during the forecast period. The India Retread Tire market for retread tires is seeing new growth due to the continuously developing vehicle sector. Consumer preference for sustainable alternatives is also more likely. Leading retread tire producers are employing cutting-edge production techniques and strategies to get rid of operational problems and provide customers with high-quality retread tires. Retreaded tire sales are also flourishing due to the growth of the logistics sector and increased freight demand. Tire wear and tear is causing a tremendous rise in the need for tire retreading.
India Retread Tire Market – Overview
Retreading involves replacing the tread on worn tires as part of the tire manufacturing process. Used tire casings that have undergone inspection and repair are utilized for retreading. The two primary tire retreading procedures are mold cure and pre-cure. Retreaded tires are more affordable than brand-new tires, which has increased sales. Retreaded tires are also eco-friendly, which helps the market grow overall because consumers are more likely to favor ecologically favorable options.
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Impact of COVID-19 on India Retread Tire Market
The COVID-19 pandemic significantly impacted the global economy at multiple stages, and the effect is being felt in the automotive industry as well. COVID-19 indirectly affected automotive retread tire manufacturing companies, causing production to be halted. During the COVID-19 pandemic, the Indian automobile sector faced severe challenges as production houses closed, inventories began to overflow, and demand completely subsided, affecting retread tire sales. For the supply of several raw materials, manufacturers of consumer electronics, pharmaceuticals, and automobiles in India depend on China and other industrialized nations. Unfortunately, this was badly impacted by the pandemic. The supply chain has been disrupted due to the lockdown, and demand has completely subsided, which is expected to take a long time to recover.
India Retread Tire Market - By Sales Channel
On basis of the sales channel, India retread tire market is divided into OEMs and Independent Service Providers segments. The independent service providers segment is a higher contributor to the India retread tire market. The OEMs and independent service providers both provide retread tires. Major vehicle fleet owners prefer to purchase retread tires from independent service providers, cementing their dominance as the preferred sales channel in the market.
India retread tire market is fiercely competitive. Major companies in the market include Michelin, Bridgestone, Continental AG, The Goodyer Tire & Rubber Company, MRF, YOKOHAMA RUBBER COMPANY, Rosier Tech Innovators, Carloni Tire, JK Tyres, Eastern Treads, and Nokian tires plc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the India retread tire market.
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