Retread Tires Market is Expected to Increase at a CAGR of 4.6% by 2028

VALLEY COTTAGE, New York, July 11, 2018 /PRNewswire/ --

Future Market Insights delivers key insights on the global retread tires market in its latest report titled 'Retread Tires Market: Global Industry Analysis (2013 - 2017) and Opportunity Assessment 2018 -2028.' The long-term outlook of the global retread tires market remains positive and the market value is expected to increase at a CAGR of 4.6% during the forecast period (2018 - 2028). Among the end use segments of the retread tires market, the heavy commercial vehicles segment is expected to expand with a significant CAGR in terms of value as well as volume over the forecast period. The global sales of retread tires is estimated to be valued at US$ 8,684.9 Mn by the end of 2018. The China retread tires market is estimated to account for a value share of 29.6% in the global retread tires market by 2018 end and is anticipated to retain its dominance throughout the forecast period. In this report, Future Market Insights throws light on the drivers and restraints likely to impact revenue growth of the retread tires market during this period.

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Increasing Automotive Production and Vehicle Parc to Drive Market Revenue Growth 

Sales of retread tires is directly related to vehicle parc and vehicle production. Despite unstable economic conditions in the market in the recent past, the global automotive industry has witnessed satisfactory growth. Automotive production is anticipated to increase with a modest CAGR of 3%-3.5% during the forecast period. Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This can mainly be attributed to increasing urbanisation and stable economic conditions in these regions. During the forecast period, the fleet on road is also expected to rise with a modest CAGR, thereby providing marginal opportunities for the growth of the retread tires market over the forecast period.