Report Overview

India Retread Tire Market – Industry Trends & Forecast Report, 2029

India retread tire market size is projected to grow at a CAGR of 3.21% during the forecast period between 2023 and 2029.  The thriving commercial vehicle sector is one of the major drivers of the India retread tire market. The ever-expanding automobile industry is creating new opportunities in the retread tire market. Also, consumers are more likely to prefer sustainable solutions. Leading retread tire manufacturers are implementing advanced manufacturing processes and strategies to eliminate operational issues and deliver high-quality retread tires to end users. The expansion of the logistics industry and rising freight demand have created an advantageous environment for the sale of retreaded tires. The demand for tire retreading is increasing rapidly due to increased tire wear and tear.

India Retread Tire Market - Overview

Retreading is a tire remanufacturing process that replaces the tread on worn tires. Retreading is done on used tire casings that have been inspected and repaired. Mold Cure and Pre-Cure are the two main processes used for retreading tires. When compared to new tires, the cost-effectiveness of retreaded tires has resulted in increased sales. Also, retreaded tires are environmentally friendly, which contributes to the market's overall expansion because consumers are more likely to prefer sustainable solutions.

Growth Drivers

Increasing Need for Retread Tires for High Commercial Vehicles

Retreading tires have long been a popular idea for high commercial vehicles, but as time has gone on, it has been apparent that it could also offer advantages for light commercial vehicles. In a light-duty car, a single tire typically requires 26 liters of oil to manufacture, compared to 9 liters for retreading, which makes up about 34% of the new production process. On the other hand, a new set of four tires for a large SUV costs roughly $1,000, according to the Retread Tire Association. Retreading for light-duty cars reduces costs by close to 50%.

Restraints

Need for Proper Maintenance and Regular Inspection

Retreads that are less expensive could have problems including shorter lifespans and tire noise. It's essential to do proper maintenance and routine checks on the tread depth and tire pressure. Depending on your driving habits, retread tires should be considered for replacement at roughly six years and most likely by ten years. A tire will need to be pulled out of service early due to other variables like wear, casing condition, and other sorts of failure.

Impact of COVID-19 on the 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 impacted 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

Segmental Coverage

India Retread Tire Market – By Rim Size

On basis of rim size, India Retread tire market is divided into 13–15, 17–18, 19–21, and >21 inches segments. The 13–15 inch segment dominates India retread tire market. During the forecast period, there would be a significant increase. The tire is available in a variety of sizes and is available in the India retread tire market. For various vehicle types and layouts, a wide range of tire sizes is available. Rising fuel costs, growing worries over pollution and climate change, and a movement in customer preference toward electric vehicles have all contributed to an increase in tire demand.

India Retread Tire Market – By Vehicle type

On basis of the vehicle type, India retread tire market is divided into Passenger Cars, LCV, HCV, and Off-The-Road (OTR) vehicles segments. The HCV (high commercial vehicle) segment dominates the India retread tire market. During the last 5 years, Indian commercial vehicle sales have increased driving demand growth due to an increase in Indian industrial and logistics activities. Retreaded tires are majorly used by truck fleet operators because they can provide additional economic benefits to tires. More than 70% of commercial truck fleets have retreaded their tires at least once. Because the cost of retreading is roughly one-third to half that of new tires. Therefore, the demand for tire retreading in commercial vehicles is boosting the Indian market.

India Retread Tire Market – By Process

On the basis of process, India retread tire market is bifurcated into Pre-cure and Mold-cure segments. The pre-cure or pre-vulcanization process segment dominates the Indian retread tire market. Factors such as lower follow-up costs and lower investment requirements would aid the industry's growth during the forecast period when compared to the mold-curing process.

India Retread Tire Market – By Sales Channel

On basis of the sales channel, India retread tire market is divided into OEM and Independent Service Provider segments. The independent service provider 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 – By Region

On basis of the region, India retread tire market is divided into North India, South India, East India, and West India. The sales of retread tires are expected to continue to be quite profitable in India. The recent announcement by the Indian government to abolish the Goods and Services Tax (GST) and the Sales and Services Tax (SST) immediately increased car production in the nation. The nation's expanding population also portends a future boom in the number of vehicles on the road, which will offer appealing chances for the growth of the retread tire industry in India.

Competitive Landscape

Major players in the India retread tire 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 tyres plc. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In September 2022 - Bridgestone India, part of the Bridgestone group, introduced “Bridgestone STURDO”, its next-generation tire for the passenger vehicles segment. Bridgestone STURDO has a special tread compound that is expected to extend tire life by up to 29% and improve ride quality on uneven roads. Bridgestone STURDO is available in 27 sizes ranging from 12” to 16” with multiple variants for hatchbacks, sedans, and certain CUVs (crossover utility vehicles) market.

Scope of the Report

By Rim Size

• 13–15

• 17–18

• 19–21

• >21 inches

By Vehicle Type

• Passenger Cars

• LCV

• HCV

• Off-the-road vehicles

By Process

• Pre-cure

• Mold-cure

By Sales Channel

• OEM

• Independent Service Provider

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Retread Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising Demand for Cost-effective & Economical Tires
         2. Increasing Logistics Market
      2. Restraints
         1. Less Availability
      3. Opportunity
         1. Environment Friendly
      4. Challenges
         1. Impact on Supply Chain Due to Covid
   3. Technological Advancement/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Retread Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Rim Size
         1. 13-15
         2. 17-18
         3. 19-21
         4. >21 inches
      2. By Vehicle Type
         1. Passenger Cars
         2. LCV
         3. HCV
         4. Off-road vehicle
      3. By Process
         1. Pre-cure
         2. Mold cure
      4. By Sales Channel
         1. OEM
         2. Independent Service Provider
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Retread Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Rim Size
      2. By Vehicle Type
      3. By Process
      4. By Sales Channel
6. South India Retread Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Rim Size
      2. By Vehicle Type
      3. By Process
      4. By Sales Channel
7. East India Retread Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Rim Size
      2. By Vehicle Type
      3. By Process
      4. By Sales Channel
8. West India Retread Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Rim Size
      2. By Vehicle Type
      3. By Process
      4. By Sales Channel
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Retread Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Retread Tire Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

11. 11.  Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List Of Figures

Figure 1       India Retread Tire Segmentation        

Figure 2       India Retread Tire Market Value Chain Analysis      

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Retread Tire Market Size, By Value (USD Million), 2019–2029     

Figure 5       India Retread Tire Market Share, By Rim Size, By Value, 2019–2029   

Figure 6       India Retread Tire Market Share, By Vehicle Type, By Value, 2019–2029       

Figure 7       India Retread Tire Market Share, By Process, By Value, 2019–2029     

Figure 8       India Retread Tire Market Share, By Sales Channel, By Value, 2019–2029     

Figure 9       North India Retread Tire Market Size, By Value (USD Million), 2019–2029     

Figure 10     North India Retread Tire Market Share, By Rim Size, By Value, 2019–2029   

Figure 11     North India Retread Tire Market Share, By Vehicle Type, By Value, 2019–2029          

Figure 12     North India Retread Tire Market Share, By Process, By Value, 2019–2029     

Figure 13     North India Retread Tire Market Share, By Sales Channel, By Value, 2019–2029          

Figure 14     South India Retread Tire Market Size, By Value (USD Million), 2019–2029     

Figure 15     South India Retread Tire Market Share, By Rim Size, By Value, 2019–2029   

Figure 16     South India Retread Tire Market Share, By Vehicle Type, By Value, 2019–2029          

Figure 17     South India Retread Tire Market Share, By Process, By Value, 2019–2029     

Figure 18     South India Retread Tire Market Share, By Sales Channel, By Value, 2019–2029          

Figure 19     East India Retread Tire Market Size, By Value (USD Million), 2019–2029       

Figure 20     East India Retread Tire Market Share, By Rim Size, By Value, 2019–2029     

Figure 21     East India Retread Tire Market Share, By Vehicle Type, By Value, 2019–2029

Figure 22     East India Retread Tire Market Share, By Process, By Value, 2019–2029       

Figure 23     East India Retread Tire Market Share, By Sales Channel, By Value, 2019–2029          

Figure 24     West India Retread Tire Market Size, By Value (USD Million), 2019–2029      

Figure 25     West India Retread Tire Market Share, By Rim Size, By Value, 2019–2029    

Figure 26     West India Retread Tire Market Share, By Vehicle Type, By Value, 2019–2029          

Figure 27     West India Retread Tire Market Share, By Process, By Value, 2019–2029      

Figure 28     West India Retread Tire Market Share, By Sales Channel, By Value, 2019–2029          

List of Tables

Table 1 India Retread Tire Market Size, By Value (USD Million), 2019–2029

Table 2 India Retread Tire Market Size, By Rim Size, By Value, 2019–2029

Table 3 India Retread Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 4 India Retread Tire Market Size, By Process, By Value, 2019–2029

Table 5 India Retread Tire Market Size, By Sales Channel, By Value, 2019–2029

Table 6 North India Retread Tire Market Size, By Value (USD Million), 2019–2029

Table 7 North India Retread Tire Market Size, By Rim Size, By Value, 2019–2029

Table 8 North India Retread Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 9 North India Retread Tire Market Size, By Process, By Value, 2019–2029

Table 10      North India Retread Tire Market Size, By Sales Channel, By Value, 2019–2029

Table 11      South India Retread Tire Market Size, By Value (USD Million), 2019–2029

Table 12      South India Retread Tire Market Size, By Rim Size, By Value, 2019–2029

Table 13      South India Retread Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 14      South India Retread Tire Market Size, By Process, By Value, 2019–2029

Table 15      South India Retread Tire Market Size, By Sales Channel, By Value, 2019–2029

Table 16      East India Retread Tire Market Size, By Value (USD Million), 2019–2029

Table 17      East India Retread Tire Market Size, By Rim Size, By Value, 2019–2029

Table 18      East India Retread Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 19      East India Retread Tire Market Size, By Process, By Value, 2019–2029

Table 20      East India Retread Tire Market Size, By Sales Channel, By Value, 2019–2029

Table 21      West India Retread Tire Market Size, By Value (USD Million), 2019–2029

Table 22      West India Retread Tire Market Size, By Rim Size, By Value, 2019–2029

Table 23      West India Retread Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 24      West India Retread Tire Market Size, By Process, By Value, 2019–2029

Table 25      West India Retread Tire Market Size, By Sales Channel, By Value, 2019–2029

Table 26      Michelin Company Overview

Table 27      Michelin Financial Overview

Table 28      Bridgestone Company Overview

Table 29      Bridgestone Financial Overview

Table 30      The Goodyear Tire & Rubber Company: Company Overview

Table 31      The Goodyear Tire & Rubber Company Financial Overview

Table 32      Continental AG Company Overview

Table 33      Continental AG Financial Overview

Table 34      MRF Company Overview

Table 35      MRF Financial Overview

Table 36      YOKOHAMA RUBBER COMPANY: Company Overview

Table 37      YOKOHAMA RUBBER COMPANY Financial Overview

Table 38      Rosier Tech Innovators Company Overview

Table 39      Rosier Tech Innovators Financial Overview

Table 40      Carloni Tire JK TYRES Company Overview

Table 41      Carloni Tire JK TYRES Financial Overview

Table 42      Eastern treads Company Overview

Table 43      Eastern treads Financial Overview

Table 44      Nokian tyres plc Company Overview

Table 45      Nokian tyres plc Financial Overview