US tire retreading market revenues forecast to increase by 16.9% CAGR during 2013 to 2018
Tire Retreading Market in the US 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-30 09:03:02
Leading manufacturers have been increasing their investment in retread tire manufacture to cater to the high demand in the country. Retread tire manufacturers in the US such as Bridgestone, Michelin, Goodyear, Marangoni, and Continental Tire have been expanding their production capacities and are planning to introduce new plants in various regions in the country despite the shortage in the supply of tire casings. For instance, Marangoni is investing US$10 million in its tread rubber facility in Madison, US, to manufacture retread tires. Hence, the increased investment by leading manufacturers is expected to increase the availability of retread tires in the country, leading to the growth of the market during the forecast period.
The main factor driving revenue growth is the cost-effectiveness of retread tires. A new passenger vehicle tire would cost four times more than a retread tire for the vehicle, which highlights its cost-effectiveness. Hence, a set of four retread tires can be purchased in place of one new tire.
Despite the presence of several drivers, the growth of the tire retreading market in the US is curtailed by some major challenges. The quality and reliability of retread tires are a major challenge for the market. These tires can be quite worn as the previous user might not have taken care of them. Sometimes the damage in a tire might not even be visible if it has been worn on the inside or outside of its grooves, and this could pose a threat to the user´s safety.
The key players operating in the tire retreading market in the US include Bridgestone Corp., Compagnie Generale des Etablissements Michelin SCA, Marangoni S.p.A., and The Goodyear Tire and Rubber Co.
The tire retreading market in the US is forecast to report increased revenues totalling 16.94% CAGR over the period 2013-2018. One of the key factors contributing to this market growth is the price-effectiveness of retread tires. The Tire Retreading market in the US has also been witnessing the increasing investment from manufacturers. However, the quality and reliability issues could pose a challenge to the growth of this market.
Other vendors operating in the market include Continental AG, Cooper Tire and Rubber Co., Hankook Tire Co. Ltd., Pirelli and C. SpA, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co. Ltd.
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