The global market for retread tires was worth US $7800 Million in the year 2020 and is expected to reach over US $ 12558.2 Million by 2030. It is anticipated to grow at a compound annual growth rate of 5.10% during the forecast period of 2022 - 2030. Tires that have been selected and passed inspection are given a new tread as part of the remolding process that constitutes tire retreading. Because of the sluggish CAGR, businesses are exerting extra effort to provide technical support, quality control, and visibility in the hopes of reviving growth in the retread tire industry.
The aircraft retread tires market worldwide is projected to rise with a CAGR of 4.2% during the estimated period from 2022 to 2030, starting from US$ 781.9 Mn in 2021. The growth of commercial aviation worldwide is the major factor driving the aircraft retread tires market. Focus on less operating cost of the aircraft and rising international tourism are the other major factors for market growth.
The overall automotive tires market worldwide is set to exhibit steady growth rate throughout the forecast period from 2018 to 2026, starting from US$ 155.29 Bn in the year 2017. Tires are among the most important components of automotive vehicles, making it one of the most crucial aspects of the overall automobile components industry.
The overall aircraft tires market is set to demonstrate steady growth rate during the forecast period from 2018 to 2026, up from US$ 1,260.4 Mn in 2017. Aircraft tires are among the most dynamically engineered components present onboard aircrafts. Although for short durations, these tires are designed to withstand extremely heavy loads operating at high speeds of more than 150 miles/hour.
Airless tires refer to next-generation non-pneumatic tires that eliminate the need for air pressure. These tires may be based on spokes or honeycomb structure and can be manufactured using 3D printing method. These tires can potentially be manufactured using a wide range of materials including plastic, paper, electronic waste, wood or recycled rubber. Currently, these tires are being produced using recycled rubber and organic recyclable compounds. The airless tires market is primarily driven by their immense benefits such as no risk of flat tires, longer life, rugged application and several others. Additionally, since the material used for airless tires is primarily recyclable, using these tires is more eco-friendly as compared to the pneumatic counterparts.
Tires constitute as the most important component in any vehicle providing traction, support and comfort in the ride. Over the years, bicycle tires have immensely evolved from basic tubed tires to ride specific racing and off-road tires. Some of the major types of bicycle tires available in the market including tubed, tubeless and airless. On account of lower costs and ease of installation, the tubed bicycle tires have experienced higher adoption over the years.
Tyres Market Research Reports
Today, the automotive sector is the leader in terms of worldwide economic development and there is a growing demand for tyres in automobiles due to its increased usage. It involves vital research, investment activity and development activity that has actually created a greater scope of choices in the minds of billions of persons around the world. Car producers are continuously making their investments in upgraded and modernized safety systems like lightning systems, braking systems and stability systems. These car manufacturers are also finding substitute solutions like electricity, hydrogen fuel cells and clean diesel to make motor vehicles function in the most environment friendly way.
But, safety plays a very vital role when it comes to the automotive sector and the tyres market is not an exception to it. Tyres on the commercial automobiles are one of the most significant foundations of automotive sector. They are predicted to display efficacy, reliability and tenacity when put to use.
As per the leading tyres market research reports in the automobile sector, the global tyres industry is expected to record a high growth rate in future. Acute Market Reports publishes the enlarged collection of tyres market research reports providing detailed information of best economic market drivers, supply chains, key purchasers of reports and tyres markets that are present al around the globe. Our tyres market research reports provide detailed information about future market projections and important market statistics/figures to boost future business prospects related to the tyres market business.
Today, developing countries like India have emerged as one of the biggest tyres markets industries all across the globe. This is due to the large scale availability of raw materials like natural rubber and modernized production services.
Also there is a growing demand and use of tyres in bicycles and motorcycles in developing nations as well as developed nations. Due to this, the tyres market in Asia-Pacific Zone has received a great boost and momentum. It is a recently evolving market in this region.
Utility of tyres is not just restricted to the automotive sector but is widely used in different industries like airline industry, mining industry, agriculture sector, construction sector and defense industry. All these factors have added to the growth of the tyres industry all across the globe.