Africa Retreaded Tire Market Size Set to Expand at Significant CAGR of 6.15% to Touch USD 2.6 Billion by 2030
Africa Retreaded Tire Market is flourishing because of the growing focus on eco-friendly practices and a rising demand for retread tires for light commercial vehicles (LCVs).
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Africa Retreaded Tire Market size at USD 1.78 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Africa Retreaded Tire Market size to expand at a CAGR of 6.15% reaching a value of USD 2.59 billion by 2030. By volume, Report Ocean estimated the Africa Retreaded Tire Market size at 1.3 million units in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Africa Retreaded Tire Market size to expand at a CAGR of 6.87% reaching the volume of 2.5 million units by 2030. The growing need for affordable tires and the growing emphasis on the automotive industry's adoption of sustainable practices are two major driving factors for the Africa Retreaded Tire Market.
Opportunity: Rising demand for cost effective & economical tires
After labor and fuel, retreads are the third-highest expenditure item for fleets, and they are far less expensive than similar new tires. Retreaded tires are designed to be high-quality; in fact, most manufacturers provide a multi-year warranty on their tire casings for retreaded use. It is fueling the expansion of the Retreaded Tire Market in Africa.
Africa Retreaded Tire Market
Segmental Coverage
Africa Retreaded Tire Market - By Vehicle Type
Based on vehicle type, the Africa Retreaded Tire Market is segmented into two-wheeler vehicles, passenger vehicles, commercial vehicles, and off-the-road vehicles. The commercial vehicle segment dominates the Africa Retreaded Tire Market. The growth in the e-commerce and logistics industries, along with expanding investment in infrastructure development projects, is fueling the demand for commercial vehicles in the region. As a result, the demand for retreaded tires is growing among both OEMs and aftermarket.
Competitive Landscape
Major players operating in the Africa Retreaded Tire Market include Goodyear Tire and Rubber Co., Continental AG, Bridgestone Corporation, Michelin, Oliver Tyre Group, Harry's Tyres SA, Auto & Truck Tyres (ATT), and Safari Tyres.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Africa Retreaded Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Africa Retreaded Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
