NEW YORK, August 19, 2021 / PRNewswire / – According to Technavio, the tire retreading market in the US is valued at $ 355.21 million in the period 2021-2025. The report provides a detailed analysis of the impact of COVID-19 on the market and the new opportunities that market participants can expect. Additionally, the report predicts the market will advance at a CAGR of 1.82%.
Technavio announced its latest market research report, United States Tire Retreading Market by Process Type and Consumption – Forecast and Analysis 2021-2025
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US Tire Retreading Market: Lower Tire Retreading Costs Driven Growth
The lower cost of retreading compared to new tires is one of the main drivers of the growth of the tire retreading market in the United States. Retreading tires costs around 40% less than new tires. This will give fleet operators greater leverage in achieving operational efficiency. The lower rubber consumption reduces the dependency of retreads on raw materials. Repeated recycling of tires increases their service life and reduces costs. Retreads have no taxes like the federal excise tax (FET). The major retreading manufacturers give a guarantee every time a tire is retreaded. This lowers the cost of retreading tires in the event of likely breakdowns.
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According to Technavio, the increasing number of M&A activities will have a positive effect on the market and contribute significantly to its growth in the forecast period. This research report also analyzes other key trends and market drivers that will influence market growth in 2021-2025 period.
U.S. Tire Retreading Market: Environmental Benefits Associated with Tire Retreading
The environmental benefits associated with tire retreading should drive growth in the US tire retreading market over the forecast period. By retreading the tires, significantly more rubber can be saved compared to using new tires. Landfill space is becoming scarce in the US because tires are non-biodegradable and have a significant negative impact on the environment. Tire retreading addresses this problem by reducing landfill and carbon footprint in the manufacture of new tires. The oil savings in retreaded tires are also very significant because tires are petrochemical products. Tire retreading is environmentally friendly and is therefore supported by various regulatory authorities that encourage the use of retreaded tires.
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Related reports on consumer discretionary include:
Agricultural Tire Market by End-User & Geography – Forecast and Analysis 2021-2025: The Agricultural Tire Market has the growth potential around $ 2.2 billion in the period 2021-2025, and the market growth momentum will accelerate with a CAGR of 4.76%. For In-Depth Research Insights: Download our exclusive sample report
Global Automotive Tire Retread Service Market: The automotive retread service market is expanding by over $ 118 million during the forecast period. This report offers market analysis based on the type of technology (pre-hardening and die-hardening).
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United States Tire Retreading Market: Segmentation Analysis
This market research report segments the U.S. Tire Retreading Market by Type (Pre-Cure and Mold-Cure) and Market Landscape (Domestic Consumption and Export).
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