Owing to the burgeoning material and technology advancements witnessed across the automotive industry, notable changes are observed in the automotive components market. Increasing demand for performance efficiency and improved driving experience are further opening new opportunistic avenues for the companies serving the automotive components market. Along with this, the increasing scenarios of replacing older automotive components with new and refurbished ones are expanding the scope of business for the automotive component manufacturers. Retread tires market is largely benefitting from the increasing demand for spare part replacements. The cost-effectiveness of retread tires over new automotive tires are one of the key factors driving the former’s applicability. Moreover, large-scale fleet owners are witnessed opting for tire remolding and retreading in an attempt to reduce costs.
The increasing production of automobiles has fostered the production of retread tires. A number of developments are being witnessed across the production landscape of retread tires. Increasing number of tire retreading facilities are further expanding the retread tires market potential.
Facility Expansions and Extended Support to Help Manufacturers Gain Profitability
Companies operating in the retread tires market are witnessed expanding their facilities to address the demand for retread tires. Moreover, companies are further enhancing their support towards tire retreading, thereby strengthening the market growth.
- Companies are bullish over the market of retread tires as a result of which noteworthy investments are witnessed across the retread tires market. For instance, Bauer Built Inc. recently completed the acquisition of Allied Oil & Tire Co.’s tire division. With this acquisition, the former expanded its reach to eight retread plants and 40 sales and service locations in 10 Midwestern states.
- A commercial tire dealer and retreader, with an emphasis on Continental Tire offerings, recently inaugurated two novel tire centers in Texas. The Dallas-based location is a 100,000-square-foot tire shop and retread shop that would provide new tires, ContiTread retread tires, and services for the customers in Dallas Fort Worth area. The plant would also manufacture retreads for supplying them to nearby service centers of the company.
- Continental, for instance recently revealed its plans to further enhance its support services to strengthen its collaboration with ContiTread cold retread shops. This support would enable its partner to attain profitability, productivity, and quality.
Retread Tire Production Scaled up
Apart from facility expansions, the retread tires market is witnessing major investments centered at expanding the production landscape. A number of new production plants are enabling manufacturers to meet the increasing demand for retread tires.
- TravelCenters of America recently announced the inauguration of the TA Commercial Tire Network Retread Center. A part of the Goodyear Authorized Retread Network, the TA Commercial Tire Network Retread Center has commenced the production of retread tires. The new production center is capable of retreading customer-owned casings with premium performance Goodyear treads which are known to lower the fleets’ cost-per-mile by extending the life of tires.
- Another plant was introduced in India. Marangoni Ringtread recently introduced its fourth franchise in Chennai, India. The franchise, Xtramiles was opened with an aim to service the trucking industry in Tamil Nadu state, India.
Tire Retread Innovations Aimed at Boosting Performance Introduced
Apart from the continual focus on business expansion, a number of innovations are also witnessed across the retread tires landscape. One such innovation is the Bandag BLSS retread added to Bandag retread portfolio which is designed for fleets that travel in on- and off-road environments.
The Bandag BLSS retread helps gain efficient mobility by delivering an extended tread life with a potent grip in severe service applications. Apart from these benefits, the new tire retread provides reliable performance and high traction irrespective of the application to ensure that fleets gain can leverage the valuable tire assets.
Similar insights pertaining to the retread tires market are compiled in an extensive market research report by FMI. Readers can gain a holistic market understanding by downloading the sample of the study on retread tires market.