The automotive retread tires, also known as remold tires, are eco-friendly in nature and curbs carbon production. Due to such reasons the sale of these tires has increased and the global automotive retread tires is expected to scale a 5% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their well-placed argument on the automotive retread tires market reveals possibilities for the global automotive retread tires market attaining higher than the projected growth rate.
The market is expected to gain the maximum from the recycling process initiated by several companies to adhere to government policies. Eco-awareness has given rise to regulations that governments are now putting into effect to reduce carbon footprint. At the same time, increasing number of fleet owners are pushing the boundary wide for the automotive retread tires market. The market is also intense due to the presence of several globally recognized names. These products are also cost-effective and is at least 30% cheaper than any original piece. This creates traction for the global market. But the lack of consumer awareness can be a market deterrent.
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North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are the four regions incorporated in the study of the automotive retread tires market. MRFR in the report tries to find out prospective regions where the company can expand their business.
North America is experiencing heavy growth due to the high intake of personal cars. This is further substantiated by companies who have made their business from the region. However, it is the APAC that rules the global market and is having a great run due to the huge number of car owners are providing traction. The high cost benefits with manufacturing of retread tires is also one major reason owing to which the growth of the market in this region has become quite easier.
Europe has the second spot and it is getting backed by strict regulations that have been implemented to support eco-friendly causes. The region has several regulations that actually supports the integration of this procedure to ensure market growth. This is bound to hike the production and consumption of retread tires across the region.
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