Industria
Second Hand Tire Market to Reach $12.5 Billion, Globally, by 2032 at a 4.0% CAGR: Allied Market Research
Allied Market Research published a report titled According to the report, the global second hand tire industry generated $8.1 billion in 2018 and is anticipated to generate $12.5 billion by 2032, witnessing a CAGR of 4.0% from 2023 to 2032.
The global second hand tire market is driven by factors such as growth in the number of automobiles, the advantages of second-hand tires, and the ready availability of second-hand tires. On the other hand, safety issues associated with second hand tires and strict government regulations restrict market growth. Moreover, a rising focus on sustainability across developed and developing economies presents new opportunities in the coming years.
Based on type, the tubeless tire segment held the highest market share in 2018, accounting for nearly three-fourths of the global second hand tire market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 4.2% from 2023 to 2032. Tubeless tires have been used in vehicles since the second half of the last century. In the 1950s, the U.S. introduced a regulation that made it compulsory to install tubeless tires in cars due to their enhanced safety. However, in developing nations, tubeless tires are still uncommon, especially in affordable segments of vehicles such as bicycles, motorcycles, and three-wheelers. This is primarily due to their expensive price and high cost of repair, and they can only be installed on an expensive non-spoked wheel.
Based on design, the radial segment held the highest market share in 2018, contributing to more than three-fifths of the global second hand tire market, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also portray the fastest CAGR of 4.2% from 2023 to 2032. Radial tires are more expensive than their counterparts; however, they have a two- or three-times longer lifespan than other tires due to their superior construction and the positioning of cord plies at 90 degrees to the tread. These tires also offer better fuel efficiency. Owing to its higher durability, the condition of a typical second hand radial tire is relatively better. Thus, the combination of factors such as cheaper cost and availability of well-conditioned second hand radial tires that offer reasonably all the benefits of new tires drives the growth of this segment.
Based on vehicle type, the commercial vehicles segment accounted for the largest share in 2018, holding nearly three-fifths of the global second hand tire market revenue, and is projected to maintain its lead position during the forecast period. The same segment is also projected to manifest the highest CAGR of 4.4% from 2023 to 2032. Companies with large fleets of commercial vehicles often manage tire inventory and rotation to ensure balanced wear and maximize the lifespan of their tire sets. By incorporating used tires into their rotation strategy, they can extend the overall lifespan of their tire inventory and optimize costs. Moreover, commercial vehicle owners or operators, especially those with large fleets, may opt for second hand tires to reduce operating costs.
Based on region, Asia-Pacific held the highest market share in 2018, accounting for more than two-fifths of the global second hand tire market revenue, and is likely to dominate the market during the forecast period. The rising disposable income of the population has positively impacted the automotive industry in the region. There is a demand for affordable maintenance and solutions for vehicles, including tires. However, the Latin America region is expected to witness the fastest CAGR of 5.3% from 2023 to 2032. Latin America is a highly urbanized region, and demand for affordable transport solutions is high, which positively affects the demand for second hand tires.
The report provides a detailed analysis of these key players in the global second hand tire market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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