According to the tech research firm Technavio, the U.S. tire retreading market is poised for major growth. In fact, projections show the tire retreading industry growing by roughly 14 percent over the next few years, likely hitting $6.06 billion or more by the year 2021. Of course, there are a number of reasons for this growth, and a lot of them boil down to one simple fact—retreading is simply the best, most cost-effective solution for OTR tire needs, and more and more companies are embracing that.
Here’s some further analysis of why the tire retreading market is booming.
Understanding the Big Picture
First, understand that these projections aren’t mere guesses. They’re based on careful analysis from industry experts, including many of the leading tire vendors. These industry experts say there are three primary reasons why retreading is such a popular option:
- Retreading offers a much cheaper alternative to buying brand new tires.
- Fleet operators are under increased pressure to control costs whenever they can.
- Regulatory changes incentivize fuel-efficient tires.
Looking at the Cost
Now let’s look at each of those three factors in greater detail. First, there’s the simple matter of cost. For most trucking fleets, tires make up about a third of the annual expense budget. Meanwhile, retreading offers 40 percent greater cost effectiveness than buying brand new tires. Those numbers speak for themselves: As fleets weigh any possible options for keeping those high costs down, retreading offers vastly superior bang for buck, eliminating the need for more raw materials and significantly increasing the lifespan of each existing tire.
Considering Cost Control Measures
The second factor to explore is the increased pressure that fleet operators face to control costs. Certainly, fleet operators juggle many different expenses as they try to keep things running as efficiently as possible, and tires represent a major area for potential savings. Again, retreading offers a significant form of cost savings. And, companies that buy premium-level tires on the front end will save big bucks down the road, as they will have the potential for as many as three retreads per tire. For fleet operators who feel pressured to cut costs whenever and however they can, retreading offers a no-brainer.
Reviewing the Regulations
A final consideration is the big regulatory push for fuel-efficient tires. In states like California, especially, there’s been a crackdown on the greenhouse gas emissions from big fleets. Eco-friendly tires and retreads are mandated and will likely be assigned in more states in the years to come. Once again, retreading provides the most cost-effective option by far.
Looking at Longevity
All three of these factors are cited as reasons for the retreading industry’s boom. As retreading helps extends the life of more company’s tires, this will enable fleets to better optimize their tire investments. New technologies make retreaded tires increasingly resistant to general wear and tear. As more fleet operators realize that, the retreading market will likely continue its expansion.
Learn More About Tire Retreading
Here at BR Retreading, we are certainly eager to do our part in providing cost-effective solutions for trucking companies and big fleets. We are proud to be leaders in a thriving industry, and to always be on the cutting edge of tire retreading technologies.
To learn more about the benefits of tire retreading, we encourage you to contact the BR Retreading team in Glasgow, Kentucky today.