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Second Hand Tire Market Is Growing At A CAGR Of 4% And Is Projected To Reach $12.5 Billion By 2032
(MENAFN- EIN Presswire)
market is witnessing steady growth, driven by increasing vehicle ownership, cost-conscious consumers, and the demand for sustainable automotive solutions
WILMINGTON, DE, UNITED STATES, February 28, 2025 /EINPresswire / -- According to a recent report published by Allied Market Research, titled "Second Hand Tire Market," the second hand tire market was valued at $8.1 billion in 2018 and is estimated to reach $12.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 4% from 2023 to 2032. Furthermore, in terms of volume, the global second hand tire market size was valued at 35,13,698 metric tons in 2018 and is projected to reach 49,35,237 metric tons by 2032, registering a CAGR of 3.3% from 2023 to 2032.
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Market Segmentation and Growth Trends
The second hand tire market comprises two major types: tube tires and tubeless tires. Among these, the tubeless tire segment dominated the second hand tire market in terms of revenue in 2018, as well as in 2022, which serves as the base year for the study. This segment is also expected to witness the highest CAGR during the forecast period. Tubeless tires are considered a superior option due to their durability and reliability, especially in the event of a puncture. Unlike tube tires, they do not deflate immediately, providing riders with additional time to reach a repair center.
The demand for second hand tubeless tires continues to rise as new tubeless tires are relatively expensive. Consumers seeking a cost-effective alternative without compromising on quality often opt for second hand tubeless tires. Meanwhile, tube tires have been a traditional choice for decades and continue to have a well-established market presence. They offer various advantages that make them a viable option even as tubeless tires gain popularity.
Tire Design Analysis
The second hand tire market is also segmented based on tire design into radial and bias tires. The radial tire segment accounted for a high market share in 2018 in terms of revenue. Radial tires have gained widespread popularity over the years due to their advantages in vehicle performance and longevity. The structure of radial tires allows for even distribution of pressure across a larger tire footprint, reducing localized wear and promoting uniform wear patterns. This ultimately extends the lifespan of the tire and enhances ride comfort.
Given these benefits, the radial tire segment is expected to dominate the second hand tire market in the coming years, exhibiting the highest CAGR. However, bias tires continue to be in demand, especially among vehicle owners who use their vehicles occasionally, such as those in off-road or heavy-duty applications. Bias tires tend to expand under higher centrifugal forces, making them more challenging to handle at high speeds, but they remain a preferred choice for moderate-speed vehicles.
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Vehicle Type Analysis
The market is further analyzed based on the type of vehicles using second hand tires, which include two-wheelers, passenger cars, commercial vehicles, and others. Among these, the commercial vehicles segment held the highest market share in terms of revenue in 2018 and continued to do so in 2022. The segment is also projected to witness significant growth in the forecast period, driven by rapid industrialization in developing nations.
Owners of commercial vehicles and fleet operators prefer second hand tires as they help reduce operational costs, especially during economic downturns or periods of budget constraints. As commercial vehicles are subjected to rigorous use, second hand tires offer an affordable solution for maintaining vehicle efficiency without incurring the high costs of new tires.
The passenger car segment ranked second in terms of revenue generation in 2018. Passenger cars serve both personal and commercial purposes, such as taxi services. These vehicles operate at varying speeds on well-paved roads as well as under harsh road conditions, necessitating safe and durable second hand tire options.
Market Drivers and Challenges
The second hand tire market is primarily driven by the increasing number of industrial, commercial, and passenger vehicles, fueled by rapid population growth. The market is also supported by the easy availability of second hand tires and their cost-effectiveness compared to new tires. Many consumers opt for second hand tires as an economical alternative, allowing them to maintain their vehicles without incurring significant expenses.
However, safety concerns associated with second hand tires present a challenge to market growth. Worn-out or improperly inspected tires can pose a risk to vehicle safety, increasing the chances of road accidents. Regulatory authorities in several countries have implemented stringent guidelines regarding the sale and use of second hand tires, which may hinder market expansion.
Regional Market Insights
In 2022, the Asia-Pacific region contributed the highest revenue share to the global second hand tire market. The region's dominance is attributed to its vast population, expanding automotive sector, and growing transportation needs. Rapid urbanization and industrialization in countries like China, India, and Indonesia have led to an increase in vehicle ownership, further driving demand for second hand tires.
Meanwhile, the second hand tire market in Latin America is projected to grow at the highest CAGR during the forecast period. The region's demand for cost-effective vehicle maintenance solutions, coupled with the increasing number of commercial and passenger vehicles, is expected to drive market growth.
Key Market Developments
Several key players in the second hand tire market have adopted strategic initiatives such as product launches, business expansion, acquisitions, and partnerships to strengthen their market position.
For instance, in recent years, companies have focused on developing advanced inspection and refurbishment techniques to ensure the quality and safety of second hand tires. These advancements aim to address consumer concerns regarding the reliability and durability of pre-owned tires. In addition, the growing emphasis on sustainability and circular economy principles has further fueled interest in the second hand tire market, as businesses and consumers seek ways to minimize waste and reduce environmental impact.
Update On Demand@
Key Findings of the Study
The report provides an extensive analysis of current and emerging second hand tire market trends and dynamics.
The tubeless tires segment dominated the second hand tire market in terms of revenue in 2022 and is projected to grow at a significant CAGR during the forecast period.
The radial tire segment accounted for the highest market share in 2022 and is expected to continue its dominance due to its benefits in ride comfort and longevity.
The commercial vehicles segment generated the highest revenue in 2022 and is anticipated to maintain its lead in the coming years.
Latin America is expected to register the highest growth rate in the second hand tire market during the forecast period.
The report provides an in-depth analysis of the competitive landscape, profiling key players and their strategies to understand the market outlook.
Emerging opportunities in the second hand tire market are identified and analyzed to support stakeholders in making informed business decisions.
A detailed market forecast from 2023 to 2032 is included in the report, providing key insights into growth potential across various segments.
Related Links
Construction Newswire
Construction blog
Construction Article
Download PDF Sample@
Market Segmentation and Growth Trends
The second hand tire market comprises two major types: tube tires and tubeless tires. Among these, the tubeless tire segment dominated the second hand tire market in terms of revenue in 2018, as well as in 2022, which serves as the base year for the study. This segment is also expected to witness the highest CAGR during the forecast period. Tubeless tires are considered a superior option due to their durability and reliability, especially in the event of a puncture. Unlike tube tires, they do not deflate immediately, providing riders with additional time to reach a repair center.
The demand for second hand tubeless tires continues to rise as new tubeless tires are relatively expensive. Consumers seeking a cost-effective alternative without compromising on quality often opt for second hand tubeless tires. Meanwhile, tube tires have been a traditional choice for decades and continue to have a well-established market presence. They offer various advantages that make them a viable option even as tubeless tires gain popularity.
Tire Design Analysis
The second hand tire market is also segmented based on tire design into radial and bias tires. The radial tire segment accounted for a high market share in 2018 in terms of revenue. Radial tires have gained widespread popularity over the years due to their advantages in vehicle performance and longevity. The structure of radial tires allows for even distribution of pressure across a larger tire footprint, reducing localized wear and promoting uniform wear patterns. This ultimately extends the lifespan of the tire and enhances ride comfort.
Given these benefits, the radial tire segment is expected to dominate the second hand tire market in the coming years, exhibiting the highest CAGR. However, bias tires continue to be in demand, especially among vehicle owners who use their vehicles occasionally, such as those in off-road or heavy-duty applications. Bias tires tend to expand under higher centrifugal forces, making them more challenging to handle at high speeds, but they remain a preferred choice for moderate-speed vehicles.
Enquire Before Buying@
Vehicle Type Analysis
The market is further analyzed based on the type of vehicles using second hand tires, which include two-wheelers, passenger cars, commercial vehicles, and others. Among these, the commercial vehicles segment held the highest market share in terms of revenue in 2018 and continued to do so in 2022. The segment is also projected to witness significant growth in the forecast period, driven by rapid industrialization in developing nations.
Owners of commercial vehicles and fleet operators prefer second hand tires as they help reduce operational costs, especially during economic downturns or periods of budget constraints. As commercial vehicles are subjected to rigorous use, second hand tires offer an affordable solution for maintaining vehicle efficiency without incurring the high costs of new tires.
The passenger car segment ranked second in terms of revenue generation in 2018. Passenger cars serve both personal and commercial purposes, such as taxi services. These vehicles operate at varying speeds on well-paved roads as well as under harsh road conditions, necessitating safe and durable second hand tire options.
Market Drivers and Challenges
The second hand tire market is primarily driven by the increasing number of industrial, commercial, and passenger vehicles, fueled by rapid population growth. The market is also supported by the easy availability of second hand tires and their cost-effectiveness compared to new tires. Many consumers opt for second hand tires as an economical alternative, allowing them to maintain their vehicles without incurring significant expenses.
However, safety concerns associated with second hand tires present a challenge to market growth. Worn-out or improperly inspected tires can pose a risk to vehicle safety, increasing the chances of road accidents. Regulatory authorities in several countries have implemented stringent guidelines regarding the sale and use of second hand tires, which may hinder market expansion.
Regional Market Insights
In 2022, the Asia-Pacific region contributed the highest revenue share to the global second hand tire market. The region's dominance is attributed to its vast population, expanding automotive sector, and growing transportation needs. Rapid urbanization and industrialization in countries like China, India, and Indonesia have led to an increase in vehicle ownership, further driving demand for second hand tires.
Meanwhile, the second hand tire market in Latin America is projected to grow at the highest CAGR during the forecast period. The region's demand for cost-effective vehicle maintenance solutions, coupled with the increasing number of commercial and passenger vehicles, is expected to drive market growth.
Key Market Developments
Several key players in the second hand tire market have adopted strategic initiatives such as product launches, business expansion, acquisitions, and partnerships to strengthen their market position.
For instance, in recent years, companies have focused on developing advanced inspection and refurbishment techniques to ensure the quality and safety of second hand tires. These advancements aim to address consumer concerns regarding the reliability and durability of pre-owned tires. In addition, the growing emphasis on sustainability and circular economy principles has further fueled interest in the second hand tire market, as businesses and consumers seek ways to minimize waste and reduce environmental impact.
Update On Demand@
Key Findings of the Study
The report provides an extensive analysis of current and emerging second hand tire market trends and dynamics.
The tubeless tires segment dominated the second hand tire market in terms of revenue in 2022 and is projected to grow at a significant CAGR during the forecast period.
The radial tire segment accounted for the highest market share in 2022 and is expected to continue its dominance due to its benefits in ride comfort and longevity.
The commercial vehicles segment generated the highest revenue in 2022 and is anticipated to maintain its lead in the coming years.
Latin America is expected to register the highest growth rate in the second hand tire market during the forecast period.
The report provides an in-depth analysis of the competitive landscape, profiling key players and their strategies to understand the market outlook.
Emerging opportunities in the second hand tire market are identified and analyzed to support stakeholders in making informed business decisions.
A detailed market forecast from 2023 to 2032 is included in the report, providing key insights into growth potential across various segments.
Related Links
Construction Newswire
Construction blog
Construction Article
David Correa
Allied Market Research
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Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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