Second Hand Tire Market Expected to Reach $12.5 Billion by 2032—Allied Market Research

According to a new 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 CAGR of 4% from 2023 to 2032.Furthermore, on the basis 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.

Commonly, second hand tires in the market are available in two variants, such as tube tires and tubeless tires. Out of these two, the tubeless second hand tire segment dominated the second hand tire market, in terms of revenue in 2018 and also in 2022, which is the base year for the study. The same segment is also expected to grow with a higher CAGR during the forecast period. Tubeless tires are strong and are reliable in case of a puncture, as they do not deflate instantaneously; thereby, giving the rider time to reach a tire repair center.

Moreover, a new tubeless tire is expensive and thus, riders chose to buy second hand tubeless tires, which offer all its benefits at a fraction of the original market price. On the other hand, tube tires are being sold for decades and have a well-established market demand. These tires offer various advantages that make them desirable in times when tubeless tires are gaining more popularity.

The second hand tire market is segmented on the basis of design which includes radial and bias tires. The radial segment registered a high market share in 2018, in terms of revenue. A radial has become more popular over the years as it provides many benefits to the riders in terms of comfort of the ride, and also the maintenance of the vehicle. Pressure in a radial tire is evenly distributed over a larger footprint of tire that prevents localized tire wear and allows more uniform wear, which eventually increases the life of the tire.

The same segment is expected to dominate the second hand tire market forecast by growing with the highest CAGR in the coming years. Vehicle owners that use their vehicles such as off-road vehicles, heavy vehicles, and others on an occasional basis are expected to propel the demand for second hand bias tires. Vehicles with moderate speeds are equipped with bias tires due to their property of expanding at higher centrifugal forces, which makes them difficult to handle.

Furthermore, the market is studied with regard to relevance of second hand tire in different vehicle types which includes two wheelers, passenger cars, commercial vehicles, and others. The study exhibited that the commercial vehicles segment reported the highest market share in regards of revenue in 2018, and also in 2022, which is the base year for the study. The report further added that the same segment is also estimated to grow with a significant CAGR during the forecast period. This is attributed to rapid industrialization in developing nations.

Commercial vehicle owners and other vehicle operators with or without large fleets of vehicles, opt for second hand tires. A second hand tire helps the operator to reduce operating costs. This comes handy especially during the budget constraints. Moreover, passenger cars segment stood second after the commercial vehicle segment in terms of revenue generated in 2018. Passenger cars are used for commercial purposes such as taxis, as well as for personal use, and are generally designed for paved road usage. Cars are driven at high speeds on well-paved or harsh-conditioned roads; thus, they require second hand tires that are safe.

The market is mainly driven by rise in the number of industrial, commercial, and passenger vehicles, driven by the rapidly growing population. In addition, easy availability of second hand tires and their affordable prices, are also major factors driving the second hand tire market growth. However, safety issues associated with second hand tires are expected to negatively affect the second hand tire market outlook in the coming years.

In 2022, Asia was the region which contributed majorly to the revenue generated by the the second hand tire market. Moreover, the second hand tire market in Latin America is anticipated to grow with a higher CAGR during the forecast period.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging second hand tire market trends and dynamics. 
• Depending on the type, the tubeless tires segment dominated the second hand tire market, in terms of revenue in 2022 which is the base year for the study, and the same segment is projected to grow at a significant CAGR during the forecast period.
• By design, the radial segment dominated the second hand tire market share in terms of revenue generated in 2022.
• By vehicle type, the commercial vehicles segment registered the highest revenue in 2022.
• Latin America is projected to register the highest growth rate in the coming years.
• The key players within the second hand tire market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the second hand tire industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market. 
• In-depth second hand tire market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.