Flexion Tires Market – Global Market Size, Strategic Growth Drivers, Risk Assessment Framework, Regulatory Landscape Review, Competitive Intensity Mapping & Long-Term Industry Outlook to 2027
Overview
The Flexion Tires Market is expected to reach US $14.85 billion by 2027, thanks to growth in the very high flexion tire segment. The report analyzes market dynamics by region and end-user industries.
Flexion Tires Market Overview:
The flexion tires market was valued at US $10.12 Bn. in 2020, and it is expected to reach US $14.85 Bn. by 2027 with a CAGR of 5.63% during the forecast period.
Tractors with flexion tyres can carry the same load with 40% less air pressure. These tyres have numerous advantages, including a longer footprint, less soil compaction, and increased yields. The tyre lugs are also designed at a 45-degree angle to make moving dirt and mud considerably easier, as well as to decrease tyre slippage in all situations.
The usage of flexion tyres is likely to be driven by farm mechanisation and technological developments in farming gear. The use of advanced tyres, such as flexion tyres, is expected to be uplifted by a global shift from subsistence to commercial farming.
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2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Flexion Tires Market Dynamics:
Growing agriculture sector across the globe:
The continuously rising population across the major economies like China, Germany, the United States, and others is directly increasing the requirement of food, which is leading to the growth of agricultural activities. Thus, surging agricultural activities are expected to drive the need for tractors therefore the sales of flexion tires is expected to rise over the forecast period.
Advantages of flexion tires, especially in farming:
The increasing focus on the development of new and advanced farming technology has been a boon for the growing use of flexion tires in the tractors used for farming. Flexion tires provides advantages like bigger footprint, less soil-compaction, bearing equal pressure up to 20% to 40%, increased flexibility, and better crop yield, which directly results into profit for farmers. Thus, important advantages of flexion tires over standard tires are expected to drive its use and market growth over the forecast period.
High cost of flexion tires:
The cost of flexion tires across the globe is approximately 15% to 20% higher than cost of standard tire. Thus, the higher cost of flexion tires is the only key factor expected to hinder growth of the market over the forecast period.
Top 10 Tire Manufacturing Companies in Terms of Revenue 2020:
Flexion Tires Market Segment Analysis:
Based on Type, the flexion tires market is segmented into two types as follows, Increased Flexion (IF) Tire, and Very High Flexion (VF) Tire.
In 2020, the very high flexion segment was dominant and held xx% of the overall market share in terms of revenue. Very high flexion tires are being widely used in the agricultural sector around the world, and their growing applications in tractors are driving the market growth. This segment is expected to dominate the market over the forecast period concerning its increasing use in the tractors and harvesters used for agricultural purpose.
Based on Application, the flexion tires market is segmented into two types as follows, Tractors, and Harvesters.
In 2020, the tractors segment was dominant and held more than 65% of the overall market share in terms of revenue. The reason behind the dominance was the increased agricultural activities demanding for a greater number of tractors used during the lockdown period.
During the COVID-19 pandemic, people were locked down and agricultural activities were counted as essential services, which helped to meet the rising demand for food during the strict quarantine period.
Flexion Tires Market Regional Insights:
In 2020, the Asia Pacific region was dominant and held more than xx% of the overall market share in terms of revenue. The growth of the flexion tires market in these regions has been supported by the presence of major players like MRF, Ceat Tyres, Michelin, and others in the production of tires. An increasing population demanding increased food consumption has led to the growth of agricultural activities, which has directly increased the sales of flexion tires in this region.
The North American market held a considerable xx% of the overall market share in 2020 and is expected to grow at a CAGR of approximately xx% during the forecast period.
The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
Flexion Tires Market Scope: Inquire before buying
Flexion Tires Market, by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Flexion Tires Market Key Players
• Michelin
• Bridgestone
• Continental
• Dunlop
• Goodyear
• Pirelli
• Hankook
• Yokohama
• Linglong Tire
• Sumitomo Rubber Industries
• Madras Rubber Factory
• Trelleborg AB
• Firestone Tire & Rubber Company
• Alliance Tire Group
• Apollo Tyres
• Ceat Tyres
• Others
Frequently Asked Questions:
1. What is the forecast period considered for the Flexion Tires market report?
Ans. The forecast period for the flexion tires market is 2021-2027.
2. Which key factors are hindering the growth of the Flexion Tires market?
Ans. The higher cost of flexion tire compared to standard tire is the only key factor expected to hinder the growth of the market during the forecast period.
3. What is the compound annual growth rate (CAGR) of the Flexion Tires market for the next 6 years?
Ans. The flexion tires market is expected to grow at a CAGR of 5.63% during the forecast period (2021-2027).
4. What are the key factors driving the growth of the Flexion Tires market?
Ans. The increased agricultural activities and advantages of flexion tire compared to standard tire are the key factors expected to drive the growth of the market during the forecast period.
5. Which are the worldwide major key players covered for the Flexion Tires market report?
Ans. Michelin, Bridgestone, Continental, Dunlop, Goodyear, Pirelli, Hankook, Yokohama, Linglong Tire, Sumitomo Rubber Industries, Madras Rubber Factory, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, Apollo Tyres, Ceat Tyres, and Others.