Overview and Scope
Flexion tires are a type of agricultural tire designed with advanced technology to provide increased flexibility and performance compared to standard radial tires. These tires are specifically engineered to operate at lower inflation pressures while still carrying heavy loads, which results in several benefits for agricultural applications.
Sizing and Forecast
The flexion tires market size has grown strongly in recent years. It will grow from $11.39 billion in 2023 to $12.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to textile industry growth, automotive interior applications, consumer goods manufacturing, furniture and furnishing sector, decorative coating demand.
The flexion tires market size is expected to see strong growth in the next few years. It will grow to $15.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing demand in packaging industry, expanding applications in electronics, rising demand for customization, medical and healthcare applications, sustainable flocking solutions. Major trends in the forecast period include advancements in adhesive technologies, innovations in flocking technology, environmentally friendly formulations, expansion in the electronics industry, medical and healthcare applications.
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Segmentation & Regional Insights
The flexion tires market covered in this report is segmented –
1) By Type: Summer Tires, Winter Tires, All-Season Tires
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
3) By Sales Channel: Orginal Equipment Manufacturer(OEM), Aftermarket
4) By Application: Harvesters, Tractors, Other Applications
Asia-Pacific was the largest region in the flexion tires market in 2023. The regions covered in the flexion tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The agriculture sector expansion is expected to propel the growth of the flexion tires market going forward. The agriculture sector is a sector of the economy that comprises plant and livestock farming, agricultural engineering and the manufacture of farming equipment, fertilizers and other farm-related items. Flexion tires play a vital role in modern agriculture by addressing key challenges, such as soil compaction, traction and load-carrying capacity and contribute to more efficient and sustainable farming practices, ultimately benefiting both farmers and the environment. For instance, in February 2023, according to the Economic Research Service, a US-based division of the US Department of Agriculture and a primary agency of the United States Federal Statistical System, in 2021, agricultural exports in the United States were valued at $177 billion, an 18% increase over 2020. Additionally, the imports increased by over 17% to $171 billion in 2021. Therefore, the agriculture sector expansion is driving the flexion tire market.
Key Industry Players
Major companies operating in the flexion tires market report are Continental AG, Bridgestone Corporation, Michelin Tyre PLC, Goodyear Tire & Rubber Company, Firestone Tire and Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., Toyo Tire Corporation, Trelleborg AB, Apollo Tyres Limited, Shandong Linglong Tyre Co. Ltd., Titan International Inc., Kumho Tire Co Inc., Nokian Tyres PLC, Nexen Tire Corporation, J K Tyre & Industries Limited, Yokohama Rubber Company Limited, CEAT Limited, Balkrishna Industries Limited, Petlas Tire Corporation, Carlisle Tire & Wheel Co, Hercules Tire and Rubber Company, Nitto Tire U.S.A. Inc., Maxam Tire, GRI Tires, Techking Tires Ltd., Triangle Tyre Co, Double Coin Holdings Ltd., Kyoto Japan Tire Corporation Ltd., Cheng Shin Rubber Industry Co.
The flexion tires market report table of contents includes:
1. Executive Summary
2. Flexion Tires Market Characteristics
3. Flexion Tires Market Trends And Strategies
4. Flexion Tires Market – Macro Economic Scenario
5. Global Flexion Tires Market Size and Growth
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31. Flexion Tires Market Other Major And Innovative Companies
32. Global Flexion Tires Market Competitive Benchmarking
33. Global Flexion Tires Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Flexion Tires Market
35. Flexion Tires Market Future Outlook and Potential Analysis
36.Appendix
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