The agriculture sector is one of the promising sectors. The abrupt change in weather conditions in several countries such as Brazil, Uganda, Ukraine, Philippine, India is inducing the need for the Flexion tires. Also, to fulfill the demand-supply gap in the agriculture sector industry, there is a need for sophisticated equipment that has Flexion tires that can carry the same load at lower pressure. Also, Flexion tires help in reducing soil compaction that improves farm yield.
The escalation in the demand for tractors and harvesters due to technological up-gradation is contributing to the growth of the market size of the Flexion tire. As per The Association of Equipment Manufacturers’ (AEM), the farm tractor sales registered a growth of 3.6% in 2019. Same way in India, tractors registered a growth of 10.24% in 2019 over 2018. Furthermore, the government in several countries is investing in the agriculture sector which is resulting in the growth in the demand for agriculture equipment such as tractor and harvesters. For instance, the government in China announced to invest around USD 450 billion in the agriculture sector during 2016-2020 to modernize the agriculture sector. Therefore, these developmental plans contributed significantly to the overall growth of the Flexion tire market.
According to MarkNtel Advisors’ research report “Global Flexion Tire Market Analysis, 2020”, the market size of Flexion tire is forecast to grow at a CAGR of more than 5% during 2020-25. The market is surging as the food companies are encouraging farmers to adopt the practices that would make the agriculture process easy. For instance: In the U.S, DANONE and General Mills are encouraging farms to shift on practices that help in making agriculture more productive. Furthermore, rising awareness among the farmers to improve farm productivity is resulting in the growth of the market size of Flexion tire across the globe.
Asia-Pacific to Grab Lion’s Share
In 2019, the Asia-Pacific region captured the major market share. The market size of the Asia-Pacific region is increasing on account of the government’s initiative to boost the sales of tractors in countries such and India and China, which contributes around 70-80% in the global tractor industry. For instance, the government in India announced Pro-farmer policies that would help in increasing the tractors sales. Also, the government in China is more focused on making it an export-driven industry, therefore, investing in the industry. Furthermore, the presence of numerous manufactures in the region due to the abundance of rubber is one of the key factors contributing to the goring market share of the Asia Pacific region.
Tractors to Remain the Major End-user of Flexion Tires
The growth in the agriculture industry in countries such as the U.S, China, and India is intensifying the need for tractors, which is resulting in the market growth of Flexion tires. As per, Italian Agricultural Machinery Manufacturers Federation around 2.16 million tractors were sold in 2018 across the globe which was 1.94 in 2015. Moreover, the technological up-gradation in the tractors are contributing to the market share growth. For instance, Changzhou Dongfeng CVT Co Ltd, China-based tractor manufacture announced the driverless agriculture tractor. Furthermore, the benefits of Flexion tires such as capacity, good material, greater speed, and improved carrying
In 2019, the aftermarket grabbed the major market share due to the wear and tear and periodic replacement of tires. Furthermore, the expanding dealer and distributors’ network coupled with the surging awareness about the periodic maintenance and replacement among farmers is adding fuel in the market share growth of the aftermarket segment. Also, the extended warranty, technological advancement such as smart tires are some of the factors contributing to the growth of the aftermarket in Flexion tires market across the globe.
Moreover, the very Flexion tires grabbed the major market share owing to the benefits over Flexion, as the Flexion tire can carry 20% more load on the same inflation pressure while a very Flexion tire can carry 40% more load. Furthermore, other benefits such as less wheel slip, soft footprint on the ground are some of the factors contributing to the growth in market share of very Flexion tires, as revealed by MarkNtel Advisors’ research report “Global Flexion Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the market of the global Flexion tire market is quite consolidated due to the presence of a handful number of players operating in the market. The key players in the industry with a considerable market share are Michelin, The Goodyear Tire & Rubber Company, Titan International, Inc., Continental AG, Bridgestone Corporation, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, etc., The companies are doing technological up-gradation on the tires to gain a competitive advantage in the industry. For instance: In 2019, Continental announced to launch Intelligent hybrid agriculture tire “VF TractorMaster Hybrid tires”, which would be having the “Conti Pressure Check” system and “Conti Connect”, the smart solutions for the agricultural industry.
“Global Flexion Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Flexion tires providers for payments across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Application ( Harvesters, Tractors, Others)
2. By Sales Channel (OEMs, Aftermarket)
3. By Type of Tire ( Very High Flexion, High Flexion)
4. By Region (North America, Europe, Asia-Pacific, Middle East, and Africa, South America)
5. By Countries (U.S, Canada, Mexico, Brazil, Argentina, UK, France, Germany, Spain, UAE, Saudi Arabia, South Africa, China, Japan, India, Australia, Others)
6. By Company (Michelin, The Goodyear Tire & Rubber Company, Titan International, Inc., Continental AG, Bridgestone Corporation, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Flexion Tire industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Flexion Tire industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global Flexion Tire firms across various regions?