According to a recent research study by MarkNtel Advisors, the Global Flexion Tire Market is expected to witness around 5.8% CAGR during 2022-27. The burgeoning food requirements of the exponentially rising population worldwide are leading to active government participation in promoting farm modernization as a step forward in boosting the agriculture industry.
As a result, the mounting sales of modern harvesters & tractors are escalating the demand for flexion tires due to their benefits like massive load carrying capacity, reduced tire pressure, self-cleaning, lower soil compaction, higher yield, etc., and, in turn, driving the global market.
Besides, growing awareness about various benefits of flexion tires like enhanced traction & flotation, improved yields, & greater fuel efficiency than standard tires are other prominent factors propelling their demand and driving the global market, further states the research report, "Global Flexion Tire Market Analysis, 2022."
Mounting Tractor Sales to Boost the Flexion Tires Market through 2027
Tractors are expecting the largest share in the Global Flexion Tire Market through 2027. With the growing food requirements worldwide, i.e., demonstrating rigorous farming activities, the production of tractors is escalating rapidly to reduce dependence on labor, speed-up operations, and, in turn, attain higher yields.
Hence, it is positively impacting the demand for flexion tires, with tractors demonstrating themselves as the most prominent consumer of these tires. Besides, since several countries lack skilled laborers in the field or have greater government encouragement for farm mechanization, tractors are witnessing increasing sales for efficient farming & reducing labor dependency while influencing the overall market growth.
With Extensive Farming Activities, Asia-Pacific to Contribute Significantly to the Market Growth
Several countries across Asia-Pacific have vast agricultural & automotive industries, where China, India, & Indonesia witness higher sales of agriculture equipment like tractors & harvesters. As a result, the demand for flexion tires is surging at a notable pace across the region due to the mounting end-user awareness about their benefits, like greater operational efficiency in the agriculture sector that helps farmers attain higher yields.
Moreover, as several countries in the region have limited arable lands, their focus is more on procuring efficient farming equipment to make themselves more self-sufficient and utilize most of their limited resources. Hence, the demand for flexion tires is anticipated to significantly rise and augment the overall market growth across Asia-Pacific over the forecast years.
The leading companies operating in the Global Flexion Tire Market include Michelin, Goodyear Tire & Rubber Company, Titan International, Inc., Continental AG, Bridgestone Corporation, Trelleborg AB, Firestone Tire & Rubber Company, and Alliance Tire Group.
Key Questions Answered in the Research Report