The Global Flexion Tire Market Analysis, 2020 research report depicts an exhaustive market analysis of statistics of the Global Flexion Tire market which consists of global and region-wise market size, market forecast, CAGR market segmentation, market share of various applications, sales channel, type of tires, etc.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
According to MarkNtel Advisors’ research report titled “Global Flexion Tire Market Analysis, 2020”, the Flexion Tire market across the globe is forecast to grow at the CAGR of more than 5.8% during 2020-25. The major factors contributing to the growth of the Global Flexion Tire market are increasing demand for more powerful and heavier tractors, technological advancement in tire technology, and added benefits such as high carry load, reduced soil compaction, etc. However, the COVID-19 pandemic is expected to adversely impact the market for during 2020-21 due to the shutdown and curfew across regions.
Moreover, increasing awareness about the benefits of flexion tires such as boosting productivity, being long-lasting, etc. are some of the key contributing factors for the growth of Flexion Tire market across the globe. However, the cost of the flexion tires acts as a market hinderances, since they cost around 10-15% more in comparison to a standard farm tire.
The Asia-Pacific to Dominate in Forthcoming Years
In 2019, the Asia-Pacific region had the leading market share owing to the presence of flexion tire manufacturers due to the vast availability of rubber in the region. Moreover, the international players are entering the region as the governments in the countries such as India and China are investing in modernization of the agriculture sector, which is resulting in the growing demand for tractors, therefore the market share of flexion tires is also increasing.
Tractors to Witness Robust Growth of Flexion Tires
In 2019, tractors application of flexion tires acquired the major market share as the companies are launching the tractors with technological advancement. Furthermore, the increasing sales of the tractor in the region with the growing agriculture sector and support from the food companies are some of the key factors for the growth in the market share of tractors application in the Global Flexion Tire market.
By the sales channel, the aftermarket formed a considerable market share owing to the need for periodic maintenance of tires and replacement demand. Furthermore, the wide distribution network of the companies across the globe, coupled with viable aftersales services are some of the key factors contributing to the growth of the market share of the aftermarket. However, technological innovation in the flexion tires by the manufacturers can surge the market share for OEMs in the forecast period 2020-25, as stated in the MarkNtel Advisors’ research report “Global Flexion Tire Market Analysis, 2020”.
According to MarkNtel Advisors, the Global Flexion Tire market is highly consolidated due to the presence of less number of players in the industry. The key players with a considerable market share in the industry are Michelin, The Goodyear Tire & Rubber Company, Titan International, Inc., Continental AG, Bridgestone Corporation, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, etc. These companies are offering strategic services and new tires in different size category to increase their market share in the industry.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation, and Statistics
Global Flexion Tires Market Analysis, 2015-2025F
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Flexion Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and market volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million while the market volume is in Thousands.
Q. What would be the growth rate or CAGR of Global Flexion Tire Market during 2020-25?
A. The Global Flexion Tire Market is expected to grow at a CAGR of more than 5% during 2020-25.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that Asia Pacific will dominate the market with the majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating the Global Flexion Tire market?
A. Michelin, Goodyear Tire & Rubber Company, Titan International, Inc., Continental AG, Bridgestone Corporation, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, etc. are the leading players in the Global Flexion Tire Market.
Q. Which application segment would emerge as an opportunity area for players in Global Flexion Tire Market?
A. Tractor segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which sales channel would emerge as an opportunity area for players in Global Flexion Tire Market?
A. The Aftermarket grabbed a significant market share continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Flexion Tire Market.