Market Definition
Flexion tires are designed mainly to offer strength & durability to vehicles and allow them to carry a substantial load at low air pressure with minimal soil compaction. These tires with a larger contact surface area are used extensively in harvesters & tractors and thus strike a balance between flexibility & robustness.
Market Insights
The Global Flexion Tire Market is projected to grow at a CAGR of over 5.8% during the forecast period, i.e., 2022-27. Most of this market expansion would attribute to the exponentially rising population and the immense pressure on the agriculture sector, i.e., instigating governments of different countries worldwide to invest substantially in farm mechanization to enhance crop yield.
It, in turn, is demonstrating a swift escalation in the sales of tractors & other agricultural vehicles and increasing demand for flexion tires, as these tires are excellent in maintaining the vehicle balance while carrying a massive load and possess self-cleaning capabilities.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 5.8% |
| Regions Covered | North America: US, Canada, Mexico |
| Europe: Germany, UK, France, Spain, Italy, Others | |
| Asia-Pacific: China, India, Japan, South Korea, Australi, Others | |
| South America: Brazil, Argentina, Others | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Egypt, Others | |
| Key Companies Profiled | Michelin, Titan International, Inc., Continental AG, Trelleborg AB, Firestone Tire & Rubber Company, Alliance Tire Group, Others |
| Unit Denominations | USD Million/Billion |
Besides, changing stature of arable land, depleting soil conditions, and ever-increasing food requirements also portray a mounting need for farm mechanization, i.e., directly impacting the demand for tractors & harvesters and their flexion tires. Moreover, since heavy agricultural machinery requires timely repairs & replacements, it projects remunerative growth prospects for the global flexion tires market throughout 2027.
Impact of Covid-19 on the Global Flexion Tire Market
The automotive & tire industries worldwide witnessed severe impacts of the Covid-19 pandemic in 2020, which led to several unprecedented challenges for the leading players in the Global Flexion Tire Market. Lockdowns & strict movement restrictions imposed by governments of different countries worldwide resulted in the suspension of all business operations associated with these industries. As a result, the leading tire manufacturers worldwide faced massive financial losses due to a shortage of raw materials, supply chain disruptions, delivery & production delays, & price fluctuations amidst the crisis.
However, as Covid-19 cases started diminishing gradually, restrictions were uplifted & business operations got recommenced, which helped tire manufacturers resume their usual business operations to cater to end-user requirements. Moreover, in light of the pandemic, most tire manufacturers adopted digital platforms to sell their products via e-commerce websites and offer door-step delivery & installation to their customers, which also helped the global market to sustain amidst the pandemic.
Market Segmentation
Based on the Type of Tire:
Amongst both, the demand for Very High Flexion tires is anticipated to demonstrate the fastest growth in the Global Flexion Tire Market during 2022-27. It owes principally to their benefits that offer massive load carrying capacities & lower inflation pressure.
Besides, since these tires are used extensively in tractors due to their better ride handling, improved traction, & less slippage in the journey, their demand is swiftly burgeoning across different regions and playing a crucial role in driving the global market.
In addition, mounting awareness among farmers about the advantages of using very high flexion tires, such as lower soil compaction & self-cleaning capabilities, are other prominent factors behind their growing popularity & demand and are propelling the overall market expansion.
Based on Application:
Here, Tractors are projected to dominate the Global Flexion Tire Market with the largest share during 2022-27, principally due to the growing population worldwide & its burgeoning food requirements, i.e., putting immense pressure on the agricultural sector. As a result, the sales of tractors are increasing rapidly and, in turn, augmenting the demand for flexion tires.
Moreover, as many countries lack the presence of skilled labor, the need for equipment that fastens the procedure using limited resources is surging and, in turn, escalating the demand for tractors to bring operational efficiency & reduce dependence on labor.
Furthermore, governments of different countries are substantially investing in strengthening their respective agricultural sectors and actively promoting farm mechanization, i.e., another crucial aspect contributing significantly to the burgeoning sales of tractors and overall market expansion for flexion tires.
Regional Landscape
Geographically, the Global Flexion Tire Market expands across:
Here, Asia-Pacific is anticipated to demonstrate the fastest market growth during 2022-27. It owes principally to the massive agriculture sector of India & China, i.e., portraying a burgeoning sales of equipment like harvesters & tractors across these countries. It, in turn, is positively influencing the demand for flexion tires to power different agricultural activities & attain higher yields.
While China has a smaller amount of arable lands, the country is actively working on becoming self-sufficient and enhancing its equipment & technologies to get the most out of the available resources. On the other hand, its exponentially rising population & growing food demands are constantly putting pressure on the agriculture sector and instigating the government to invest substantially.
As a result, the deployment of modern machinery & various agricultural equipment is rising rapidly across China while stimulating the demand for flexion tires. Since these tires are excellent at carrying massive loads and can self-clean themselves, their demand is mounting at a notable pace across the agriculture sector in Asia-Pacific and fueling the overall market growth.
Possible Growth Restraint for the Global Flexion Tire Market during 2022-27
As the purchasing & maintenance cost of vehicles like harvesters & tractors is high, buying them only for a season is economically straining for many farmers. As a result, more and more farmers worldwide are investing their money in renting these vehicles for a few months of use and returning them to the service provider, i.e., resulting in cost savings on the maintenance, repairs, and replacement of vehicles & tires. Hence, this aspect is somewhat hindering the growth of the Global Flexion Tire Market.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Flexion Tire Market is projected to grow at a CAGR of around 5.8% during 2022-27.
A. Growing government focus on strengthening the agriculture sector & bringing farm mechanization is augmenting the sales of agricultural equipment and, in turn, boosting the Global Flexion Tires Market. However, the increasing inclination of farmers toward renting tractors to eliminate replacement & maintenance costs is affecting the demand for flexion tires, which might restrain the market growth in the years to come.
A. Increasing focus on farm mechanization is demonstrating a rapid acceleration in the sales of tractors & harvesters and positively influencing the expansion of the Global Flexion Tire Market.
A. Tractors are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Flexion Tire Market over the forecast years.
