July 16, 2020
As per the report titled ‘Global Flexion Tire Market Analysis, 2020’, available with Market Study Report LLC, global flexion tire market is projected to register a year-over-year growth rate of 5.8% through 2025.
Rising demand for more powerful & heavy-duty tractors, coupled with advancements in tire technology are the major growth drivers of global flexion tire market. Further, growing consumer awareness regarding the benefits like reduced soil compaction, high carry load, and extended lifespan will augment the demand for flexion tire across the globe.
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On the contrary, high costs of flexion tire, about 10-15% higher than a standard tire, acts a major restraint on the industry growth. Furthermore, the COVID-19 pandemic is expected to lead to a sluggish market growth during 2020-21, on account of curfew and shutdown of majority of industries across the globe.
Elaborating on the application spectrum, global flexion tire market is split into harvesters, tractors, and others. Of these, tractors segment held majority market share in 2019 and is set to witness robust growth in the coming years.
Speaking of the sales channel, the market is bifurcated into OEMs and aftermarket, wherein the latter segment is expected to witness modest gains during the study period. The necessity of periodic tire maintenance and their replacement fuels the segment growth. Presence of a vast distribution network of companies worldwide, along with good after-sales services are the other factors stimulating the growth of aftermarket.
Meanwhile, OEMs segment is anticipated to grow substantially in the coming years, on the back of innovations in flexion tires by manufactures.
Considering the regional outlook, global flexion tire market is divided into North America, South America, Asia Pacific, Europe, and Middle East & Africa. APAC market accounted for majority share in 2019, owing to the presence of several flexion tire manufacturers due to abundance of rubber in the region. The expansion of international players, in tandem with surging demand for tractors as governments in emerging nations like India and China are investing in modernization of agriculture industry are the other rationales supporting the industry expansion in APAC.
Prominent players in global flexion tire market are Alliance Tire Group, Firestone Tire & Rubber Company, Trelleborg AB, Bridgestone Corporation, Continental AG, Titan International, Inc., The Goodyear Tire & Rubber Company, and Michelin.