Flexion Tires Market Overview 2024-2033 – Competitive Landscape and Strategies

Uday Kiran

Flexion Tires Market Overview 2024-2033 – Competitive Landscape and Strategies

The Flexion Tires Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Flexion Tires Global Market Report 2024, The flexion tires market size has grown strongly in recent years. It will grow from $11.39 billion in 2023 to $12.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to textile industry growth, automotive interior applications, consumer goods manufacturing, furniture and furnishing sector, decorative coating demand.

The flexion tires market size is expected to see strong growth in the next few years. It will grow to $15.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing demand in packaging industry, expanding applications in electronics, rising demand for customization, medical and healthcare applications, sustainable flocking solutions. Major trends in the forecast period include advancements in adhesive technologies, innovations in flocking technology, environmentally friendly formulations, expansion in the electronics industry, medical and healthcare applications.

The agriculture sector expansion is expected to propel the growth of the flexion tires market going forward. The agriculture sector is a sector of the economy that comprises plant and livestock farming, agricultural engineering and the manufacture of farming equipment, fertilizers and other farm-related items. Flexion tires play a vital role in modern agriculture by addressing key challenges, such as soil compaction, traction and load-carrying capacity and contribute to more efficient and sustainable farming practices, ultimately benefiting both farmers and the environment. For instance, in February 2023, according to the Economic Research Service, a US-based division of the US Department of Agriculture and a primary agency of the United States Federal Statistical System, in 2021, agricultural exports in the United States were valued at $177 billion, an 18% increase over 2020. Additionally, the imports increased by over 17% to $171 billion in 2021. Therefore, the agriculture sector expansion is driving the flexion tire market.

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The flexion tires market covered in this report is segmented –

1) By Type: Summer Tires, Winter Tires, All-Season Tires

2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

3) By Sales Channel: Orginal Equipment Manufacturer(OEM), Aftermarket

4) By Application: Harvesters, Tractors, Other Applications

Major companies operating in the flexion tires market are focusing on innovative products, with increased load capacity, to drive the revenues in the market. Load capacity refers to the maximum amount of weight or load that a vehicle can safely support without experiencing failure or damage For instance, in December 2021, Mitas Tires, a Chile-based manufacturer of flexion tires, launched unique and innovative two new High Capacity (HC) radial tires for the next wave of autonomous agricultural sprayers. The HC 1000 tire series introduces two novel NRO (Narrow Rim Option) sizes, the VF 650/65R38 and VF 750/60R46, designed to withstand high load capabilities and operating speeds. The innovative VF (very high flexion) structure provides obvious advantages, carrying up to 40% more load capacity with improved traction, ground protection and crop yields. The innovative NRO architecture also provides additional advantages to the newly developed VF tires designed for fitting on conventional rims, saving farmers even more money.

The flexion tires market report table of contents includes: