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 observed in the historical period can be attributed to the expansion of the textile industry, increased utilization in automotive interior applications, growth in consumer goods manufacturing, developments in the furniture and furnishing sector, and rising demand for decorative coatings.

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 forecasted growth can be attributed to increasing demand in the packaging industry, expanding applications in electronics, rising interest in customization, and the growing use of flocking in medical and healthcare applications for sustainable solutions. Major trends anticipated in the forecast period include advancements in adhesive technologies, innovations in flocking technology, environmentally friendly formulations, and the expansion of the electronics industry alongside medical and healthcare applications.

The expansion of the agriculture sector is poised to drive the growth of the flexion tires market in the foreseeable future. The agriculture sector encompasses activities such as plant and livestock farming, agricultural engineering, and the production of farming equipment, fertilizers, and related items. Flexion tires play a crucial role in modern agriculture by addressing key challenges such as soil compaction, traction, and load-carrying capacity, thus contributing to more efficient and sustainable farming practices that benefit both farmers and the environment. For instance, data from the Economic Research Service, a division of the US Department of Agriculture, revealed that agricultural exports in the United States were valued at $177 billion in 2021, marking an 18% increase over 2020, while imports rose by over 17% to $171 billion in the same year. Consequently, the expansion of the agriculture sector is a driving force behind the flexion tire market.

Major companies operating in the flexion tires market are concentrating on developing innovative products with enhanced load capacity to bolster market revenues. Load capacity refers to the maximum weight or load that a vehicle can safely support without experiencing failure or damage. For instance, in December 2021, Mitas Tires, a manufacturer based in Chile, introduced two new High Capacity (HC) radial tires tailored for the next generation of autonomous agricultural sprayers. The HC 1000 tire series features two novel Narrow Rim Option (NRO) sizes, VF 650/65R38 and VF 750/60R46, engineered to withstand high load capabilities and operating speeds. The innovative VF (very high flexion) structure offers significant advantages, including a capacity to carry up to 40% more load with improved traction, ground protection, and crop yields. Additionally, the innovative NRO design offers further advantages for the newly developed VF tires, designed to fit on conventional rims, thereby providing farmers with additional cost savings.

In June 2021, The Goodyear Tire & Rubber Company, a US-based manufacturer of flexion tires, completed the acquisition of Cooper Tire & Rubber Company for an undisclosed sum. This acquisition brings together two leading tire companies with complementary product portfolios, services, and capabilities to create a stronger US-based global tire company. The merged entity aims to offer more value-added options, making it easier for consumers and clients to choose Goodyear and Cooper-branded tires. Cooper Tire & Rubber Company, based in the US, manufactures a variety of tires, including flexion tires.

Major companies operating in the flexion tires market report are Continental AG, Bridgestone Corporation, Michelin Tyre PLC, Goodyear Tire & Rubber Company, Firestone Tire and Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., Toyo Tire Corporation, Trelleborg AB, Apollo Tyres Limited, Shandong Linglong Tyre Co. Ltd., Titan International Inc, Kumho Tire Co Inc, Nokian Tyres plc, Nexen Tire Corporation, J K Tyre & Industries Limited, Yokohama Rubber Company Limited, CEAT Limited, Balkrishna Industries Limited, Petlas Tire Corporation, Carlisle Tire & Wheel Co, Hercules Tire and Rubber Company, Nitto Tire U.S.A. Inc., Maxam Tire, GRI Tires, Techking Tires Ltd, Triangle Tyre Co, Double Coin Holdings Ltd., Kyoto Japan Tire Corporation Ltd, Cheng Shin Rubber Industry Co.

Asia-Pacific was the largest region in the flexion tires market in 2023. The regions covered in the flexion tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flexion tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The flexion tires market consists of sales of improved flexion tires, radial flexion tires, and bias flexion tires. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Flexion tires, an advanced type of agricultural tire, are designed with sophisticated technology to deliver enhanced flexibility and performance in comparison to standard radial tires. These tires are meticulously engineered to function effectively at lower inflation pressures while bearing heavy loads, offering numerous advantages for agricultural uses.

The primary categories of flexion tires encompass summer tires, winter tires, and all-season tires. Summer tires, often referred to as high-performance tires, are tailored to excel in hot weather conditions. They cater to a diverse range of vehicles, including passenger cars, light commercial vehicles, and heavy commercial vehicles, and are distributed through various sales channels such as original equipment manufacturer (OEM) and aftermarket. These tires find application in a variety of scenarios, including harvesters, tractors, and other agricultural machinery.

The flexion tires market research report is one of a series of new reports that provides flexion tires market statistics, including flexion tires industry global market size, regional shares, competitors with a flexion tires market share, detailed flexion tires market segments, market trends, and opportunities, and any further data you may need to thrive in the flexion tires industry. This flexion tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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