Flexion Tires Market Overview 2024: Trends in Tire Technology and Performance

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Flexion Tires Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

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.

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Key Market Players:

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.

Market Drivers:

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

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