military rubber tracks Market

The military rubber tracks market is expected to grow from US$ 143.10 million in 2021 to US$ 239.98 million by 2028; it is estimated to grow at a CAGR of 7.7% during 2021-2028.

The North American military rubber tracks market is segmented into the US, Canada, and Mexico. The US dominated the market in 2020 due to its significant military spending, comprising a notable portion of its GDP. In 2020, the US spent approximately 3.74% of its GDP on military expenses, an increase from 3.43% in 2019, as per the World Bank's data. The US military's high consumption of oil, estimated at around 340,000 barrels per day, has led to a growing demand for eco-friendly, comfortable, and safer tracked vehicles, resulting in the increased adoption of high-tech rubber tracks. The metal plate tracks used in most of the tracked military vehicles in the region cause significant discomfort due to severe vibrations. According to the Tank-Automotive and Armaments Command (TACOM), rubber tracks can improve fuel economy by approximately 33.33%, considering wear & tear, transaction, vibration, and durability. In 2019, the US Army explored the use of segmented composite rubber tracks to replace the existing steel track system on the Bradley Fighting Vehicle, indicating a shift towards advanced rubber track systems.

The market for military rubber tracks is divided into segments based on type, end use, and geography. The type segment includes rubber pin track and rubber band track, with the former accounting for a larger market share in 2020. The end use segment is further divided into main battle tank, IFV/AIFV, APC, and others, with the APC segment representing a significant share of the market in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America, with North America holding the largest share of the market in 2020.

The manufacturing of military rubber tracks was impeded during the first half of 2020 due to disruptions in the supply chains of raw materials caused by the COVID-19 outbreak. However, the market still experienced growth as defense ministries in developed and developing countries increased their investments to acquire segmented composite rubber tracks (SCRTs) for military vehicle production. For instance, in February 2021, Soucy was awarded a contract by the US Army Ground Vehicle Systems Center (GVSC) to manufacture and supply SCRT systems for their Platform Electrification and Mobility (PEM) project. These factors marginally stimulated the growth of the North America military rubber tracks market. The US boasts the highest global military expenditure and the largest fleet of armed vehicles, with around 45,193, including approximately 6,612 main battle tanks and 1,498 self-propelled artilleries. Additionally, armed forces in North America are heavily investing in advanced autonomous ground vehicles, creating prospects for military rubber tracks market players in the region.

Europe's allocation of a substantial defense budget is directed towards advanced armored vehicles, which includes armored infantry fighting vehicles and main battle tanks. The region boasts of several armored vehicle manufacturers such as Rheinmetall AG, Rostec, BAE Systems plc, Nexter group KNDS, and Krauss-Maffei Wegmann. In addition, the market growth in Europe is being fueled by the presence of military rubber tracks market players such as DST Defence Service Tracks GmbH, GMT Rubber-Metal-Technic Ltd, and Astrak UK Ltd.

The Asia Pacific region comprises major military-spending nations such as China, India, Japan, and South Korea, consistently increasing their defense budgets every year. As a result, there has been a surge in the acquisition of armored vehicles in the region. In September 2021, the Indian government set aside approximately US$1.01 billion to purchase 118 battle tanks of Arjuna Mk-1A. The escalating defense expenditure in these countries is fuelling the expansion of the military rubber tracks market in the Asia Pacific region.

The market size of military rubber tracks has been ascertained through a combination of primary and secondary sources. The research process began by conducting comprehensive secondary research using both internal and external sources to gather qualitative and quantitative information about the market. This was done to provide an overview and forecast for the military rubber tracks market in all segments and regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America. To validate the data and gain more analytical insights into the subject, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants. These participants were specialized in the military rubber tracks market and included valuation experts, research analysts, and key opinion leaders. The study provides market analysis and insights into the military rubber tracks market, such as market trends, growth rates, industry dynamics, and competitive analysis of major players in the industry.

A few major players operating in the global military rubber tracks market are Astrak UK Limited., DST Defence Service Tracks GmbH, GMT Rubber-Metal-Technic Ltd, Mackay Consolidated Industries Pty Ltd, Martin's Rubber Company Limited, Northern Plains Track, Northern Plains Track, Soucy, Ocean Rubber Factory LLC, and Hutchinson Industries Inc.