Rising Military Expenditure Boosts Military Rubber Tracks Market Share During 2021–2028
According to our latest market study on “Military Rubber Tracks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End Use,” the market is projected to reach US$ 239.98 million by 2028 from US$ 143.10 million in 2021; it is expected to grow at a CAGR of 7.7% from 2021 to 2028.
A rapid change in modern warfare has been urging the governments to allocate higher amounts toward respect/tive military forces. According to Stockholm International Peace Research Institute (SIPRI), the global expenditure across the military & defense sector rose to US$ 1,981 billion in 2020, reporting an increase of 2.6% over that in 2019; the US, China, India, Saudi Arabia, and Russia were the countries with the highest military & defense investment in that year. The modernization of military vehicles has become a prime priority in the current scenario among most military forces to keep the vehicles mission-ready. To modernize vehicles, the defense ministries across the globe are investing substantial amounts in newer technologies, including military rubber tracks which is driving the military rubber tracks market. Rubber tracks reduce the vibrations of armored vehicles, infantry fighting vehicles (IFVs), and main battle tanks by 70%, thereby reducing fatigue of the individuals inside the vehicles and decreasing the sound. These functionalities are driving the adoption of tracks pads and rubber tracks across military vehicles, thereby contributing to the market demand. Further, the US military expenditure in 2019 was US$ 734.34 billion which grew to US$ 778.23 billion in 2020. A rise of 5.63% in the military spending is predicted to create significant scope for market players in the US army. Northern Plains Track and Hutchinson Industries Inc. are the key military rubber tracks market players in the US. In February 2021, Soucy International Inc. received a contract to produce and deliver prototype Segmented Composite Rubber Track (SCRT) systems for the US Army Ground Vehicle Systems Center (GVSC) as part of the Platform Electrification and Mobility (PEM) project. The contract is estimated to be worth US$ 7.5 million. On an average, the segments of a steel track need to or replaced or repaired after every 250 miles (400 km) of use. The latest rubber tracks can last more than 1865 miles (3,000 km) before they need to be replaced. As per Global Firepower, the US has 6,162 tanks and 45,193 armored vehicles. Thus, significant military spending and durability of latest military rubber tracks majorly drive the military rubber tracks market growth in the US.
Based on type, the military rubber tracks market analysis is segmented into rubber pin track and rubber band track. In 2020, the rubber pin track segment led the military rubber tracks market with a larger share. The rubber pin tracks are rubber pads that are integrated into the metal tracks of the armored or non-armored military vehicle. The rubber pin tracks are used for military vehicles operating in harsh conditions such as rocky terrain. The rubber pin tracks also offer higher stability, traction, and maneuverability; reduce vibrations; and offer greater speed than conventional metal tracks, which subsequently provide an edge to the vehicle operator in controlling the vehicles in combat warfare. With the growing focus on improving armored vehicle maneuverability and increasing government budgets for the procurement of advanced armored vehicles, the demand for rubber pin tracks is also on rise. Moreover, as the armed forces are releasing the importance of vehicle maneuverability control in combat warfare, the adoption of rubber pin tracks is poised to gain traction over the forecast, thus creating growth opportunities for the military rubber tracks market.
Impact of COVID-19 Pandemic on Europe Military Rubber Tracks Market Growth
The military rubber track market players experienced supply chain disruption in 2020 due to various containment measures enforced by governments to curb the spread of COVID-19. This also affected the production capacities of the military rubber track market players. However, strategic partnerships and contract investments helped the European market grow from mid-2020. For instance, Supacat, a military vehicle developer, signed a contract with Soucy in May 2020 to supply composite rubber tracks for manufacturing armored fleets. Such contracts boosted the production of military rubber tracks across the region, thereby positively impacting the military rubber tracks market growth.
Key players operating in the military rubber tracks market include 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, LS MITRON LTD, Soucy, Ocean Rubber Factory LLC, and Hutchinson Industries Inc. Several other market players have also been analyzed to understand the military rubber tracks market size.
Military Rubber Tracks Market - by Region, 2021 and 2028 (%)
Military Rubber Track Market Size & Industry Forecast to 2028
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Military Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rubber Pin Track and Rubber Band Track) and End Use (Main Battle Tank, IFV/AIFV, APC, and Others)
Military Rubber Track Market Size & Industry Forecast to 2028
Download Free SampleMilitary Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Rubber Pin Track and Rubber Band Track) and End Use (Main Battle Tank, IFV/AIFV, APC, and Others)
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