The military rubber tracks market size was valued at US$ 143.10 million in 2021 and is expected to grow at a CAGR of 7.7%. The military rubber tracks market size is expected to reach US$ 239.98 million by 2028.
Military rubber tracks are undercarriage tracks used in armored vehicles such as main battle tanks, infantry fighting vehicles, and armored personnel carriers. They are developed from high-performance rubber materials to withstand harsh environmental conditions. Military rubber tracks are offered in the form of rubber pin tracks and rubber band tracks. They provide higher vehicle maneuverability control compared to conventional metal tracks. Further, the rubber tracks are lighter in weight, which allows vehicles to be swift on the battlefield and offers increased fuel mileage.
With the increase in defense budgets across the world and a higher allocation of funds for the procurement of advanced armored vehicles, such as main battle tanks, infantry fighting vehicles, and armored personnel carriers, the demand for military rubber tracks is surging. For instance, in February 2021, Soucy-Defence was awarded a contract of US$ 7.5 million to deliver composite rubber track systems for the Armored Combat Support Vehicles of the Norwegian Defence Materiel Agency. However, the higher adoption rate of military steel tracks over military rubber tracks is restraining the military rubber tracks market growth. Further, the increasing use of military rubber tracks in unmanned ground vehicles by armed forces is projected to flourish the military rubber tracks market during the forecast period.
The military rubber tracks market is segmented on the basis of type, end-use, and geography. Based on type, the military rubber tracks market is bifurcated into rubber pin track and rubber band track. By end-use, the military rubber tracks market is segmented into the main battle tank, IFV/AIFV, APC, and others. Based on geography, the military rubber tracks market is segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America along with country-level market analysis from 2019 to 2028.
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. are the key players profiled during the military rubber tracks market study. In addition, several other significant military rubber track makers were analyzed and studied during this research study to get a holistic view of the military rubber tracks market and its ecosystem.
The military rubber track market is fragmented with the majority of the market share occupied by industry-leading players. Most of these contracts are acquired by well-established players. The players compete on various parameters such as price, and lead-time. These parameters enhance the competitiveness among the market players and are anticipated to maintain an elevated level of competitive rivalry amongst the military rubber track manufacturers over the years.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Military Rubber Tracks Market: Strategic Insights
Market Size Value in US$ 143.10 Million in 2021 Market Size Value by US$ 239.98 Million by 2028 Growth rate CAGR of 7.7%. from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Military Rubber Tracks Market: Strategic Insights
Market Size Value in | US$ 143.10 Million in 2021 |
Market Size Value by | US$ 239.98 Million by 2028 |
Growth rate | CAGR of 7.7%. from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystImpact of COVID-19 Pandemic on Military Rubber Tracks Market
Over the years, military rubber tracks have been adopted substantially to enhance the mobility of military vehicles and reduce overall fuel consumption. The onset of the COVID-19 pandemic led to disruptions in raw material supply chains in the initial stages of the pandemic, which slowed down the rubber pads and rubber tracks production. However, by mid-2020, the companies overcame these challenges through several initiatives, such as strategic partnerships and contract acquisitions, to revive their market positions.
Lucrative Regions for Military Rubber Tracks Providers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Military Rubber Tracks Market Insights
Increasing Demand for Composite Rubber Base TracksDrives Factor Military Rubber Tracks Market Growth
Increasing Demand for Composite Rubber Base TracksDrives Factor Military Rubber Tracks Market Growth
Steel tracks have been the traditional military vehicle tracks for decades. However, the maintenance of steel tracks is a tedious, continuous process, and expensive in nature. Various parts such as replace links, sprockets, and road wheels need to be replaced every 600 km. A composite rubber track (CRT), on the other hand, is a low-maintenance product that has the capability to operate up to 5000 km without maintenance or structural component replacement. Additionally, the fuel consumption of rubber track military vehicles is much lower than steel track military vehicles. According to Soucy, comparing APCs and IFVs with CRTs save at least 30% on fuel use, compared to the APCs and IFVs with steel tracks.
Additionally, CRTs are also more efficient in dry sand. Steel tracks tend to pick up dust and accumulate the same in their bodies, leading to faster wear and tear. However, composite rubber band tracks do not pick up dust, thereby offering a longer life span of the tracks. Thus, the factors mentioned above are propelling the demand for CRTs for military vehicle applications, thereby contributing to the military rubber tracks market growth.
Type-Based Market Insights
Based on type, the military rubber tracks market is bifurcated into rubber pin track and rubber band track. In 2020, the rubber pin track segment accounted for a larger market share.
Military Rubber Tracks Market, by Type, 2020 and 2028 (%)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
End Use - Based Market Insights
Based on the end use, the military rubber tracks market is segmented into the main battle tank, IFV/AIFV, APC, and others. In 2020, the APC segment accounted for the largest share of the market.
The players operating in the military rubber tracks market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In February 2021, Soucy won a contract worth US$ 7.5 million to deliver composite rubber track systems to the armoured combat support vehicles of the Norwegian Defence Materiel Agency.
- In 2020, Soucy and Supacat announced that they have collaborated for upgrading the new and legacy armoured fleets from Steel Track to Composite Rubber Tracks of the UK armed forces
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
With the increase in defense budgets across the globe and higher allocation of funds for the procurement of advanced armored vehicles such as main battle tanks, infantry fighting vehicles, and armored personnel carriers, the demand for military rubber tracks is gaining major traction
The growing demand for rubber track and rubber padded military vehicles across various military bodies across the globe owing to benefits such as reduce vibrations; fuel consumption and vehicle maintenance is expected to contribute to the growth of the global military rubber tracks market over the forecast period.
The rubber pin track segment led the military rubber tracks market with a market share of 68.9% in 2020. It is expected to account for 65.2% of the total market in 2028.
The military rubber tracks market was dominated by North America, which accounted for 32.9% in 2020 and will continue to dominate the market by 2028 accounting for 30.9% of revenue share. Europe is the second-largest contributor to the military rubber tracks market, followed by APAC.
The major companies in military rubber tracks market includes 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.
The APC segment led the military rubber tracks market with a market share of 35.1% in 2020. It is expected to account for 33.5% of the total market in 2028.
The List of Companies - Military Rubber Tracks Market
- Astray 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 MTRON LTD
- Soucy
- Ocean Rubber Factory LLC
- Hutchinson Industries Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Military Rubber Tracks Market
Mar 2022
Mar 2022
Advanced Air Mobility Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software), Operation Mode (Piloted, Autonomous), Propulsion Type (Fully Electric, Hybrid), End Use (Passenger, Cargo)
Mar 2022
Airport Fueling Equipment Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Tanker Capacity (Below 5,000 Liters; 5,000–20,000 Liters; and Above 20,000 Liters), Aircraft Type (Civil Aircraft and Military Aircraft), and Power Source (Electric and Non-Electric)
Mar 2022
Satellite Optical Ground Station Market
Forecast to 2028 - Global Analysis by Operation (Laser Satcom and Optical Operations), Equipment (Consumer Equipment and Network Equipment), Application (Laser Operations, Debris Identification, Earth Observation, and Space Situational Awareness), and End User (Government and Military and Commercial Enterprises)
Mar 2022
Electro-Optics in Naval Market
Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Camera, Sensor, and Laser Range Finder), Application (Target Detection, Identification, and Tracking; Surveillance; Fire Control; and Others), and End Use (Defense and Commercial)
Mar 2022
Commercial Air Traffic Management Market
Forecast to 2030 - COVID-19 Impact and Global Analysis By Type (Air Traffic Services, Air Traffic Flow Management, and Airspace Management), Component (Hardware and Software), Application (Communication, Navigation, Surveillance, Traffic Control, and Others), and Airport Class (Class I, Class II, Class III, and Class IV)