The military rubber tracks market size was valued at $143.10 million in 2021 and is expected to grow at a CAGR of 7.7% and is expected to reach $239.98 million by 2028.
New York, March 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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)”, the global military rubber tracks market growth is driven by the increasing demand for composite rubber base tracks, rising military expenditure, 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.
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No. of Charts & Figures
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Military Rubber Tracks Market: Competitive Landscape and Key Developments 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., among others, are the key players that are profiled during this military rubber tracks market study. In addition, several other essential players were studied and analyzed to get a holistic view of the global military rubber tracks market size and its ecosystem.
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In 2021, Soucy was awarded contract for delivering Segmented Composite Rubber Track systems to US Army Ground Vehicle Systems Center.
In 2020, Astrak UK Limited announced the opening if a new logistics center at Paris, France, to better serve its customers.
The key players operating in the global military rubber tracks market include LS MTRON, Ocean Rubber Factory LLC, Soucy-Defense, GMT Rubber-Metal-Technic Ltd and Defence Service Tracks GmbH. These companies engage in entering into new contracts to supply rubber tracks to various military vehicle manufacturers across the globe owing to the rise in procurement of tracked military vehicles by several military forces. In January 2021, Elbit Systems was awarded a contract from an APAC country to supply light tanks worth US$ 172 million. The company will supply Sabrah, a steel tracked tank with integrated rubber pads. In May 2020, the US Army awarded BAE Systems a contract, worth US$ 339 million, for the procurement of M109A7 self-propelled howitzers and M992A3 transporter, ammunition, and tracked vehicles. The key players are listed by considering factors such as overall revenue (including subsidiary companies), current military rubber tracks product portfolio for different applications, geographical reach, market initiatives, high investments in technology upgrades, partnerships, and other market-related activities.
The growing demand for rubber track and rubber padded military vehicles across various military bodies worldwide is attributed to their ability to reduce vibrations and fuel consumption, and optimize vehicle maintenance is expected to contribute to the growth of the global military rubber tracks market over the forecast period. Further, there has been a rise in the adoption of unmanned military vehicles in the global military sector over the years. This includes adopting unmanned main battle tanks, unmanned armored personnel carriers, and unmanned armored fighting vehicles.
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Surge in investments by companies in integrating rubber tracks on unmanned vehicles is expected to contribute to the military rubber tracks market's growth. A few of such developments by the companies are as follows:
Armtrac Ltd incorporated heavy-duty rubber tracks in its Armtrac 20T C-IED Robot, which is a remote unmanned ground vehicle (UGV). Rubber tracks enable the vehicle to produce ground-bearing pressure of less than 5 pounds per square inch (PSI), which can be fitted in wider tracks for applications across soft terrain.
In October 2021, General Dynamics Land Systems demonstrated a version of its unmanned vehicles with lightweight metallic and rubber tracks. The rubber tracks were demonstrated to be benefiting through the enhanced performance, maintenance, and logistics, compared to traditional metallic tracks.
Thus, continuous investments by unmanned military vehicle manufacturers on rubber tracks are contributing to the military rubber tracks market growth.
Military Rubber Tracks Market: End Use Overview The global military rubber tracks market analysis by end use is segmented into the main battle tank, IFV/AIFV, APC, and others. In 2020, the APC segment led the market and accounted for a larger share. There has been a rise in the adoption of rubber tracks in APCs over the years; this is attributed to the possible reduction in vehicle weight, directly enhancing the mobility and fuel efficiency of the APCs. According to Soucy, the integration of CRT in APCs results in 30% reduction in fuel consumption compared to steel tracks. Rubber tracks have been integrated in several APCs—such as M113 G3/G4, M113A3, and FV103 Spartan—to enhance their performances. Military rubber track market players such as Ocean Rubber Factory LLC manufacture rubber trackpads and supplies them to BMP-3 armored personnel carriers. Additionally, TGL-SP has produced new armored personal carrier pads for the Israeli Defense Forces (APC). The shelf life of these pads is longer than the previous generation of pads. Such developments are continuously contributing to the military rubber tracks market demand across the globe.
Impact of COVID-19 Pandemic on APAC Military Rubber Tracks Market Growth: The limitations imposed by several governments across APAC to control the spread of COVID-19 during the initial stages of the pandemic (Q1 2020) severely affected the raw material supply chains, leading to a decline in the production of military rubber tracks, which affected the military rubber tracks market across the region. However, investments by military vehicle manufacturers in research & development activities marginally supported the growth of market share in the military rubber tracks market. For instance, in November 2021, Rheinmetall Australia acquired CRTs from Soucy for executing trials in its Lynx KF41 IFV. These factors positively impacted the growth of the military rubber tracks market. China is one of the biggest exporters of defense equipment across the globe.
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As per an analysis published in the Military Balance 2018 report by the International Institute of Strategic Studies (IISS), the Chinese People’s Liberation Army (PLA) had world’s largest active service main battle tank (MBT) force. In March 2021, a new kind of infantry fighting vehicle was tracked in service with the Chinese People's Liberation Army (PLA). This newly tracked infantry fighting vehicle is predicted to be used for transporting troops and replacing some of the less capable and obsolete equipment. As per GlobalFirepower, the country has 5,250 tanks and around 35,000 armored vehicles. The development of new infantry fighting vehicles, high spending across the defense sector, and increasing defense exports majorly drive the military rubber tracks market in China.
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