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Military Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End Use
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 America military rubber tracks market is further segmented into the US, Canada, and Mexico.
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Military Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End Use" - https://www.reportlinker.com/p06270020/?utm_source=GNW
In 2020, the US dominated the market in this region.
These developed economies spend a considerable portion of their GDP on military expenditure. As per the World Bank collection of development indicators, obtained from officially recognized sources, military expenditure in the US reached ~3.74% of its GDP in 2020 from ~3.43% of GDP in 2019. As per the NPR—an independent non-profit media organization—all the planes, tanks, and ships of the US military burn ~340,000 barrels of oil every day. The need to make tracked vehicles more eco-friendly and comfortable, and safer for the person sitting inside drives the adoption of the latest high-tech rubber tracks. Most of the tracked military vehicles in the region use tracks with metal plates, which are associated with considerable inconvenience due to severe vibrations. According to Tank-Automotive and Armaments Command (TACOM), rubber tracks can improve the fuel economy by ~33.33%, considering all the aspects such as wear & tear, transaction, vibration, and durability. To replace the fielded steel track system on the Bradley Fighting Vehicle, the US Army explored the concept of segmented composite rubber tracks in 2019.
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.
The rubber pin track segment represented a larger share of the military rubber tracks market in 2020.By end use, the military rubber tracks market is segmented into main battle tank, IFV/AIFV, APC, and others.
In 2020, the APC segment accounted for a substantial share of the military rubber tracks market.Based on geography, the military rubber tracks market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America.
North America held the largest military rubber tracks market share in 2020.
Disruptions in raw material supply chains during the COVID-19 outbreak hampered the manufacturing of military rubber tracks in the first half of 2020.However, the rise in investment by the defense ministries in developed and a few developing countries to acquire segmented composite rubber tracks (SCRTs) in the production of military vehicles favored the market growth.
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.Such factors marginally boosted the growth of the North America military rubber tracks market.
The US is the largest military spender across the globe.It has the largest fleet size of armed vehicles—approximately 45,193–out of which ~6,612 and ~1,498 are main battle tanks and self-propelled artillery.
Further, armed forces in North America are investing significantly in the procurement of advanced autonomous ground vehicles, which is another factor creating opportunities for the military rubber tracks market players in the region.
A significant defense budget is allocated for advanced armored vehicles, including main battle tanks and armored infantry fighting vehicles.Moreover, the region has many armored vehicle manufacturers, including Rheinmetall AG, BAE Systems plc, Rostec, Nexter group KNDS, and Krauss-Maffei Wegmann.
Furthermore, the presence of rubber military tracks market players such as Astrak UK Ltd, DST Defence Service Tracks GmbH, and GMT Rubber-Metal-Technic Ltd is fueling the market growth in Europe.
Countries such as China, India, Japan, and South Korea are among the top military spenders and are increasing their defense budgets every year.Owing to these factors, the procurement of armored vehicles is increasing.
For instance, in September 2021, the Indian government allocated US$ ~1.01 billion for the procurement of Arjuna Mk-1A 118 battle tanks. The elevating military spending is contributing to the military rubber tracks market growth Asia Pacific.
The overall military rubber tracks market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the military rubber tracks market with respect to all the segments.It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—including valuation experts, research analysts, and key opinion leaders—specializing in the military rubber tracks market.
The study also provides market analysis and insights of the military rubber tracks market, highlighting the 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.
Read the full report: https://www.reportlinker.com/p06270020/?utm_source=GNW
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