Rubber Tracks for Defense & Security Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3093
Rubber Tracks for Defense & Security Market size will see high growth to 2025 led by increasing preference for developing advanced systems to lower noise, vibration, weight, and enhance traction for armored weapon carriers. Armed forces across the globe are focusing on improving their armed vehicles with improved performance and reduced vibration, thereby positively contributing towards industry growth. Retrofitting of rubber tracks on ageing fleet along with increasing refurbishments for reusing tracks to reduce costs are boosting the market share till 2025.
Industry participants are continuously investing in R&D for incorporating innovative technologies to develop rubber tracks. Increasing adoption of composite rubber tracks (CRT) technology for improving efficiency and induce superior performance in armored vehicles are expanding the global rubber tracks for defense & security market share till 2025. Moreover, benefits offered by this technology including lower maintenance and increasing the longevity of the vehicle’s electronic subcomponents are further strengthening the market share over the projected timeframe.
Increasing defense spending and proliferating investments into this sector are positively influencing the global rubber tracks for defense & security market share over the study timeframe. For instance, the U.S. military expenses for the year 2019 accounted for around USD 716 billion. This budget was approved with an aim of upgrading their existing tools and machinery along with acquiring of new combat equipment, providing a positive outlook for the global rubber tracks for defense & security market proliferation.
Limited maneuverability owing to lower lateral stiffness compared to the traditional tracks along with high maintenance costs may hinder the market expansion till 2025. However, industry participants are actively involved in producing lower-cost innovative and durable rubber track solutions that may support the global rubber tracks for defense & security market proliferation over the study timeframe.
Based on product, the global rubber tracks for defense & security market is characterized into band tracks and pin tracks. The band tracks accounted for a significant share owing to increasing adoption in vehicles having a carrying load capacity of up to 35 metric tons. Moreover, diversified capabilities of these tracks including retrofitting in vehicles including APC, Tank, and IFV. Additionally, improved features including non-flammable characteristics, high temperature resistance, and lower weight of components are further expanding the market share till 2025.
Based on application, the global rubber tracks for defense & security market place is distinguished into IFV/AIFV, tank, APC, and recons. Armor Personnel Carrier will grow significantly over the forecast timeframe owing to its multiple operations including carrying of weapons and personnel across diversified terrain along with superior amphibious travel capabilities.
Based on vehicle payload, the global rubber tracks for defense & security market share is divided into 8-12-ton, 12-14-ton, 15-45-ton, and above 45 ton. The 8-12-ton vehicles accounted for a significant share in 2018. This share is attributed to the increasing adoption of such vehicles owing to their compact footprint, improved efficiency, and ability to travel through diversified terrain.
North America is expected to showcase significant growth in the global rubber tracks for defense & security market place owing to increasing military spending. Moreover, presence of multiple industry participants working on improving their product portfolio along with strong investment prospects from foreign companies are supporting the regional growth till 2025. Additionally, adoption of international standards including ISO 3450:2011 for regulating rubber tracks for usage in diversified applications are further supporting the industry proliferation over the study timeframe.
Major rubber tracks for defense & security market participants include Soucy Defense., Martin’s Rubber Company Limited, William Cook Holding Limited, LS Mtron Ltd., Mackay Consolidated Rubber Technology, Northern Plains Track, GMT Rubber and Metal Technic Ltd, COECA SA, TGL SP Industries Ltd., and Ocean Rubber Factory LLC. Industry players are undergoing strategic collaboration with military forces to strengthen their foothold.
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