The global rubber tracks for defense and security market in 2022 was US$ 24.4 billion and is estimated to be worth US$ 26.8 billion in 2023. FMI anticipates that the rubber tracks for defense and security market is likely to expand at a CAGR of 8.94% between 2023 and 2033, totaling around US$ 63.1 billion by 2033.
Growth in the awareness about the benefits of rubber tracks among defense and security personnel is anticipated to boost their demand shortly. Further, a surge in the demand for rubber tracks from the defense and security sector owes to its superior features such as durability, low noise levels, and high traction.
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An increase in investments by governments worldwide thus, creates key opportunities for rubber track manufacturers in the coming years. The procreation of terrorism and insurgencies across different parts of the world has led to an increase in the acquisition of armored vehicles by defense forces and fuels the growth of the market.
Key Takeaways from the Market Study
- Rubber tracks for the defense and security market expanded at a CAGR of 7.12% between 2018 and 2022.
- North America expanded at 41% of the market share in 2022.
- The United States forecasted a 7.5% CAGR from 2023 to 2033.
- Based on product type, rubber band tracks dominated 45% of the market share in 2022.
- Under vehicle type, IFV/AIFV forecasted 52% of the market share in 2022.
- Based on vehicle payload, 15 to 45 tons expanded 44.3% of the market share in 2022.
“Potential for rubber tracks for defense and security through an increase in military expenditure”, commented a Future Market Insights analyst.
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Market Competition
Companies aim to develop cutting-edge solutions during the entire life cycle of a product, from the design and inception phase to the end of its service life. They also strategically locate their main factories in emerging markets to make it ideal to service the developing markets. Some of the new developments of rubber tracks for the defense and security market are-
- In 2022 December, GMT Rubber-Metal-Technic Ltd, an internationally recognized designer and supplier of rubber-metal anti-vibration mounted its shock-protection products for clients in the naval and marine industries.
- A complete design service was provided using techniques that included computer modeling, multi-directional vibration analysis, and finite element analysis. These methods were used in the creation of individualized solutions for meeting an application’s highly specific needs.
Key Companies Profiled
- Soucy Holding Inc.
- GMT Rubber Metal Technic Ltd.
- LS Mtron Ltd.
- TGL SP Industries Ltd.
- Cauchos Puntes S.L
- William Cook Holding Limited
- Northern Plains Track (Camso Group)
- Martin’s Rubber Company Ltd.
- Mackay Consolidated Rubber Technology
- COECA SA
- Ocean Rubber Factory LLC
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Rubber Track for Defense and Security Market Segmentation
By Product Type:
- Rubber Band Track
- Rubber Pin Track
- Single Pin Tracks
- Double Pin Tracks
By Vehicle Type:
- Tanks
- APC
- IFV/ AIFV
- Recons
- Others
By Vehicle Payload:
- 8 to 12 Tons
- 12 to 14 Tons
- 15 45 Tons
- Above 45 Tons
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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