In 2022, the global rubber tracks for defense and security market was valued at USD 125.9 million and is projected to reach USD 131.9 million in 2023. Future Market Insights (FMI) forecasts a growth trajectory with a CAGR of 8.94% from 2023 to 2033, estimating the market to reach approximately USD 232.1 million by 2033.
The increasing awareness of the benefits of rubber tracks, such as their durability, low noise levels, and high traction, is expected to drive demand among defense and security personnel. Additionally, the heightened focus on upgrading defense capabilities and the growing need for armored vehicles in response to terrorism and insurgencies are contributing to the market’s expansion.
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Government investments in defense and security are creating significant opportunities for rubber track manufacturers. As the demand for advanced defense equipment rises, the market for rubber tracks is set to experience substantial growth.
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.
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
Detailed Market Study: Full Report and Analysis
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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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