Military Rubber Tracks Market Strategic Insights by 2031
The military rubber tracks market size is projected to reach US$ 305.88 million by 2031 from US$ 158.67 million in 2023. The market is expected to register a CAGR of 8.6% during 2023–2031. The increasing adoption of rubber tracks to cater the rising production of unmanned military vehicles is likely to remain a key trend in the market.
Military Rubber Tracks Market Analysis
The military rubber track market ecosystem comprises the following stakeholders – raw material providers, military rubber track manufacturers, and end users. The raw material providers supply materials such as rubber, polymers, and metal to manufacture military rubber tracks. The military rubber track manufacturers carry out processes such as designing and production to transform raw material into the finished product. The military rubber track manufacturers sell their products to different end users, such as the armed forces. This helps the manufacturers gain higher revenues, thereby catalyzing the growth of the military rubber track market.
Military Rubber Tracks Market Overview
Though rubber tracks have experienced rapid adoption across several types of military vehicles, steel tracks are majorly preferred for their durability across hard terrains. Rubber tracks are less durable than steel tracks across harsh surfaces such as hills and mountains. Steel tracks also offer more traction due to their weight and load distribution across mud and snowy surfaces. Rubber tracks are vulnerable to temperature; they become brittle in cold and malleable in heat. In case of operating the in harsh weather condition, the military forces face challenges while using rubber tracks or rubber pads as compared to steel tracks . Such factors have been impacting the military rubber tracks market.
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Military Rubber Tracks Market: Strategic Insights
Market Size Value in US$ 143.10 Million in 2021 Market Size Value by US$ 239.98 Million by 2028 Growth rate CAGR of 7.7%. from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Military Rubber Tracks Market: Strategic Insights
| Market Size Value in | US$ 143.10 Million in 2021 |
| Market Size Value by | US$ 239.98 Million by 2028 |
| Growth rate | CAGR of 7.7%. from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Military Rubber Tracks Market Drivers and Opportunities
Growing Adoption of Composite Rubber Tracks (CRTs) Across Military Applications
The advantages of composite rubber tracks (CRTs) over traditional steel rubber tracks (SRTs) such as requirement of lesser maintenance, lesser load with higher durability, and better replacement frequency. SRTs requires maintenance of components such as links, sprockets, and road wheels need to be replaced every 600 kms whereas CRTs are a low-maintenance product that have the capability to operate up to 5000 km without maintenance or structural component replacement. Moreover, the fuel consumption of CRT-based military vehicles is much lower than SRT-based military vehicles. According to the insight partners’ analysis, comparing armoured personnel carriers (APCs) & infantry fighting vehicles (IFVs) with steel tracks to those with CRTs are more efficient to save at least 30% on fuel usage.
The Rising Procurement of Tracked Combat Vehicles Across Several Armed Forces
The key players operating in the global military rubber tracks market include Astrak UK Limited, DST Defence Service Tracks GmbH, GMT Rubber-Metal-Technic Ltd, and Mackay Consolidated Industries Pty Ltd. These companies are constantly 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 April 2024, The US Army awarded a contract worth US$ 754 million to BAE Systems Plc for beginning the second phase of manufacturing of Armored Multi-Purpose Vehicles (AMPVs).
- In July 2023, General Dynamics Land Systems won a contract from the US Army worth US$ 257.6 million for the second phase of Low Rate Initial Production of the newly named M10 Booker Combat Vehicle (26 Units), formerly known as Mobile Protected Firepower.
Such procurement of tracked military vehicles is likely to generate new opportunities for military rubber track market vendors in the coming years.
Military Rubber Tracks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the military rubber tracks market analysis are type and end use.
- Based on type, the military rubber tracks market is bifurcated into rubber pin track and rubber band track. The rubber pin track segment held a larger market share in 2023.
- Based on end use, the military rubber tracks market is segmented into main battle tank, IFV/AIFV, APC, others. The APC segment held a larger market share in 2023.
Military Rubber Tracks Market Share Analysis by Geography
The geographic scope of the military rubber tracks market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific. Further, Asia Pacific is likely to witness highest CAGR in the coming years. With the growing focus for improving the armored vehicle maneuverability and increasing government budget for procurement of advanced armored vehicles, and increasing maintenance, repair, and overhaul (MRO) operation of military armored vehicles, the rubber band track market is projected to witness significant traction over the forecast period. The United States has got the highest defense budget in the world. The country’s military expenditure in 2022 was US$ 876.94 billion which grew to US$ 916 billion in 2023. Northern Plains Track and Hutchinson Industries Inc. are the key companies that provide military rubber tracks in the US. Such factors have been driving the growth for North America military rubber tracks market.
Military Rubber Tracks Market Report Scope
Military Rubber Tracks Market News and Recent Developments
The military rubber tracks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the military rubber tracks market are listed below:
Canadian Commercial Corporation (CCC) is pleased to announce that it was awarded a contract by the United States Department of Defense (U.S. DoD) to supply the U.S. Army with T-107 Ground Side Kevlar Rubber manufactured by Soucy Techno. (Source: Excella, Press Release, Apr 2024)
- Rheinmetall, the largest supplier of military vehicles to the Australian Defence Force has successfully completed demonstration trials of the Soucy Composite Rubber Track (CRT) system on the Lynx KF41 Infantry Fighting Vehicle (IFV). (Source: Rheinmetall AG, Press Release, Nov 2021)
Military Rubber Tracks Market Report Coverage and Deliverables
The “Military Rubber Tracks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Military rubber tracks market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Military rubber tracks market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Military rubber tracks market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the military rubber tracks market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the military rubber tracks market in 2023.
Increasing demand for composite rubber base tracks and the rising military expenditure are some of the factors driving the growth for military rubber tracks market.
The rising adoption of rubber tracks across unmanned military vehicles is one of the major trends of the market.
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 are some of the key players profiled under the report.
The estimated value of the military rubber tracks market by 2031 would be around US$ 305.88 million.
The military rubber tracks market is likely to register of 8.6% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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