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Rubber Tracks for Defense & Security Market Size, Industry Outlook Report, Regional Analysis, Application Development, Price Trends, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI3093
Rubber Tracks for Defense & Security Market Size
Rubber Tracks for Defense & Security Market is set for robust growth between 2024 and 2032, driven by rising demand for military vehicles and rapid fleet upgrades.
As per the report by Sipri in April 2023, there was a notable 3.7% real-term rise in the total global military expenditure, reaching a record-high of $2240 billion in 2022. Particularly noteworthy was the sharpest year-on-year increase in military spending in Europe over the past three decades. As nations strive to equip their military and security forces with cutting-edge technologies, the demand for advanced and reliable rubber tracks has surged. These tracks offer enhanced mobility, reduced vibration, and improved traction, addressing the evolving needs of modern warfare and security operations.
Rubber Tracks for Defense & Security Market Trends
There is growing emphasis on lightweight materials in defense and security applications for improving fuel efficiency and reduce emissions. Rubber tracks, known for their durability and versatility, provide a lightweight alternative to traditional metallic tracks, contributing to the overall efficiency and maneuverability of military vehicles. This will bolster the product demand as the aviation sector growth.
Rubber Tracks for Defense & Security Market Analysis
The market share from Infantry Fighting Vehicles (IFV) and Armored Infantry Fighting Vehicles (AIFV) applications is set to grow significantly till 2032, driven by enhanced maneuverability and versatility in terrains. IFVs and AIFVs are essential components of modern ground forces, requiring advanced mobility solutions for varied terrains. Rubber tracks, with their superior traction and reduced ground pressure, enhance the maneuverability of these vehicles in diverse environments, from urban landscapes to challenging terrains.
The band tracks segment stands out as a key contributor to the industry success through 3043. Band tracks, featuring continuous rubber bands without joints, offer exceptional durability and performance advantages. They are particularly well-suited for demanding military operations, providing enhanced traction and reduced wear & tear. The band tracks are witnessing increased adoption across various defense and security applications, contributing to segment share.
North America rubber tracks for defense & security industry is anticipated to generate significant revenue till 2032, driven by a focus on developing advanced military technologies and enhancing the mobility of its armed forces. The United States, is a major contributor, driven by its substantial defense budget and ongoing modernization efforts. Moreover, the region's commitment to maintaining a technological edge in defense capabilities has led to increased investments in innovative mobility solutions, further fueling the demand for rubber tracks.
Rubber Tracks for Defense & Security Market Share
Major contenders in the rubber tracks for defense & security industry include:
- Soucy Defense
- Martin’s Rubber Company Limited
- William Cook Group
- LS Mtron Ltd.
- Northern Plains Track
- GMT
- Mackay Rubber
To strengthen their presence, these industry leaders are undertaking strategic collaborations with military forces and launching new products.
Rubber Tracks for Defense & Security Industry News
- In February 2021, Soucy International's Defense Division secured a contract with the U.S. Army GVSC to produce and deliver a prototype of the SCRT (Segmented Composite Rubber Track) system. As part of the PEM (Platform Electrification and Mobility) project, this underscores Soucy's dedication to advancing military mobility solutions.
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