World Military Rubber Tracks Market Report 2022: Rising Adoption of Rubber Tracks Across Unmanned Military Vehicles - ResearchAndMarkets.com

The "Military Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and End Use" report has been added to ResearchAndMarkets.com's offering.

Military Rubber Tracks Market is projected to reach US$ 239.98 million by 2028 from US$ 143.10 million in 2021; it is expected to grow at a CAGR of 7.7% from 2021 to 2028.

The increasing expenditure on the procurement of new armored vehicles is expected to drive the requirement for new military rubber tracks, which will create growth opportunities for military rubber tracks market players in the coming years.

Owing to the growing tension due to Russia and Ukraine war in Europe, military forces in the region are increasing their defense budgets and are focusing on equipping their armed forces with high-end battle tanks, infantry fighting vehicles, armored infantry fighting vehicles, and armored personnel carriers.

For instance, the German government announced that the country would receive a one-time special fund of US$ 110.6 billion (€100 billion) to strengthen their defense forces. Further, the French army is focusing on modernizing its war vehicles and tanks. With the contract signed with Nexter in 2021, the France Army is modernizing 200 Leclercs to the XLR.

The modernization activities are expected to begin in May 2022, and all 200 vehicles are expected to be upgraded by 2028, with a budget of ~US$ 404.80 million. Such modernization programs are expected to drive the military rubber tracks market in the coming years.

As a part of the development plan for national armed forces, the Italian Ministry of Defense is looking to replace its Dardo infantry fighting vehicles and Ariete tanks by 2023. The country is planning to spend ~US$ 6.79 billion (EUR 6 billion) to purchase 700 new armored vehicles. As per the Russian Defense Ministry, the Russian army is expected to receive more than 400 armored vehicles in 2022.

Impact of COVID-19 on Middle East & Africa Military Rubber Tracks Market

The majority of economic operations in the Middle East & Africa were suspended in the first two quarters due to an increase in the number of COVID-19 cases in the region.

This disturbed the raw material supply chain across the region which negatively affected the military rubber tracks market. The Middle East & Africa has limited military rubber tracks market players across the region.

Saudi Arabia is one of the top military spenders in the world. Saudi Arabia has increased its expenditure on the procurement of advanced military vehicles for border security over the years. These factors have marginally helped grow the Middle East & Africa military rubber tracks market in 2020.

Key Findings of Study:

The military rubber tracks market analysis by geography is segmented as North America, Europe, Asia Pacific, Middle East and Africa, and South America

. The US is the largest military spender across the globe. It has the largest fleet size of armed vehicles - approximately 45,193-out of which ~6,612 and ~1,498 are main battle tanks and self-propelled artillery. Further, armed forces in North America are investing significantly in the procurement of advanced autonomous ground vehicles, which is another factor creating opportunities for the military rubber tracks market players in the region.

The NATO (The North Atlantic Treaty Organization) countries in Europe are increasing their defense budgets every year. A significant defense budget is allocated for advanced armored vehicles, including main battle tanks and armored infantry fighting vehicles.

Moreover, the region has many armored vehicle manufacturers, including Rheinmetall AG, BAE Systems plc, Rostec, Nexter group KNDS, and Krauss-Maffei Wegmann. Furthermore, the presence of rubber military tracks market players such as Astrak UK Ltd, DST Defence Service Tracks GmbH, and GMT Rubber-Metal-Technic Ltd is fueling the military rubber tracks market growth in Europe.

With the growing border disputes among China and India; India and Pakistan; China and Russia; Russia and Japan; and South Korea and North Korea, the governments in the region are allocating higher funds for military budgets.

Countries such as China, India, Japan, and South Korea are among the top military spenders and are increasing their defense budgets every year. Owing to these factors, the procurement of armored vehicles is increasing. For instance, in September 2021, the Indian government allocated US$ ~1.01 billion for the procurement of Arjuna Mk-1A 118 battle tanks. The elevating military spending is contributing to the military rubber tracks market growth Asia Pacific.

Countries in the Middle East & Africa - such as the UAE, Saudi Arabia, and Israel - are focusing significantly on securing borders by investing in advanced armored vehicles, which is boosting the growth of the military rubber tracks market size.

Also, governments in South America are investing substantially in their defense reinforcement efforts, which is boosting the procurement of advanced armored vehicles, further supporting the growth of military rubber tracks market share in South America.

Key Market Dynamics

Market Drivers

  • Increasing Demand for Composite Rubber Base Tracks
  • Rising Military Expenditure

Market Restraints

  • Preference for Steel Tracks over Rubber Tracks

Market Opportunities

  • Increasing Procurement of Tracked Military Vehicle

Future Trends

  • Rising Adoption of Rubber Tracks Across Unmanned Military Vehicles

Companies Mentioned

  • Astray 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
  • Ls Mtron Ltd
  • Soucy
  • Ocean Rubber Factory LLC
  • Hutchinson Industries Inc.

For more information about this report visit https://www.researchandmarkets.com/r/o00xal

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