Rubber Track Market Size, Share & Trends Analysis Report forecast 2024-2031.
Rubber Track Market Size, Share & Trends Analysis Report forecast 2024-2031.
Blog Article
The global rubber track market is anticipated to grow at a significant CAGR of 4.2% during the forecast period. Rubber tracks are used in off-road vehicles to offer improved stability on slopes and uneven terrains. They are made of a tear-resistant compound and a mixture of natural and synthetic rubbers with steel cords and inflated metal cores. The combination provides a smoother ride, minimizing noise, and vibration on harder surfaces, and improved flexibility and floatation. The global rubber track market is growing significantly across the globe due to rising demand from end-users which includes agriculture, construction, military, and other sectors. The higher cost of rubber tracks as compared to other alternatives is estimated to be the major factor that is holding back the growth of the market in the region. The rising demand from the construction and transportation sector is boosting the rubber track market in the Asia-Pacific. Growing rubber industries are creating scope for rubber tracks across the globe especially, the EU and Asia-Pacific are considered to be the most lucrative destinations for rubber track industries.
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Impact of COVID-19 Pandemic on Global Rubber Tracks Market
The COVID-19 pandemic has underlined the growing importance of the services sector, in particular the distribution sector, in keeping trade flowing. The crisis has also underlined the importance of digital trade. Improvements in bandwidth and technological innovation have been the main factors for the increase in e-commerce and digital trade. The COVID-19 pandemic has highlighted the limitations of existing tools for measuring trade. vehicle production took a drastic hit during the peak of the pandemic, affecting the production of peripheral components like rubber tracks for security and defense as well, due to lockdowns and reduced demand. key players have been making efforts to recover from the pandemic, by undertaking various strategies to solidify their position in the post-pandemic era. For instance, in December 2021, Loc Performance finalized the acquisition of the St. Marys facility of Continental, which produces rubber track solutions for the construction, defense, and agricultural industries.
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The Asia Pacific Region is Anticipated to be Fastest Growing in the Global Rubber Tracks Market
Asia-Pacific region is anticipated to be the fastest-growing in the rubber tracks market owing to the growth of the construction industry in Asian countries, including Japan, China, India, and Indonesia, which is contributing heftily increasing demand for rubber tracks. These countries are highly industrialized, which is expected to increase the demand for advanced rubber tracks. For instance, in March 2021, a new kind of infantry fighting vehicle was tracked in service with the Chinese People's Liberation Army (PLA). This newly tracked infantry fighting vehicle is predicted to be used for transporting troops and replacing some of the less capable and obsolete equipment. Additionally, as per GlobalFirepower, the country has 5,250 tanks and around 35,000 armored vehicles. The development of new infantry fighting vehicles, high spending across the defense sector, and increasing defense exports majorly drive the military rubber track market in China. For instance, in September 2021, the Indian government allocated $1 billion for the procurement of Arjuna Mk-1A 118 battle tanks. The elevating military spending is contributing to the military rubber tracks market growth in Asia-Pacific.
Market Players Outlook
The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include Bridgestone Corp., Continental AG, Camso Inc., Chermack Machine Inc., DIGBITS Ltd., GRUPPO MINITOP SRL, and McLaren Industries, Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Rheinmetall Australia acquired CRTs from Soucy for executing trials in its Lynx KF41 IFV. These factors positively impacted the growth of the military rubber track market. China is one of the biggest exporters of defense equipment across the globe.
by Type (Triangular Tracks and Regular Tracks),
by Product (Tires and Ladder Frame), and
by Application (Agricultural Machinery, Construction Machinery, and Military Machinery)
Recent Developments
In August 2018, Continental AG, a German leader of rubber and automotive, launched its new farm tire products “Tractor70” and “Tractor85” featuring the company’s N.flex technology. The company re-entered the agriculture tire segment in the US after a 14-year hiatus.
In 2018, Continental AG announced its collaboration with Unverferth Manufacturing Co. Inc., an American farming equipment manufacturer, for the production of the largest rubber track system. Under the collaboration, a 50-inch wide rubber track system was utilized for grain carts in agricultural applications.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global rubber tracks market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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