Report : Asia Pacific Military Rubber Tracks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Rubber Pin Track and Rubber Band Track) and End Use (Main Battle Tank, IFV/AIFV, APC, and Others)
APC Segment to Dominate APAC Military Rubber Tracks Market During 2021–2028
According to a new market research study on “APAC Military Rubber Tracks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End Use” is expected to reach US$ 67.42 million by 2028 from US$ 34.12 million in 2021. The market is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report provides trends prevailing in the APAC military rubber tracks market along with the drivers and restraints pertaining to the market growth. Increasing procurement of tracked military vehicle and rising adoption of rubber tracks across unmanned military vehicles are the major factor driving the growth of the APAC military rubber tracks market. However, preference for steel tracks over rubber tracks hinders the growth of APAC military rubber tracks market.
The APAC military rubber tracks market is segmented based on type, end use, and country. Based on type, the APAC military rubber tracks market is segmented into rubber pin track and rubber band track. The rubber pin track segment dominated the APAC military rubber tracks market in 2020 and rubber band track segment is expected to be fastest growing during forecast period. Based on end use, the APAC military rubber tracks market is segmented into main battle tank, IFV/AIFV, APC, and others. The APC segment dominated the APAC military rubber tracks market in 2020 and IFV/AIFV segment is expected to be fastest growing during forecast period. Based on country, the APAC military rubber tracks market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
Astrak UK Limited, DST Defence Service Tracks GmbH, GMT Rubber-Metal-Technic Ltd, LS MTRON LTD, Mackay Consolidated Industries Pty Ltd, and Soucy are among the leading companies in the APAC military rubber tracks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Astrak UK Limited announced it has opened a new distribution centre at London, UK as part of business development programme to enhance its delivery service.
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