The rapid change in modern warfare has been urging the governments to allocate higher amounts toward respective military forces. The military budget allocation enables the military forces to engage themselves in the development of robust indigenous technologies, procuring advanced vehicles and other equipment from international manufacturers. The military vehicle modernization practices are peaking in the current scenario among most military forces to keep the vehicles mission-ready. To modernize vehicles, the defense ministries across the region are investing substantial amounts in newer technologies, including tracks (rubber and steel). Rubber tracks are gaining traction in the military forces, which is boosting the growth of the military rubber tracks market. Most of the expenditure focuses on modernizing armored vehicles, infantry fighting vehicles (IFVs), and main battle tanks, with advanced solutions to combat the enemies easily. Rubber tracks reduced the vibrations of the military vehicles by 70%, thereby reducing fatigue of the individuals inside the vehicles and reducing the sound. Thus, the rising military expenses across the countries are driving the adoption of tracks pads and rubber tracks across military vehicles, thereby contributing to the market's growth.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe military rubber tracks market. The Europe military rubber tracks market is expected to grow at a good CAGR during the forecast period.
Europe Military Rubber Tracks Market Segmentation
The Europe military rubber tracks market is segmented based on type, end use, and country. Based on type, the Europe military rubber tracks market is segmented into rubber pin track and rubber band track. The rubber pin track segment dominated the Europe military rubber tracks market in 2020. The rubber band track segment is expected to be the fastest-growing segment during the forecast period. Based on end use, the Europe military rubber tracks market is segmented into main battle tank, IFV/AIFV, APC, and others. The APC segment dominated the Europe military rubber tracks market in 2020. The IFV/AIFV segment is expected to be the fastest-growing segment during the forecast period. Based on country, the Europe military rubber tracks market has been segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe.
Astrak UK Limited, DST Defence Service Tracks GmbH, GMT Rubber-Metal-Technic Ltd, Hutchinson Industries Inc., LS MTRON LTD, and Martin's Rubber Company Limited are among the leading companies in the Europe military rubber tracks market.