Future Market Insights has recently published a report on global rubber tracks for defense and security market. A reporter from FMI has been asked a number of questions on the growth of global rubber tracks for defense and security market.
What is your take on the growth of global market for rubber tracks for defense and security?
Apropos Future Market Insights’ report, the global market is likely to witness expansion at 3.9% CAGR during 2017-2027. The market is anticipated to reach valuation of approximately US$ 144.5 by 2027-end. Further, the market was pegged at US$ 98.4 Mn in 2017 and is anticipated to surpass US$ 100 Mn by the end of 2020.
How much shares are secured by key regions in the global market?
The market in North America has procured approximately one-third share of the global market, followed by MEA with a share of one-fifth of the global market. Europe is projected to be another leading region in the market for rubber tracks for defense and security. North America and MEA regions are estimated to retain its dominance in the global market, in terms of volume. Eastern Europe and North America are likely to gain significant share of the market through 2027. On the other hand, all other regions are anticipated to exhibit slightly decline in near future. Eastern Europe has been discerned as steadily expanding region in the market, while North America will promisingly retain its dominance in the global market with 5% CAGR during the forecast period.
Why do you think North America will remain dominant in the global market?
Since past few years, North America is under immense pressure owing to external as well as internal terrorism. This is the key reason for increasing number of military vehicles in the region. Further, rising investments of US army in battle tanks as well as other vehicles are foreseen to directly propel sales of rubber tanks in North America region, US is projected to remain prominent region in the global market.
How leading players are concentrating on improving their products and increasing number of end-users?
The report developed by FMI reveals key strategies of the leading players in the global market. Number of leading players in the market are focusing on advanced lifespan as well as developed efficiency of their products. Further, companies are reducing weight and operation cost of their products, and concentrating on bringing innovations in their products as well as long-term contracts with end-use industry.
Is the market segmented based on vehicle type, which segment is leading in the global market?
Tanks are the key component of modern army that are supported by ground attacks of surveillance aircrafts. On the other hand, APC segment is likely to expand at 3.9% CAGR during the assessment period. APC is one of the type of armored fighting vehicle and particularly designed for transportation of infantry to actual battlefield. Presently, APC segment procures maximum revenue share of nearly two-fifth of the global market, followed by tanks segment, which is estimated to procure one-third share of the market.
What are the leading market players operating in the global market?
GMT Rubber and Metal Technic Ltd, Soucy International Inc., Cauchos Puntes S.L, Ocean Rubber Factory LLC, William Cook Holding Limited (Cook Defense Systems), Martin’s Rubber Company Ltd., LS Mtron Ltd., and COECA SA are observed as prominent players in the global market. However, Mackay Consolidated Rubber Technology, TGL SP Industries Ltd, and Northern Plains Track (Camso Group) have further consolidated their footprints in the global market.
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