Global Armored Personnel Carrier (APC) Market Grows at a Steadily CAGR of 4.76%

Introduction

Armored vehicles used to carry personnel and supplies onto the battlefield are APCs, armored combat vehicles, armored cars, or infantry mobility vehicles. APCs are lighter than infantry fighting vehicles and main battle tanks, making them more mobile. APCs are primarily designed for transportation rather than direct-fire combat, in contrast to infantry fighting vehicles (IFV). Even though they are lightly armed for self-defense, they are armored to protect them from artillery, small arms, and shrapnel.

Market Dynamics

Increasing Incidences of Terrorism Drives the Global Market

The Global Terrorism Database estimated that 26,445 people died globally in terrorist-related incidents in 2017. Between 2007 and 2017, the number of fatalities worldwide ranged from its lowest point of 7,827 in 2010 to its highest point of 44,490 in 2014. As a result, the market for armored personnel carriers is growing due to increased terrorist attacks. In addition, there was an increase in terrorist attacks in Europe after 2014. Compared to the years before combined, 2014–16 saw the highest attack plots per year and the deadliest terrorist attacks in Europe. In addition, Europe has increased its financial investment in its land capabilities in response to the attacks and threats. Therefore, the expansion of the global armored personnel carrier market will be further fueled over the projection period by the rise in immediate security concerns in the East and South of Europe as well as European engagement in Middle Eastern conflicts.

Technological Advancement Creates Tremendous Opportunities

The Armored Personnel Carrier (APC) industry has seen rapid technological advancements in recent years. Geotargeting, automation, 3D printing, the Internet of Things (IoT), and other technological advancements make it possible for more technological developments. For instance, more recent sensor technology incorporates 360-degree field of view cameras and other camera and video surveillance systems for the vehicle. As more vehicles are equipped with these sensors, a network is established that gives each unit a clearer view of its surroundings.

Additionally, in order to protect vehicles from blast damage, Boeing submitted a patent application in 2015 for a system that generates plasma fields. The idea is to create an ionized airfield that would either reflect or absorb the energy of the approaching shockwave. A military vehicle or target will most likely have this system mounted, which could further enhance the capabilities of APCs. Incorporating technological advancements in APCs will present significant growth opportunities for the players competing in the global armored personnel carrier market.

Regional Analysis

Asia-Pacific is the most significant contributor and is expected to grow at a CAGR of 6.13% during the forecast period. The market for defense products will expand at the fastest rate in the Asia-Pacific region due to increased defense spending by countries like China, South Korea, Japan, and others. The demand for armored personnel carriers is also driven by increasing domestic R&D initiatives conducted to produce cutting-edge designs of armored vehicles for improved border and marine patrolling and risks of cross-border terrorism.

Europe is expected to grow at a CAGR of 4.14% during the forecast period. During the pandemic, European markets have continued to increase their defense spending. As a result, they can complete significant procurement projects without suffering from major delays. The European market is expected to grow moderately due to significant players like BAE Systems, Rheinmetall AG, and others.

Key Highlights

• The global armored personnel carrier market was valued at USD 4,413.44 million in 2022. It is expected to reach USD 6,707.06 million by 2031, growing at a CAGR of 4.76% during the forecast period (2023–2031).
• Based on the design, the global armored personnel carrier market is bifurcated into wheeled APC and tracked APC. The wheeled APC segment is the highest contributor to the market and is expected to grow at a CAGR of 4.41% during the forecast period.
• Based on the range, the global armored personnel carrier market is bifurcated into less than 500 km and more than 500 km. The more than 500km segment owns the highest market share and is expected to grow at a CAGR of 4.85% during the forecast period.
• Based on the carrying capacity, the global armored personnel carrier market is bifurcated into less than 10000kg and greater than and equal to 10000kg. The greater than 10,000kg segment is the highest contributor to the market and is expected to grow at a CAGR of 4.45% during the forecast period.
• Based on the configuration, the global armored personnel carrier market is bifurcated into amphibious and non-amphibious. The non-amphibious segment is the highest contributor to the market and is expected to grow at a CAGR of 4.48% during the forecast period.
• Based on the end-user, the global armored personnel carrier market is bifurcated into military and law enforcement. The military segment is the highest contributor to the market and is expected to grow at a CAGR of 4.64% during the forecast period.
• Asia-Pacific is the most significant contributor and is expected to grow at a CAGR of 6.13% during the forecast period.

Competitive Players

Competitive Players

The major key players in the global armored personnel carrier market are Bae Systems Plc, DRB-HICOM Defence Technologies Sdn. Bhd., FNSS Savunma Sistemleri A.Ş, General Dynamics Corporation, Hanwha Defense Systems, Nurol Makina ve Sanayi A.Ş, Terradyne Armored Vehicles Inc, Iveco - Oto Melara Consortium, Katmerciler A.S, Kmdb A.A. Morozova, Krauss-Maffei Wegmann Gmbh & Co. Kg, Rheinmetall Ag, and Bruisertech.

Recent Developments

Market News

• In December 2022, Sweden, Germany, and the U.K. jointly agreed to procure 436 BvS10 armored all-terrain vehicles, the manufacturer BAE Systems stated in a press release. The vehicles will support the Arctic operations for the Collaborative All-Terrain Vehicle (CATV) program.

Segmentation

Global Armored Personnel Carrier (APC) Market: Segmentation

By Design

• Wheeled APC
• Tracked APC

By Range

• Less than 500 Km
• More than 500 Km

By Carrying Capacity

• Less than 10000kg
• Greater than and Equal to 10000kg

By Configuration

• Amphibious
• Non-Amphibious

By End-User

• Military
• Law Enforcement

By Regions

• North America
• Europe
• Asia-Pacific
• The Middle East and Africa
• Latin America