Armoured Personnel Carrier Market Share

Global Armoured Personnel Carrier (APC) Market Overview

Armored Personnel Carrier (APC) Market Value To Reach USD 5,632.84 Million By 2030 At 4.90% CAGR By 2023-2030

Armoured Personnel Carrier (APC) also termed as armoured combat vehicle, armoured car or infantry mobility vehicle is an armored vehicle designed to carry troops and equipment into the battlefield. APCs weighs less than the infantry fighting vehicles and main battle tanks, and hence are more mobile. Unlike the infantry fighting vehicles (IFV), APCs do not to take part in direct-fire battle and are primarily designed for transport. However, they are lightly armed for self-defence and are armored for protection against shrapnel, small arms and artillery fire. Furthermore, certain types of APCs are used by non-military organizations as well.

Factors such as focus on preventing riots in urban areas and rising incidences of asymmetric warfare are positively impacting the armoured personnel carrier market growth. In addition, the rise in defense expenditure, especially in emerging economies and subsequent investments in procuring armored vehicles to strengthen combat and tactical capabilities further boosts the market growth. However, factors such as delays in procurement processes hinders the market growth to a certain extent while enhancing protection, configuration, mobility and weaponry without significant increase in weight and cost of the APCs is a key challenge faced by the market players. Meanwhile, rising terrorist attacks and focus on counter operations, and aging combat vehicle upgradation programs being initiated by many countries throughout the world, create promising growth opportunities for the armoured personnel carrier market. Companies are also keen on developing an integrated solution covering multiple systems for maximum tactical and strategic mobility.

Based on type, the tracked armoured personnel carrier segment accounted for the largest market share as it offers better mine resistance and higher mobility in rough terrains which is common in most battlefields. Based on configuration, the amphibious armoured personnel carrier segment is projected to witness the highest CAGR as these are ideal for ship to shore maneuvers. Based on end-user the military segment accounted for the largest market share as various countries are deploying these vehicles mainly for combat activities and national defense.

North America is estimated to account for the largest share during the review period. North America region in this report includes the US and Canada. Focus by the U.S. Department of Defense (DOD) on procuring armored vehicles, in the recent years, have resulted in the market witnessing a significant surge in demand, in this region. Moreover, the current military operations and exercises in the Middle East countries will also result in the US focusing on developing such vehicles, which will further deepen the scope of the market in the region.

Intended Audience

• Armored Vehicle Manufactures


• Component Providers


• Defense Organizations


• Defense Electronics Suppliers


• Research Institutes


• Regulatory Bodies

Key Players

The key players in the global armoured personnel carrier market are BAE Systems plc (UK), Krauss-Maffei Wegmann GmbH & Co. KG (Germany), Rheinmetall AG (incl. ARTEC GmbH (Germany)), Katmerciler A.S. (Turkey), Patria Oyj (Finland), General Dynamics Corporation (US), Otokar Otomotiv ve Savunma Sanayi A.Ş (Turkey), Military Industrial Company (Russia), KMDB A.A. Morozova (part of Ukroboronprom (Ukraine)), ST Kinetics Ltd. (Singapore), Terradyne Armored Vehicles Inc. (Canada), FNSS Savunma Sistemleri A.Ş. (Turkey), DRB-HICOM Defence Technologies Sdn. Bhd. (DefTech (Malaysia)), Paramount Group (South Africa), Iveco - Oto Melara Consortium (Italy) and Hanwha Defense Systems (South Korea).

Recent Development

General Dynamics: General Dynamics is the manufacturer of the Stryker armored vehicle, which is one of the most widely used APCs in the world. The company is currently developing a new variant of the Stryker, called the Stryker Dragoon, which is equipped with a 30mm cannon and a launcher for ATGMs.

Rheinmetall: Rheinmetall is a German company that manufactures a wide range of military vehicles, including the Fuchs APC. The company recently announced that it is developing a new version of the Fuchs, which will be equipped with a number of new features, including an improved mine protection system and a new engine.

Hanwha Defense: Hanwha Defense is a South Korean company that manufactures the KIFV APC. The company recently announced that it is developing a new variant of the KIFV, which will be equipped with a number of new features, including an active protection system and a new remote weapon station.

Research Methodology

The market numbers and forecast derived were the outcome of our disciplined research methodology which includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.

Secondary Research

In this process, the data collection was done through various secondary sources, which included annual reports, SEC filings, journals, government association, Aerospace & Defense magazines, white papers, corporate presentations, company websites, some paid databases and many others.

Primary Research

In this process, both demand side and supply side parties were involved to extract genuine facts and insights about market forecast, production, trend, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain have been approached to obtain key information.

Report Key Insights

• Market Sizing, Forecast and Analysis: Detailed coverage on market segment and its sub segments


• Regional / Country Trend and Forecast: Detailed analysis on North America, Asia Pacific, Europe, Middle East & Africa, and Latin America, along with key countries in each of the regions


• Market dynamics intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain & value chain analysis


• Technology Trend, Regulatory Landscape, and Patent Analysis Outlook


• Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, strategic developments including JVs, Product Launch, and M&A


• Regional attractiveness and related growth opportunities

Report Customization

MRFR offers report customization to our valued customers. Below are the options available for customization:

• Company Profiles

In-depth profiling of additional market players (3 to 4 companies)

• Country Level Analysis

Detailed analysis of a country and its related segment as per the report scope (subject to data availability)