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The market of Armoured Personal Carrier (APC) is a changing and developing sector within the defense industry that is characterized by different growth factors and trends. One of the main influences on market dynamics is the ever changing geopolitical situation. The demand for APCs rises as international security challenges keep shifting, when countries are seeking to increase their military abilities. The high demand for these flexible armored vehicles is also contributed by irregular warfare and rapidly moving troops in diverse landmasses.
Technological advances have a great impact on shaping the dynamics of this market. As far as defense technology is concerned, manufacturers must incorporate new features into APC designs. The key drivers of this market include advanced communication systems, ballistic protection, improved mobility among others. Moreover, nations try to attain military readiness without disregarding environmental concerns; hence they look for more sustainable and energy-efficient solutions.
In addition, government budget allocations and defense spending worldwide also affect the APC market greatly. Economic factors, strategic priorities and geopolitical tensions determine how much money is channeled towards military modernization programs. Procurement decisions are influenced by fluctuations in defense budgets leading to changes in the APC market. Furthermore, joint ventures and alliances may shape market dynamics since they can influence production and distribution of armored vehicles across borders.
Evolving threats and conflicts also form part of the forces that shape up market dynamics. Continuous innovation in APC design seeks to enhance protection against unconventional threats such as Improvised Explosive Devices (IEDs) or guerrilla tactics. Manufacturers have to create vehicles with enhanced survivability and countermeasures ability so as to cope with emerging threats . This makes them still useful even today during wars where some became command centers or medical units apart from being transport means.
The regulatory factors such as export controls or international agreements influence the dynamic nature of this market for APCs too. There are multiple policies that governments must follow when exporting or importing armored vehicles thus making it hard for them. The market is influenced by adherence to these standards and agreements as they shape the competitive landscape and restrict access to certain technologies or components.
Market competition is another driver of APC dynamics. Innovation becomes a key differentiator when there are multiple bidders for contracts seeking to gain a competitive edge. Companies invest in R&D in order to offer new features and technologies which brings about continuous improvement and adaptation. Also, price competitiveness takes a significant place as cost effective products become popular particularly in areas with budget constraints.
Armoured Personnel Carrier Market Highlights:
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.Åž (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.Åž. (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.
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- Regional attractiveness and related growth opportunities
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