Armoured Personnel Carrier (APC) Market: Information by Type (Wheeled and Tracked), by Configuration (Amphibious and Non-Amphibious), by End-User (Military and Law Enforcement & Others), and by Region — Global Forecast till 2023
Market Scenario
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.
The global armoured personnel carrier market is estimated to register a CAGR of nearly 6% during the forecast period of 2018 to 2023.
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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.
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).
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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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