The global armored personnel carrier market is expected to reach USD 5,632.84 million by 2027 at a CAGR of 4.66% during the forecast period2020 and 2027.
The global armored personnel carrier market is expected to register significant growth during the forecast period owing to factors such as the focus on preventing riots in urban areas and rising incidences of asymmetric warfare. Additionally, the rise in defense expenditure, especially in emerging economies, and subsequent investments in procuring armored vehicles to strengthen combat and tactical capabilities further boost the market growth.
However, delays in procurement processes hinder the market growth to a certain extent while enhancing protection, configuration, mobility, and weaponry without a 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 upgrade programs initiated by many countries worldwide create promising growth opportunities for the armored personnel carrier market. Companies are also keen on developing an integrated solution covering multiple systems for maximum tactical and strategic mobility.
Moreover, Thearmored vehicle fleet of key countries in Europe and North America comprises many older generation vehicles that will need upgrade or replacement. Product innovation and technological advances in recent years have increased the demand for modern APCs. Various advancements in fire control systems and communication & optical systems are being implemented in APCs, further boosting their demand in the global market. In November 2020, the Argentinian Minister of Defense visited the Iveco Brazil factory at the Guarani armored vehicles production line. The visit is significant as it coincides with the Argentinean Army’s plan to modernize its fleet of armored vehicles. Likewise, several other countries are focused on modernizing their fleet of armored vehicles. Thus, the modernization of armored vehicle fleets is anticipated to drive the global armored personnel carrier market during the forecast period.
The Tracked APCSegment is Expected to Grow at aHigher Rate:The tracked APCsegment is expected to registerthe highest CAGR during the forecast period,2020 to 2027. If there is a majority of off-road usage for the mission, tracked APCs can provide significantly better mission travel times. By design, tracked APCs are inherently more compact than wheeled APCs due to reduced suspension clearance, wheel turning clearance, and the absence of multiple transfer cases and drive shafts, which are integral to the design of multi-wheeled vehicles.
The Wheeled APCSegment Accounted for theLarger Market Share in 2020:wheeled APCs conventionally offer better fuel economy than tracked APCs owing to the reduced friction losses in comparison. This results in greater operating ranges for wheeled APC. Moreover, wheeled APCs are comparatively less expensive and require less maintenance and spare parts than the tracked APCs, making wheeled APCs more reliable than the latter.
The Amphibious Segment is Expected to Grow at a Higher Rate: The Amphibioussegment is expected to register the highest CAGR during the forecast period, 2020 to 2027. The amphibious APCs are often equipped with propellers or water jets or be propelled by their tracks. Water traverse speed varies greatly between vehicles and is much less than ground speed. The maximum swim speed of the M113 is 5.8 km/h, which is about 10% of its road speed, and the AAVP-7 can swim at 13.2 km/h.
The Non-Amphibious Segment Accounted for the Larger Market Share in 2020: This is due to thehigh utilization of non- amphibiousarmored personal carriers by the military forces for ground operations. These vehicles are mostly deployed in national borders in terrain.
By End User
The Law Enforcement Military Segment is Expected to Witness the Highest Growth in the Market: The law enforcement segment is expected to grow at a steady growth rate during the study period and is expected to register the highest CAGR during the review period. Owing to the increasing political disputes and civil unrest across the globe in recent times and increasing terrorism and security threats, there has been an increase in the adoption of APCs for law enforcement. This increase in demand for APCs for law enforcement is anticipated to provide significant opportunities for the growth of the market.
The Military Segment Accounted for the Largest Share in 2020: The military segment accounted for the second-largest market share in 2020. This is due to the large use of armored personal carriers by the military forces globally. Armored personal carrier plays a very crucial role in military missions.Therefore, many countries are investing more in procuring advanced armored personal carriers, which drives market growth.
Key Players Operating in the Global Armored personnel carrier Market:
- BAE Systems Plc (UK)
- DRB-HICOM Defense Technologies Sdn. Bhd(Malaysia)
- FNSS SavunmaSistemleri A.Ş. (Turkey)
- General Dynamics Corporation (US)
- Hanwha Defense Systems (South Korea)
- Nurol Makina ve Sanayi A.Ş.(Turkey)
- Terradyne Armored Vehicles Inc. (Canada)
- Iveco – Oto Melara Consortium (Italy)
- Katmerciler A.S. (Turkey)
- KMDB A.A. (Ukraine)
- Krauss-Maffei Wegmann GmbH & Co. KG (Bavaria)
- Rheinmetall AG (Germany)
Other Key Players Operating in the Global Armored personnel carrier Market:
- Bruisertech(South Africa)
- Military Industrial Company LLC (Russia)
- Otokar OtomotivVeSavunma Sanayi A.Ş (Turkey)
- Paramount Group (South Africa)
- Patria Oyj (Finland)
- ST Kinetics (Singapore)
Access full report @ https://www.marketresearchfuture.com/reports/armored-personnel-carrier-market-10681