14 February 2020 research report on the global armoured personnel carrier (APC) market. The armoured personnel carrier market (APC) is estimated to register a CAGR of nearly 4.66% during the forecast period of 2018 to 2023.
The global armoured personnel carrier market has been segmented based on type, configuration, end-user and region.
Based on type, the armoured personnel carrier market is divided into wheeled and tracked. The tracked segment accounted for the largest market size while the wheeled segment is projected to witness the highest CAGR during the forecast period. Wheeled armoured personnel carriers are light, cheap, consumes less fuel, travels longer distances, faces less wear and are more flexible and deployable than traditional tracked vehicles.
Based on configuration, the armoured personnel carrier market is divided into amphibious and non-amphibious. The non-amphibious segment is estimated to account for the largest market share while the amphibious segment is projected to witness a higher CAGR during the forecast period. The amphibious armoured personnel carriers reduces logistical demands and enables ship to shore maneuvers.
Based on end-user, the armoured personnel carrier market is divided into military and law enforcement & others. The military segment is estimated to account for the largest market share while the law enforcement & others segment is projected to witness a higher CAGR during the forecast period. Nowadays, the armoured personnel carriers are widely used to transport special forces and equipment into the urban places for controlling riots.
Based on region, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period. This growth can be attributed to the procurement and indigenous development of these vehicles in countries such as China, and India. For instance, Kestrel a modern armoured personnel carrier was recently developed and manufactured by Defence Research & Development Organisation (DRDO) and TATA motors for the Indian Army.
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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).