New York, US, May 02, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Armored Personnel Carrier Market Information by Configuration, Range, Design, Carrying Capacities, End User, and Region - Forecast till 2027”, the market is estimated to reach USD 5,632.84 Million by 2027 at 4.66% CAGR.
Market Scope:
A vehicle used to take troops and equipment into battle is an armored personnel carrier, an armored truck, or an army mobility vehicle. Infantry combat vehicles are heavier and less mobile than APCs. They are lightly armed and a armored for self-defense from debris, small weaponry, and artillery fire. Non-military organizations also use certain types of APCs. The rise of the worldwide armored personnel carrier industry can be ascribed to rising military spending and the rise of terrorism around the world.
Furthermore, the armored personnel carrier Market is being driven by upgrading armored vehicle fleets. Unlike infantry fighting vehicles (IFVs), APCs are primarily built for transport and do not participate in direct-fire battles. Recently, The Australian government has promised to provide supplemental military support to Ukraine by offering over 20 Bushmaster armored vehicles and contributing $26.5 million in anti-armor equipment and weapons. The Bushmasters are reportedly being supplied in reaction to Ukrainian President Volodymyr Zelensky's request for military assistance.
Market Competitive Landscape:
The popular contenders in the armored personnel carrier market are
- DRB-HICOM Defense Technologies Sdn. Bhd (Malaysia)
- FNSS Savunma Sistemleri A.Ş. (Turkey)
- Patria Oyj (Finland)
- 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)
- General Dynamics Corporation (U.S.)
- Bruisertech (South Africa)
- BAE Systems Plc (U.K.)
- Military Industrial Company LLC (Russia)
- Otokar Otomotiv Ve Savunma Sanayi A.Ş (Turkey)
- Paramount Group (South Africa)
- S.T. Kinetics (Singapore)
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Market USP Covered:
Market Drivers:
Despite the new coronavirus outbreak's severe economic restrictions, global defense expenditure as a proportion of GDP increased considerably. Defense spending in developed countries is declining, and advanced economies, notably those in the Middle East and the Asia-Pacific, are gaining traction among defense equipment creators. Governments are increasing defense spending in response to the continued need to monitor increased terrorist activity and uncertain geopolitical events. As a result, growing defense spending is expected to drive growth in the global armored personnel carrier market throughout the forecast period. Updated sensor technology is used in automobile cameras and security cameras, such as high-definition field of view cameras all around the vehicle. As each vehicle is equipped with various sensors, a network is built, providing each unit with a clearer view of its environment.
Market Restraints:
The main purpose of armored vehicle construction is to maximize the vehicle's durability, accuracy, and mobility. High vibrations in a vehicle are undesirable since they cause discomfort to the crew and undesired noise. Vehicle vibration can reduce an armored platform's efficacy. During missions, vibrations emitted by armored vehicles can harm people's health and cause components to fail prematurely. Furthermore, loud noises increase the likelihood of being noticed in hostile territory, limiting the effectiveness of stealth operations. For instance, Since the start of a "special military operation" in Ukraine on February 24, Russia has lost upwards of $5 billion in military equipment. The estimated damages were determined using accessible sources, including government reports from both Ukraine and Russia. Over 2,500 pieces of hostile equipment have been destroyed, according to Ukraine's General Staff, as Russian forces continue to launch military offensives in Kyiv and adjacent areas.
Browse In-depth Market Research Report (148 Pages) on Armored Personnel Carrier: https://www.marketresearchfuture.com/reports/armored-personnel-carrier-market-10681
COVID 19 Analysis
Global armored personnel carrier demand growth estimates through 2027 are lower than those made before COVID-19. The outbreak has had a significant impact on the world's military industry. The requirement for new aircraft, naval vessels, ground vehicles, and similar components for defense applications is expected to drop in the coming years due to lower tax receipts due to lower GDP. As a result, the need for armored vehicles is expected to shrink. Many governments worldwide are focusing their efforts on reducing COVID-19 outbreaks in their respective countries. As a result, their investments in medical technologies and vaccine development have increased. However, defense spending is expected to climb gradually over the forecast period once the pandemic is over.
Market Segmentation
Based On Design
During the projection period, the wheeled APC category prevailed. Because of the lower friction losses, wheeled APCs often offer superior fuel efficiency than tracked APCs. The consistent rise in demand will further market share in the forecast period.
Based On Type
Propellers or water jets are frequently used to propel amphibious APCs, also pushed by their tracks. The speed at which vehicles traverse the water varies widely and is much slower than ground speed. As a result, this segment will lead in the forecast period.
Regional Insights
Europe is likely to maintain command during the assessment period. This is attributable to the participation of major parties, a rise in pressing potential threats to Europe's eastern part, sharp rise in land capabilities investments, and participation in Middle Eastern conflicts. The presence of so many APC manufacturers fuels the armored personnel carrier industry's growth. Escalating military spending and expanding political tensions are driving business expansion in the region. Also, rising domestic R&D operations to generate new armored vehicles for enhanced marine and border patrolling, and the risks of cross-border terrorism are driving the need for armored personnel carriers.
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