Armored Personnel Carrier Market, By Vehicle Type (Infantry Fighting Vehicle, Infantry Mobility Vehicle), By Mobility (Wheeled, Tracked, and Hybrid), By Number of Occupants (Less than 10, 10-15, and More than 15) By Region (North America, Asia Pacific, Europe, Latin America, and Middle East) and Regional Forecast, 2024-2032

An armored vehicle is a military or security vehicle designed to protect its occupants from various threats, such as ballistic, explosive, and incendiary attacks. Armored vehicles come in different sizes and shapes, ranging from small vehicles designed for the urban patrol to large tanks used in combat operations. The global armored personnel carrier market size is poised to expand at a significant CAGR over the study period.

The armored personnel carrier market is a defense industry segment that produces vehicles designed to protect occupants against various threats, including ballistic and explosive attacks. These vehicles are used by military forces, law enforcement agencies, and other organizations that requires high levels of protection for their personnel and equipment. They are lighter than infantry combat vehicles and main battle tanks, and APCs are more maneuverable. Unlike infantry fighting vehicles, these are designed primarily for transport and do not engage in direct-fire combat. They are lightly equipped for self-defense but are armored for protection against shrapnel, small weapons, and artillery fire.

The primary use of armored vehicles is to protect its occupants in high-risk environments such as war zones, conflict zones, and other areas with an increased risk of attack. The armor on these vehicles is typically made of high-strength materials such as steel, aluminum, or ceramic composites that can withstand various attacks.

Many armored vehicles are equipped with various defensive measures such as machine guns, grenade launchers, smoke screens, and electronic warfare countermeasures. Some modern armored vehicles also feature advanced communication and surveillance system, allowing real-time situational awareness and coordination with other vehicles and ground forces.

Impact of Russia Ukraine War

The ongoing conflict between Russia and Ukraine has significantly impacted the region's use and development of armored vehicles. As the conflict escalated, Ukraine and Russia increased their demand for armored vehicles to protect their troops. This led to domestic and design manufacturers' increased production and sales of armored vehicles.

The conflict has also spurred the development of new technologies for armored vehicles, such as reactive armor and active protection system. These technologies aim to provide better protection against advanced weapons such as anti-tank missiles. Also, this has led to tactical innovations in armored vehicles; for example, Ukraine forces have used armored vehicles to create mobile strongpoints and support infantry operations in urban areas.

This has also resulted in increased scrutiny of the export of armored vehicles to Ukraine and other countries involved in the conflict. Many countries have imposed restrictions on such exports due to concern over the potential for these vehicles to be used in human rights violations. The conflict has also impacted the global arms industry as increased demand for armored vehicles and other military equipment has boosted some manufacturers' revenue.

The armored personnel carrier market used by the military are segmented by type into infantry fighting vehicle, and infantry mobility vehicle, by mobility the market is segmented in wheeled, tracked, and hybrid and by number of occupants the armored personnel carrier industry is segmented as Less than 10, 10-15, and more than 15, and by region, it is studied across North America, Europe, Asia Pacific, and LAMEA. 

Key Insights

• The research includes detailed information about the, competitors' overviews, essential armored personnel carrier market developments, and key strategies.


• The Report format has been maintained to provide the most business value possible.


• The scope of the report includes a detailed study of regional markets.

Regional Analysis

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The presence of major manufacturers in the region and substantial military budgets in the U.S. has supported the market's growth in North America. Moreover, the U.S. defense ministry is focused on deploying armored electric vehicles for efficient operational capabilities, and this factor is observed to boost the market's growth during the projected period.

The Asia Pacific area is predicted to expand the fastest during the forecast period, owing to the region's rapidly increasing military spending. Because of the region's escalating geopolitical tensions, countries such as China, India, Australia, South Korea, Singapore, and Japan are investing heavily in the procurement of new armored vehicles to replace their aging fleets that have been in operation for more than 30 years.

The sudden rise in cross-border conflicts significantly increases the demand for advanced armored vehicles in Europe. Furthermore, rising defense modernization programs in various European countries are boosting the growth of the armored personnel carrier market. 

Key Players

• BAE Systems


• INKAS Armored Vehicle Manufacturing


• BMW AG


• Daimler AG (Mercedes Benz)


• Ford Motor Company


• Elbit Systems


• General Dynamics Corporation


• IVECO


• International Armored Group


• Krauss-Maffei Wegmann GmbH & Co. (KMW)


• Lenco Industries, Inc.


• Lockheed Martin Corporation


• Navistar, Inc.


• Oshkosh Defense, LLC


• Rheinmetall AG

Armored Personnel Carrier Market Segmentation

Recent Developments

• In January 2023, Canada announced that it will be donating 200 senator armored personnel vehicles to Ukraine owing to the Russia-Ukraine war. The total donation value is USD 90 million under the USD 500 million allocated for Ukraine's military aid to Trudeau.


• In March 2023, BAE Systems got a U.S. Army AMPV contract; replacing the M113 armored personnel carriers sent to Ukraine in their fighst against Russia and modernizing from the Vietnam war-era LAV II Super Bison has led to BAE Systems receiving a procurement contract from the U.S. Army for the future purchase of Armored Multi-Purpose Vehicles (AMPV)