The global armored personnel carrier market size was valued at USD 5.45 billion in 2024. The market is projected to grow from USD 5.81 billion in 2025 to USD 8.76 billion by 2032, exhibiting a CAGR of 6.0% during the forecast period. North America dominated the APC market with a market share of 9.91% in 2024.
Armored personnel carriers are essential to modern military operations, offering mobility, survivability, and versatility. These vehicles are equipped to transport troops while providing protection against small arms fire, IEDs, and artillery shrapnel. Rising geopolitical tensions, particularly the Russia-Ukraine conflict, have led to a surge in military modernization and procurement of advanced APCs. Nations are increasingly investing in both wheeled and tracked variants to support tactical and strategic operations in diverse combat environments.
https://www.fortunebusinessinsights.com/armored-personnel-carrier-market-108329
Combat Vehicles Segment Dominated, Driven by Active Combat Requirements
By platform, the APC market is segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicles segment held the largest share in 2024 due to their direct deployment in active conflict zones, such as Eastern Europe and the Middle East. Their robustness and adaptability to changing mission requirements fuel continued procurement.