Asia Pacific Armoured Personnel Carrier Market by Design

Synopsis
The above chart is Asia Pacific Armoured Personnel Carrier Market Forecast to 2027 by Design (USD Million)

Market Dynamics

the asia pacific armoured personnel carrier (apc) market has been steadily growing over the years and is set to witness significant growth between 2021 and 2027. this has been attributed to the increasing concerns over national security, rising geopolitical tensions, threatening terrorist activities, and the modernization of military forces in the region. the apcs play a crucial role in military operations by providing safe transport for soldiers and the capability to engage in combat. as a result, there has been a growing demand for these vehicles in the asia pacific region, which is expected to continue in the forecast period. one of the main factors driving the growth of the apc market in the asia pacific region is the increasing defense budget of various countries. countries like china, india, japan, and australia have been ramping up their defense expenditures to enhance their military capabilities. for instance, in 2020, india announced a budget of usd 2.22 billion for the procurement of apcs, while china's 2021 defense budget reached usd 209.4 billion. such investments in defense modernization projects are expected to boost the demand for apcs in the region. the apc market in the asia pacific is segmented based on design, which includes wheeled and tracked vehicles. the wheeled apc segment is expected to witness significant growth in the forecast period due to their high mobility, cost-effectiveness, and increasing use in counter-insurgency operations. additionally, the development of advanced and lightweight wheeled apcs with improved protection capabilities is further driving the growth of this market segment. on the other hand, the tracked apc segment is also expected to witness considerable growth due to their superior off-road capabilities, which make them suitable for rough terrains and combat operations. in addition, the modernization of older tracked apcs to increase their survivability and effectiveness in combat is also contributing to the growth of this segment. the asia pacific apc market is highly competitive, with domestic and international players vying for a larger market share. major players in the market include china north industries corporation, general dynamics corporation, textron inc, and thales group, among others. with the growing demand for apcs, the market is expected to witness an influx of new technologies, such as advanced communication systems, improved armor protection, and hybrid powertrains. these developments are expected to further enhance the capabilities and efficiency of apcs, meeting the evolving needs and requirements of military operations in the asia pacific region.