| Label | Less than 10,000 Kg | Greater than & Equal to 10,000 Kg |
|---|---|---|
| 2018 | 96.75 USD Mn | 36.48 USD Mn |
| 2019 | 102.04 USD Mn | 38.82 USD Mn |
| 2020 | 101.38 USD Mn | 38.91 USD Mn |
| 2021 | 106.68 USD Mn | 41.31 USD Mn |
| 2022 | 112.47 USD Mn | 43.95 USD Mn |
| 2023 | 118.89 USD Mn | 46.87 USD Mn |
| 2024 | 126.02 USD Mn | 50.12 USD Mn |
| 2025 | 134.01 USD Mn | 53.77 USD Mn |
| 2026 | 143.22 USD Mn | 57.96 USD Mn |
| 2027 | 153.78 USD Mn | 62.78 USD Mn |
Data Source: Wantstats Repository
The South Korea Armoured Personnel Carrier Market is expected to experience a significant growth in the forecast period of 2020 to 2027. The market is primarily driven by the increasing demand for advanced military vehicles and equipment in the region. With the ongoing tension with North Korea and the threat of potential conflict, South Korea has been heavily investing in its defense capabilities, which includes the procurement of armoured personnel carriers.
One of the major factors contributing to the growth of the market is the increasing focus on modernization of the country's armed forces. The South Korean government has announced plans to invest heavily in the defense sector, with a major emphasis on the development of modern weaponry and equipment. This has led to a surge in demand for armoured personnel carriers, as they form a crucial part of modern military operations.
Furthermore, the growing threat of asymmetric warfare and terrorist activities has led to an increased need for armoured vehicles with enhanced protection and mobility. This has further boosted the demand for armoured personnel carriers in the region, as they are designed to provide high levels of protection to the soldiers while also offering mobility and maneuverability in challenging terrains.
The market is segmented on the basis of carrying capacity, with categories such as light, medium and heavy carriers. The medium carriers segment is expected to dominate the market in the forecast period, as these vehicles strike the perfect balance between protection, mobility and firepower. They are also highly versatile, making them suitable for a wide range of military operations.
The South Korean government has also been promoting the development of domestic manufacturing capabilities for military equipment, as part of its "Defense Reform 2.0" initiative. This has resulted in the establishment of several new local companies that specialize in the production of armoured personnel carriers. This, in turn, is expected to drive the growth of the market in the forecast period.
Some of the key players operating in the South Korea Armoured Personnel Carrier Market include Hanwha Defense, Hyundai Rotem, Doosan DST, and Samsung Techwin. These companies are constantly innovating and developing advanced armoured personnel carriers to meet the changing demands of the military. With the increasing investments in defense capabilities, the market is expected to witness significant growth in the coming years.
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Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Sales Operations & Pricing Manager, Intel
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Sales Leader, Bamberg
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Account and Business Manager, EFS-Holland BV
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Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
South Korea Armoured Personnel Carrier Market by Carrying Capacity
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