# Armored Personnel Carrier Market

> Armored personnel carrier market: USD 13.28 billion in 2025, rising to USD 24.79 billion by 2035 as European joint buys and M113 replacement lift deliveries.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-AD-10618  
Published: 2026-10-07  
Last updated: 2026-10-07  
Next review: Apr 2027  
Page: https://www.douglasinsights.com/armored-personnel-carrier-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $13.28 Bn | 3,940 vehicles x USD 3.37 million = USD 13.28 billion |
| Forecast · 2035 | $24.79 Bn | 5,888 vehicles x USD 4.21 million |
| Revenue CAGR · 2026-2035 | 6.44% | (1.041 x 1.0225) - 1 |
| Volume · 2035 | 5,888 vehicles | 3,940 vehicles growing 4.10% a year |
| Leading segment | Wheeled APCs (8x8 and 6x6), 47.6% | USD 6.32 billion in 2025 |
| Fastest segment | Wheeled APCs (8x8 and 6x6), 7.30% | CAVS and Boxer orders |
| Fastest region | Europe, 7.55% | USD 4.83 billion to USD 10.01 billion |
| Market leader | General Dynamics (top three 46.5%) | Douglas Insights estimate anchored on segment revenue |
| Event | 18 Dec 2025: Germany orders up to 876 Patria 6x6 | https://www.patriagroup.com/newsroom/news/2025/patria-and-germany-sign-two-serial-contracts-valued-over-2-billion-euros-within-the-cavs-programme |

## Key takeaways

- Douglas Insights estimates the armored personnel carrier market at USD 13.28 billion in 2025, from 3,940 vehicles at USD 3.37 million each.
- Revenue reaches USD 24.79 billion by 2035, a 6.44% CAGR made of 4.10% volume and 2.25% price growth.
- Wheeled APCs (8x8 and 6x6) hold 47.6% of revenue and grow fastest at 7.30% a year.
- Europe leads with USD 4.83 billion and grows fastest at 7.55%, after Germany ordered up to 876 Patria 6x6 vehicles for over EUR 2 billion.
- US AMPV lots cost USD 6.45 million per vehicle in the fiscal 2026 request, against about EUR 2.28 million for a Patria 6x6.

Germany agreed to pay over EUR 2 billion for up to 876 Patria 6x6 armoured vehicles, about EUR 2.28 million per hull if every option is exercised, in contracts Patria announced on [18 December 2025](https://www.patriagroup.com/newsroom/news/2025/patria-and-germany-sign-two-serial-contracts-valued-over-2-billion-euros-within-the-cavs-programme). Armored personnel carriers (APCs) are protected wheeled or tracked vehicles whose main job is to move an infantry section under armour; the armored personnel carrier market covers new-build troop carriers and their factory variants, such as ambulance, command post and mortar carrier hulls. Douglas Insights estimates the market at USD 13.28 billion in 2025, built as 3,940 vehicles delivered at an average USD 3.37 million each, and sees it reaching USD 24.79 billion by 2035 on a revenue CAGR of 6.44%. The figures sit inside our [defense and security systems coverage](https://www.douglasinsights.com/industry/aerospace-defense/defense-security-systems/) and follow the steps set out in our [research methodology](https://www.douglasinsights.com/research-methodology/). Turreted infantry fighting vehicles, main battle tanks and soft-skin trucks fall outside the count.

## Why are armies buying armored personnel carriers faster after the CAVS and AMPV awards?

Volume adds 4.10 points a year to armored personnel carrier revenue to 2035, because European rearmament, the M113 replacement in the US and Asia Pacific fleet renewal all land in one decade. Deliveries rise from 3,940 vehicles in 2025 to about 5,888 in 2035 in our base case, and price adds the remaining 2.25 points.

European rearmament is the largest single driver and contributes 1.65 points of the 4.10-point volume leg. The Common Armoured Vehicle System (CAVS) programme now has seven member nations: Finland, Latvia, Sweden, Germany, Denmark, the United Kingdom and Norway. Germany alone ordered up to 876 Patria 6x6 vehicles in four variants, with deliveries starting in 2026 and the first fully German-built hulls due in 2027, according to Patria. The company says it has orders for nearly 2,000 Patria 6x6 vehicles including options, a figure that would have looked implausible for a Finnish maker five years earlier.

The US Army's replacement of the M113 adds 0.85 points. The Armored Multi-Purpose Vehicle (AMPV) comes in five variants, and the [Army stated on 31 August 2023](https://www.army.mil/article/269609/army_awards_full_rate_production_contract_for_ampv) that its worldwide AMPV fleet will include nearly 3,000 vehicles delivered within the next 20 years. The initial full-rate order was worth USD 797 million, with options taking the potential total to USD 1.6 billion. Budget documents show the buy stepping up from 56 AMPVs in fiscal 2025 to 86 in the fiscal 2026 request.

Asia Pacific fleet renewal contributes 1.05 points. Australia signed for 129 Redback vehicles on 8 December 2023, with about AUD 4.5 billion for acquisition and initial support and the final vehicle due in late 2028, as the [Defence Minister's office announced](https://www.minister.defence.gov.au/media-releases/2023-12-08/contracts-signed-infantry-fighting-vehicles). Redback is an infantry fighting vehicle (IFV) and sits outside our count, yet the same Geelong line and supplier base will serve carrier variants across the region. Douglas Insights expects Asia Pacific armored personnel carrier spending to rise from USD 3.00 billion in 2025 to USD 5.82 billion in 2035.

Exports from second-tier makers add the last 0.55 points. Otokar reported that unit sales of its military vehicles rose 141% in 2025, while military vehicles grew from 16% to 27% of its revenue. Mine-protected 4x4 and 6x6 carriers sold to Gulf, African and Central Asian ministries keep that channel moving. Together the four drivers make up the full 4.10-point volume leg: 1.65 + 0.85 + 1.05 + 0.55.

## What slows armored personnel carrier deliveries from hull welding to fielding?

Three constraints remove about 1.40 points of armored personnel carrier volume growth that order books alone would justify: armour steel and driveline bottlenecks, budget phasing, and export licensing. Without them, Douglas Insights reckons volume would run near 5.50% a year rather than the 4.10% we model.

Production capacity is the biggest drag. It removes 0.70 points. Hulls need ballistic steel, welded under qualified procedures, plus powerpacks and remote weapon stations that come from a handful of suppliers. Patria's German order depends on technology transfer to FFG, JWT and KNDS before the first locally built armored personnel carrier appears in 2027, so the full order cannot be delivered from Finland alone.

Budget phasing takes off 0.45 points. Defence ministries sign framework contracts with large option blocks, then fund them year by year. Germany's firm order exceeds EUR 1 billion, roughly half the EUR 2 billion headline, and the balance needs future appropriations. In the US, the AMPV request moved from USD 381.5 million in fiscal 2025 to USD 554.7 million in fiscal 2026, a pattern of annual lots rather than a single buy.

Export licensing removes 0.25 points. United States Munitions List (USML) Category VII paragraph (e) covers armored support vehicles specially designed to transport or deploy personnel, so any carrier with US content needs State Department approval before export. Licence reviews shift some deliveries to later years without cancelling them.

## Which armored personnel carrier type leads: 8x8 and 6x6 wheels, tracks, mine-protected or amphibious hulls?

Wheeled APCs (8x8 and 6x6) lead with 47.6% of 2025 armored personnel carrier revenue, USD 6.32 billion, because they cost less to run on roads, deploy by rail and share one hull across many variants. Tracked carriers, mine-resistant ambush-protected (MRAP) vehicles and amphibious hulls share the remaining 52.4%.

| Armored personnel carrier type | Share of 2025 value | 2025 value | Growth 2026-2035 | 2035 value |
| --- | --- | --- | --- | --- |
| Wheeled APCs (8x8 and 6x6) | 47.6% | USD 6.32 billion | 7.30% | USD 12.79 billion |
| Tracked APCs | 22.9% | USD 3.04 billion | 5.85% | USD 5.37 billion |
| Mine-resistant ambush-protected (MRAP) vehicles | 18.3% | USD 2.43 billion | 4.55% | USD 3.79 billion |
| Amphibious APCs | 11.2% | USD 1.49 billion | 6.15% | USD 2.70 billion |

Wheeled APCs (8x8 and 6x6) hold USD 6.32 billion and grow fastest, at 7.30% a year, because the CAVS family, Boxer and other 8x8 lines carry the European orders. Tracked APCs earn USD 3.04 billion at 5.85%, held up by AMPV lots for armoured brigades that must keep pace with tanks across mud. Mine-resistant ambush-protected (MRAP) vehicles take USD 2.43 billion and grow slowest, at 4.55%, since many armies bought large fleets during past counter-insurgency campaigns and now buy only replacements. Amphibious APCs account for USD 1.49 billion and 6.15% growth; marine corps and riverine forces in Asia pay a premium for sealed hulls and water jets.

By end user, army formations take most deliveries, the marine corps buys the amphibious hulls, and internal security forces favour lighter 4x4 MRAP types. By variant, the troop carrier dominates, while command post, ambulance and mortar carrier hulls add value per vehicle because they carry more electronics or a turret.

## Where do armored personnel carrier budgets concentrate, from the Bundeswehr to Canberra?

Europe leads with USD 4.83 billion, or 36.4% of 2025 armored personnel carrier revenue, and also grows fastest at 7.55% a year to USD 10.01 billion in 2035. Joint purchasing, German orders and the EU's new defence loans put Europe ahead of North America on both size and speed.

North America ranks second at USD 3.81 billion in 2025 and grows 5.05% a year to USD 6.24 billion, carried by AMPV lots and Stryker work. Asia Pacific holds USD 3.00 billion and reaches USD 5.82 billion at 6.85%, with Australia, South Korea and India buying for longer borders and island chains. Middle East and Africa adds USD 1.21 billion and USD 2.10 billion by 2035 at 5.70%; it is the wildcard, because one Gulf framework deal for several hundred mine-protected carriers would lift the regional total by a fifth in a single year. Latin America is the smallest region at USD 424.9 million and grows 3.86% to USD 620.7 million, held back by tight budgets and second-hand transfers. Europe grows fastest because CAVS nations buy together and the Security Action for Europe (SAFE) instrument lends to them.

## Which companies build the armored personnel carrier hulls that win today's tenders?

Douglas Insights puts the top three armored personnel carrier makers at 46.5% of 2025 revenue: General Dynamics, Rheinmetall with its Boxer partners, and BAE Systems. Shares are our estimates, anchored on disclosed segment revenue and contract values rather than reported carrier sales, which no maker discloses on its own.

| Company | Armored personnel carrier position | Disclosed anchor |
| --- | --- | --- |
| General Dynamics | Land combat vehicles, including Stryker work | Combat Systems revenue USD 9.25 billion in 2025 |
| Rheinmetall | Boxer 8x8 with KNDS | Vehicle Systems sales EUR 4.99 billion in 2025 |
| BAE Systems | AMPV tracked carrier | USD 797 million initial full-rate award |
| Patria | Patria 6x6 for CAVS | Net sales EUR 1.09 billion in 2025 |
| KNDS | Boxer partner and German Patria assembly | Technology transfer from 2027 |
| Otokar | Wheeled carriers for export | Military vehicle unit sales up 141% in 2025 |
| Hanwha Aerospace | Tracked vehicles built in Geelong | 129 Redback vehicles for Australia |

General Dynamics reported Combat Systems revenue of USD 9.25 billion for 2025 and a segment backlog of USD 27.22 billion in its fourth-quarter release; that segment also includes munitions and weapons, so carriers are a part of it. Rheinmetall's [2025 annual report release](https://www.rheinmetall.com/en/media/news-watch/news/2026/03/2026-03-11-rheinmetall-presents-annual-report-for-2025) shows Vehicle Systems sales of EUR 4.99 billion, up 32%, and EUR 2.88 billion of Boxer infantry vehicle nominations. Patria's preliminary 2025 review gives net sales of EUR 1.09 billion and an order stock of EUR 3.53 billion, a record. Otokar reported total revenue of 52 billion Turkish lira in its 2025 bulletin, with 65.9% earned abroad.

BAE Systems builds the AMPV across sites in Pennsylvania, Alabama, Arizona, Michigan and South Carolina, and its position rests on a sole-source US tracked carrier for roughly 3,000 vehicles. KNDS gains from both Boxer and the German Patria deal, under which it helps build armored personnel carriers in Germany. Hanwha Aerospace wins on local industry offers, such as the Avalon facility in Greater Geelong.

## How much does an armored personnel carrier cost per hull once the mortar turret and support package are added?

Realised armored personnel carrier prices run from about USD 0.9 million for a 4x4 MRAP to over USD 6 million for a tracked AMPV, and our 2025 blended average is USD 3.37 million. Variant, protection level and the support package bundled into the contract explain most of the spread.

Public budget lines give hard reference points. The fiscal 2025 AMPV line funds 56 vehicles for USD 381.5 million, or USD 6.81 million each, and the fiscal 2026 request buys 86 for USD 554.7 million, or USD 6.45 million each, according to the [Department of Defense P-1 exhibit](https://comptroller.defense.gov/Portals/45/Documents/defbudget/FY2026/FY2026_p1.pdf). The Stryker upgrade line funded 38 vehicles for USD 388.3 million in fiscal 2025, about USD 10.2 million each including programme costs. Germany's Patria contracts work out at about EUR 2.28 million per 6x6 vehicle with options.

Douglas Insights estimates these realised bands per armored personnel carrier: USD 0.9 million to USD 1.6 million for MRAP vehicles, USD 2.2 million to USD 3.4 million for 6x6 wheeled hulls, USD 3.8 million to USD 7.5 million for 8x8 hulls, and USD 4.5 million to USD 7.0 million for tracked carriers. Average price rises 2.25% a year to about USD 4.21 million in 2035, because buyers specify heavier protection, remote weapon stations and digital battle management.

## Do maker backlogs promise enough armored personnel carrier hulls for the next five years?

Backlogs cover several years of armored personnel carrier output: Rheinmetall reports EUR 63.8 billion group-wide, General Dynamics USD 27.22 billion in Combat Systems and Patria EUR 3.53 billion. Order books, not demand, now set the delivery pace, and each maker needs new hull lines to clear its armored personnel carrier queue before 2030.

Patria's order intake rose 74.1% to EUR 2.19 billion in 2025, while its net sales grew 31.6%; orders are arriving more than twice as fast as revenue. Rheinmetall's backlog rose 36% from EUR 46.9 billion. Capacity is the gate. Douglas Insights calculates that Patria's order stock equals 3.2 years of 2025 sales, a cushion that supports the 7.30% wheeled growth rate in our model. These figures appear in the company releases linked in the players section.

## What should a defence ministry check before signing an armored personnel carrier framework contract?

A ministry should compare the firm value with the option value, because the gap is often half the headline: Germany's firm Patria order exceeds EUR 1 billion against more than EUR 2 billion with options. Local assembly, variant count and support years decide the real armored personnel carrier price.

Four checks matter. Count before signing. First, count variants: AMPV has 5, the German Patria order has 4, and each extra variant adds tooling and spares. Second, fix the local content share in writing. Third, price initial support separately, as Australia did with its AUD 4.5 billion acquisition and support package. Fourth, agree a delivery schedule tied to the maker's own supply chain, not a ministry target. Readers comparing protection add-ons can see our [Armored Vehicle Fire Suppression Systems Market](https://www.douglasinsights.com/armored-vehicle-fire-suppression-systems-market/) report.

## Which export rules and armour standards govern armored personnel carrier sales?

Armored personnel carrier trade answers to 2 rule sets: US export controls under the International Traffic in Arms Regulations (ITAR), and EU procurement rules attached to SAFE loans. Together they govern where about 65% of 2025 revenue, the European and North American share, gets built and who supplies the parts.

The EU Council adopted Council Regulation (EU) 2025/1106, the [Security Action for Europe (SAFE) instrument](https://defence-industry-space.ec.europa.eu/eu-defence-industry/safe-security-action-europe_en), on 27 May 2025 with a EUR 150 billion loan envelope; at least 65% of component costs must originate in the EU, Ukraine or eligible EEA and EFTA countries. In the US, USML Category VII paragraph (e) lists armored support vehicles specially designed to transport or deploy personnel, which brings armored personnel carriers under ITAR licensing. For a European ministry, the 65% rule turns supplier origin into a pricing variable.

## How large will the armored personnel carrier market be by 2035 in slower and faster cases?

Our base case reaches USD 24.79 billion in 2035, with 4.10% volume and 2.25% price growth; a slower case ends at USD 20.31 billion and a faster one at USD 29.89 billion. One extra point of annual volume growth adds about USD 2.49 billion to the 2035 armored personnel carrier figure.

The slower case runs 2.60% volume and 1.70% price, a 4.34% revenue CAGR, and assumes CAVS nations exercise only the firm parts of contracts such as the [18 December 2025 Patria award](https://www.patriagroup.com/newsroom/news/2025/patria-and-germany-sign-two-serial-contracts-valued-over-2-billion-euros-within-the-cavs-programme). The faster case runs 5.60% volume and 2.70% price, an 8.45% CAGR, with full options exercised and the AMPV fleet completed on time. Published forecasts run from about 2.8% to 8.1% a year; our 6.44% base rate sits in the upper half because European order intake since 2025 has outrun older forecasts. The slower case looks more likely than the faster one if steel and powerpack capacity stays tight past 2028.

## Douglas Exclusive: the armored personnel carrier procurement-cost matrix

The procurement-cost matrix is a Douglas Insights model built from 6 public contract and budget records and 4 company filings, 10 inputs in all. It divides each contract value by its vehicle count, then places each programme in a matrix of mobility type against what the price includes.

| Programme | Vehicles | Value | Per vehicle | Includes |
| --- | --- | --- | --- | --- |
| AMPV fiscal 2025 line | 56 | USD 381.5 million | USD 6.81 million | Tracked hull, programme costs |
| AMPV fiscal 2026 request | 86 | USD 554.7 million | USD 6.45 million | Tracked hull, programme costs |
| Stryker upgrade fiscal 2025 | 38 | USD 388.3 million | USD 10.2 million | Upgrade, programme costs |
| Germany Patria 6x6, with options | 876 | Over EUR 2 billion | EUR 2.28 million | Four variants incl. mortar |
| Australia Redback (IFV reference) | 129 | AUD 4.5 billion | AUD 34.9 million | Acquisition and initial support |

The finding: a wheeled armored personnel carrier bought in volume through a joint programme costs well under half as much per hull as a US tracked carrier, while a contract that bundles initial support, like the Redback deal, lands above AUD 34 million per vehicle. The matrix counts contract value per vehicle, not unit flyaway cost, so it shows what buyers commit, not what a bare hull costs. Analysts tracking the uncrewed alternative can compare these numbers with our [Military Unmanned Ground Vehicles Market](https://www.douglasinsights.com/military-unmanned-ground-vehicles-market/) report.

## How much of an armored personnel carrier price now goes to electronics and weapon stations?

Douglas Insights models electronics, sensors and remote weapon stations at about 31.5% of a 2025 armored personnel carrier price, rising to near 36.0% by 2035. That shift explains most of the 2.25-point annual price leg, since steel hulls and engines rise more slowly than electronics.

Newer variants such as the German Patria order fit the Kongsberg RS4 remote weapon station and the Patria NEMO turreted mortar, which add cost per hull. Jamming and counter-drone kit is the next layer; the [Electronic Warfare Systems Market](https://www.douglasinsights.com/electronic-warfare-systems-market/) report sizes that spending separately. A carrier ordered in 2025 with a mortar turret and battle management system costs well above the 2025 blended USD 3.37 million average.

## Methodology: which budgets and filings feed the armored personnel carrier model?

The armored personnel carrier model multiplies 3,940 vehicles by USD 3.37 million to give USD 13.28 billion for 2025, then grows volume at 4.10% and price at 2.25% to reach USD 24.79 billion in 2035. Five regional models and four type segments reconcile to that total.

Inputs: 10 sourced records, namely 3 US budget lines (AMPV fiscal 2025, AMPV fiscal 2026, Stryker upgrade fiscal 2025), 3 contract announcements (AMPV full-rate award, German Patria contracts, Australian Redback contract) and 4 company filings (General Dynamics, Rheinmetall, Patria, Otokar). Five regions add to USD 13.28 billion in 2025 and USD 24.79 billion in 2035 within USD 0.1 million. Four segment values add to USD 13.28 billion in 2025, and their 2035 sum of USD 24.65 billion sits 0.57% below the top-down figure. Cross-check one: our 2025 size sits inside the published range of about USD 7.0 billion to USD 26.1 billion, which varies mainly in whether infantry fighting vehicles are counted. Cross-check two: the AMPV per-vehicle cost of USD 6.45 million is 92% of the top of our USD 4.5 million to USD 7.0 million tracked band.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Wheeled APCs (8x8 and 6x6) | 47.6% | $6320.2 Mn |
| Tracked APCs | 22.9% | $3040.6 Mn |
| Mine-resistant ambush-protected (MRAP) vehicles | 18.3% | $2429.8 Mn |
| Amphibious APCs | 11.2% | $1487.1 Mn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 13,277.8 | 14,133.2 | 24,789.4 | 6.44% |
| Europe | 4,833.1 | 5,198 | 10,007.6 | 7.55% |
| North America | 3,810.7 | 4,003.1 | 6,236.9 | 5.05% |
| Asia Pacific | 3,000.8 | 3,206.4 | 5,820.8 | 6.85% |
| Middle East and Africa | 1,208.3 | 1,277.2 | 2,103.4 | 5.7% |
| Latin America | 424.9 | 441.3 | 620.7 | 3.86% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 13,277.8 | USD million |
| Market size 2035 | 24,789.4 | USD million |
| Revenue CAGR 2026-2035 | 6.44 | percent |
| Volume CAGR 2026-2035 | 4.1 | percent |
| Price per vehicle CAGR 2026-2035 | 2.25 | percent |

## Frequently asked questions

### What did Germany pay per vehicle in its Patria 6x6 deal?

About EUR 2.28 million per vehicle if all options are taken: over EUR 2 billion for up to 876 Patria 6x6 armored personnel carriers, announced on 18 December 2025, with a firm part above EUR 1 billion.

### What is the armored personnel carrier market worth in 2025 and 2035?

USD 13.28 billion in 2025, from 3,940 vehicles at an average USD 3.37 million, rising to USD 24.79 billion by 2035 on a 6.44% revenue CAGR in the Douglas Insights base case.

### Why do wheeled carriers outsell tracked ones?

47.6% of 2025 armored personnel carrier revenue goes to Wheeled APCs (8x8 and 6x6), USD 6.32 billion, because they are cheaper to run, deploy by rail and share one hull across variants. They grow 7.30% a year.

### How much does the US Army pay per AMPV?

USD 6.45 million per vehicle in the fiscal 2026 request: 86 AMPVs for USD 554.7 million. The fiscal 2025 line bought 56 for USD 381.5 million, or USD 6.81 million each, including programme costs.

### Why does Europe outgrow North America in troop carriers?

7.55% a year for Europe against 5.05% for North America, because CAVS nations buy jointly and the EUR 150 billion SAFE loan instrument funds European production. Europe rises from USD 4.83 billion in 2025 to USD 10.01 billion.

### Who are the leading armored personnel carrier makers?

46.5% of 2025 revenue sits with the top three by Douglas Insights estimate: General Dynamics, Rheinmetall with its Boxer partners, and BAE Systems. Patria, KNDS, Otokar and Hanwha Aerospace follow.

### What would a faster rearmament path mean for 2035?

USD 29.89 billion in 2035 under the faster case of 5.60% volume and 2.70% price growth, against USD 20.31 billion in the slower case and USD 24.79 billion in the base case.

### Which rule controls US exports of troop-carrying vehicles?

22 CFR 121.1, USML Category VII paragraph (e), covers armored support vehicles specially designed to transport or deploy personnel, so US-content armored personnel carriers need ITAR licences before export.

## Sources

- [Patria, Patria and Germany sign two serial contracts within the CAVS programme](https://www.patriagroup.com/newsroom/news/2025/patria-and-germany-sign-two-serial-contracts-valued-over-2-billion-euros-within-the-cavs-programme)
- [U.S. Army, Army awards full rate production contract for AMPV](https://www.army.mil/article/269609/army_awards_full_rate_production_contract_for_ampv)
- [Office of the Under Secretary of Defense (Comptroller), Procurement Programs (P-1), Fiscal Year 2026](https://comptroller.defense.gov/Portals/45/Documents/defbudget/FY2026/FY2026_p1.pdf)
- [Rheinmetall, Rheinmetall presents annual report for 2025](https://www.rheinmetall.com/en/media/news-watch/news/2026/03/2026-03-11-rheinmetall-presents-annual-report-for-2025)
- [General Dynamics, General Dynamics fourth quarter and full year 2025 results](https://investorrelations.gd.com/news/press-release-details/2026/General-Dynamics-Reports-Fourth-Quarter-and-Full-Year-2025-Financial-Results/)
- [Patria, Patria Group financial review for 2025](https://www.patriagroup.com/newsroom/news/2026/patria-groups-financial-review-for-2025-preliminary-data)
- [Otokar, Otokar 2025 bulletin](https://www.otokar.com.tr/getmedia/fff1af5d-ce26-4628-baea-7062eb99c9f8/2025_bulletin)
- [European Commission, Security Action for Europe (SAFE)](https://defence-industry-space.ec.europa.eu/eu-defence-industry/safe-security-action-europe_en)
- [Australian Minister for Defence, Contracts signed for Infantry Fighting Vehicles](https://www.minister.defence.gov.au/media-releases/2023-12-08/contracts-signed-infantry-fighting-vehicles)
- [eCFR, 22 CFR 121.1 United States Munitions List](https://www.ecfr.gov/current/title-22/chapter-I/subchapter-M/part-121/section-121.1)

## How to cite

Douglas Insights, "Armored Personnel Carrier Market", DI-AD-10618, updated 2026-10-07, https://www.douglasinsights.com/armored-personnel-carrier-market/