The vehicle was commissioned by the Swedish Army in 1961 as a modern IFV-design which could replace the recently developed pbv 301 IFV, a placeholder design based on an obsolete tank chassis which did not meet the Swedish Army's future operational requirements. Design and production was handled by Hägglund & SönerinÖrnsköldsvik, whose military vehicle business is now BAE Systems Hägglunds. Production ran from 1966 to 1971, and the vehicles were upgraded and renovated multiple times throughout their service life. The design was eventually replaced by the strf 9040 IFV in the 1990s, and saw limited service alongside it until ultimately being removed from service in 2014.
The Pbv 302 has wide tracks and a high power-to-weight ratio. It has exceptionally good off-road mobility, and the low ground pressure enables it to operate over summer bog and winter snow. It is powered by a Volvo 10-liter, 270 hp diesel engine. The vehicle is fully amphibious with little preparation by the crew. It is fitted with a 20 mmHispano-Suiza type 804 cannon taken from the scrapped Saab 29, in a one-man turret.
High-explosive cartridges were originally fed from 135-round belts. Armor-piercing cartridges were fed from a 10-round magazine. Three belts and 10 magazines were carried inside the vehicle. The arrangement was deemed overly complicated and was replaced by 30-round magazines, 10 of which were carried. The vehicle weighs 14 tonnes. It has a crew of three, a commander, driver and a gunner, and carries a squad of eight troops.
The infantry squad is able to fight through two large roof hatches. Standard procedure would be to dismount through the two side-hinged doors in the rear to fight. Maximum road speed is 65 km/h, restricted for peace time use. The fuel range on roads is about 300 km.
The Pbv 302 shares common components with the Ikv 91 tank destroyer. Total production was 644 units.
Pansarbandvagn 302A: The original standard troop transport/IFV version. Its designation translates literally into armoured tracked vehicle.
Pansarbandvagn 302B: Upgraded with spalling liner and external armour.
Pansarbandvagn 302C: As Pbv 302B, with reinforced suspension, new lights, flare-launcher, new turbo and air condition. It has mainly been used for UN and KFOR missions.
Variants available in several versions, noted with the appropriate letter (i.e. Epbv 3022C)
Stridsledningspansarbandvagn (Stripbv) 3021: The C3I command post for battalion and brigade commanders and other staff members. Designation means battle command vehicle.
Eldledningspansarbandvagn (Epbv) 3022: Forward observer vehicle for artillery observers fire control personnel. Designation means fire directing vehicle.
Batteriplatspansarbandvagn (Bplpbv) 3023: The battery command control vehicle attached to Bandkanon 1 batteries. Designation means (artillery) battery command vehicle.
Radiolänkpansarbandvagn (Rlpbv) 3024: Communications vehicle for directed radio communications. Designation means radio relay vehicle.
^Pansarbandvagn directly translates to "armor track wagon". The term bandvagn, even though it translates to track wagon, is a Swedish military term used to describe tracked multipurpose carrier type vehicles. Tracked vehicles designed for more specialized combat roles, like tanks etc (Swedish: stridsvagn), are instead only called wagons (chassis description) to denote that they are tracked but more specialized and less universal.