Press release
All Wheel Drive Market 2024 - By Growth Rate, Share, Analysis, Outlook and Forecast To 2033
All Wheel Drive Market
The Business Research Company offers in-depth market insights through All Wheel Drive Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The all wheel drive market size has grown strongly in recent years. It will grow from $36.51 billion in 2023 to $39.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to demand for enhanced traction, off-road capability requirements, safety and stability concerns, luxury and premium vehicle preferences, expansion in sports utility vehicle (suv) segment..
The all wheel drive market size is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for electric and hybrid vehicles, advancements in vehicle connectivity, urbanization and compact awd vehicles, regulatory emissions standards, autonomous vehicle integration.. Major trends in the forecast period include dynamic torque vectoring systems, smart connectivity and over-the-air updates, weight reduction technologies, collaborations for autonomous vehicle integration, global market penetration in emerging economies..
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Market Segmentation:
The all wheel drive market covered in this report is segmented -
1) By Type: Automatic All-Wheel Drive (AWD), Manual All-Wheel Drive (AWD)
2) By Component: Differential, Transfer Case, Propeller Shaft, Power Transfer Unit, Final Drive Unit
3) By Application: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
Major Driver - Rising Demand For Electric Vehicles To Boost All-Wheel-Drive (AWD) Market Growth
An increase in demand for electric vehicles is expected to propel the growth of the all-wheel drive market going forward. Electric vehicles operate on an electric motor instead of an internal combustion engine and are powered by a large traction battery pack. All-wheel drive (AWD) enhances traction and stability in electric vehicles to help navigate diverse road and environmental challenges effectively. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the projected number of electric vehicles (EVs) on U.S. roads is expected to increase from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total yearly light-duty vehicle sales. Therefore, the increasing demand for electric vehicles will drive the growth of the all-wheel drive market.
Competitive Landscape:
Major companies operating in the all wheel drive market report are Volkswagen AG, Toyota Motor Corporation, Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, AB Volvo, Renault Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Subaru Corporation, Valeo SA, Mitsubishi Motors Corporation, Mahindra Electric Mobility Ltd., Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Dana Incorporated, Peugeot S.A., NSK Ltd, GKN PLC, American Axle And Manufacturing Inc., OC Oerlikon Corporation AG, Aston Martin Lagonda Global Holdings plc, AVL List GmbH
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Top Trend - Rising Trend In Intelligent All-Wheel Drive (AWD) Systems For Enhanced Vehicle Performance
Major companies operating in the all-wheel-drive market are focused on developing advanced systems such as intelligent all-wheel drive (AWD) systems appealing to performance-oriented consumers to gain a competitive edge in the market. An intelligent all-wheel drive (AWD) system is an advanced drivetrain technology used in vehicles to optimize power distribution among all four wheels intelligently and in real time. For instance, in March 2021, Infiniti Motor Company, a Japan-based automotive manufacturing company, introduced the INFINITI QX60 with an advanced Intelligent All-Wheel-Drive system, an innovative AWD system that works on a direct coupling mechanism that rapidly distributes power to the wheels, improving traction and stability and the vehicle's capability and performance. The AWD system transfers power to the rear wheels, directing up to 50% for enhanced traction. It uses the active brake limited slip system for precise torque distribution, ensuring a well-balanced and responsive drive.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. All Wheel Drive Market Characteristics
3. All Wheel Drive Market Trends And Strategies
4. All Wheel Drive Market - Macro Economic Scenario
5. All Wheel Drive Market Size And Growth
…..
27. All Wheel Drive Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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