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Four Wheel Drive (AWD) Vehicle Market: Introduction
According to the report, the global four-wheel drive (AWD) market is forecast to exceed US $ 679.8 billion by 2030, expanding at a CAGR of 5% during the forecast period. Increasing global warming around the world is prompting most vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which in turn is projected to drive the all-wheel drive (AWD) market across the world. the world. Technological progression and the development of several advanced combustion modes, such as Homogeneous Charge Compression Ignition (HCCI), are expected to drive the automotive sector, due to increased demand for high efficiency and low carbon emissions. Furthermore, advances in electric vehicle technology are expected to boost electric vehicle (EV) production worldwide, due to high demand for vehicles during the forecast period. This, in turn, is projected to boost the all-wheel drive market globally.
Market Expansion for All-Wheel Drive (AWD) Vehicles
Increasing demand for high-performance vehicles around the world is projected to drive the all-wheel drive (AWD) market during the forecast period. China witnessed an increase in the production of IC motor vehicles and electric propulsion. North America had a high penetration of utility vehicles in 2018, which continued in 2019, which leads the region to represent a significant part of the global all-wheel drive market in 2019. Based on vehicle type, the global four-wheel drive (AWD) market has been segmented into passenger cars and commercial vehicles. Passenger cars are likely to be a very lucrative segment during the forecast period. This is mainly due to the increase in the production of electric passenger vehicles around the world. The growing adoption of electric vehicles in major developing countries including the US, China, Germany and Japan is expected to drive the all-wheel drive (AWD) market around the world.
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In terms of technology, the all-wheel drive (AWD) segment dominated the market. Increased demand for fuel-efficient, high-performance vehicles due to the enactment of emissions regulation is driving demand for AWD vehicles.
Regional analysis of Four Wheel Drive (AWD) Market
In terms of region, the global four-wheel drive (AWD) market has been segregated into North America, Europe, Asia Pacific, the Middle East, and Africa and Latin America. North America dominated the global all-wheel drive (AWD) market in 2019. It is anticipated to have a leading share during the forecast period due to an increase in vehicle production and sales in the US and Canada. Increased demand for electric vehicles in North America is expected to boost the all-wheel drive (AWD) market in the region.
Some of the prominent players operating in the global four-wheel drive (AWD) vehicle market include AB Volvo, American Axle & Manufacturing, Inc., BorgWarner Inc., Continental AG, Dana Incorporated, GKN Plc., Honda Motor Company Ltd., JTEKT Corporation, Magna International Inc., Nissan Motor Co., Ltd., Tesla, Inc ., Valeo SA and ZF Friedrichshafen AG.
