All-Wheel Drive (AWD) Vehicle Market to Surpass Value of US$ 679.8 Bn by 2030, Notes TMR Study

| Source: Transparency Market Research Transparency Market Research

  • Growing urbanization and rising demand for smart cities have increased the use of light commercial vehicles and passenger cars, which is expected to boost the global all-wheel drive (AWD) vehicle market

ALBANY, N.Y., March 04, 2022 (GLOBE NEWSWIRE) -- The global all-wheel drive vehicle market is likely to cross valuation of US$ 679.8 Bn by 2030. The market is anticipated to develop at a CAGR of 5% during the forecast period, from 2020 to 2030. The automobile industry has grown at breakneck speed in the recent decades, due to technological improvements and introduction of various novel technologies. Environmental regulations, as well as rapidly evolving customer tastes, have influenced ongoing changes in the global automobile industry. In order to capture a significant portion of the present market environment, car makers are increasingly focused on rolling out superior all-wheel-drive systems. The global all-wheel drive (AWD) vehicle market is predicted to witness an optimistic outlook due to developments in the all-wheel drive (AWD) vehicle industry during the last decade. These developments have mostly focused on enhancing off as well as cold-weather vehicle abilities.

Due to increase in demand for high performance as well as low carbon emissions, technological advancement and development of many new combustion modes, including homogeneous charge compression ignition (HCCI), is expected to enhance the automotive sector. Furthermore, due to the strong demand for automobiles throughout the forecast period, developments in electric vehicle technology are likely to boost the manufacturing of electric vehicles (EVs) around the world. As a result, the global all-wheel drive (AWD) vehicle market is expected to grow.

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Key Findings of Market Report

  • While four-wheel-drive cars are projected to remain popular across the world, technical developments and improved performance of all-wheel-drive (AWD) vehicles are anticipated to play a crucial role in generating considerable revenue for automotive firms

  • Automakers have been able to improve the cruising range of electric vehicles due to technological breakthroughs in the vehicle battery technology. Vehicle technologies used in electric vehicles, such as four-wheel drive and all-wheel drive, improve vehicle ride handling and performance both off and on the road, which is projected to boost consumer demand for electric vehicles. As a result, the adoption of electric cars is expected to increase, thereby driving the global market throughout the forecast period.

  • In terms of propulsion, the IC-engine category is likely to dominate the global market, as IC-engine cars are produced at a higher quantity than electric vehicles. However, a shift in consumer inclination toward electric cars is expected to boost the market share of the electric propulsion category during the forecast period.

  • In 2019, North America led the global market for all-wheel-drive (AWD) vehicles. Due to increase in vehicle manufacturing and sales in the U.S. and Canada, it is expected to maintain a dominant position in the forthcoming years. The all-wheel drive (AWD) vehicle market in North America is expected to grow as demand for electric vehicles rises in the region.

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Global All-Wheel Drive (AWD) Vehicle Market: Growth Drivers

  • The all-wheel drive system (AWD) category led the global market in terms of technology. The market for AWD vehicles is being fueled by rise in demand for fuel-efficient, high-performance cars due to implementation of emission regulations.

  • It is expected that vehicle manufacturers, particularly engine makers, are likely to invest considerably in R&D to develop and create new & technologically sophisticated engine components. As a result, the global all-wheel drive (AWD) vehicle market is expected to grow throughout the forecast period.

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Global All-Wheel Drive (AWD) Vehicle Market: Key Players

Some of the key market players are

  • Magna International Inc.
  • American Axle & Manufacturing, Inc.
  • ZF Friedrichshafen AG
  • Honda Motor Company Ltd
  • Nissan Motor Co., Ltd
  • The Volvo Group

Global All-Wheel Drive (AWD) Vehicle Market: Segmentation

Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

Propulsion

  • IC-Engine
  • Electric

Operation

  • Autonomous
  • Manual

Technology

  • All-Wheel Drive [AWD]
  • Four Wheel Drive [4WD]

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AWD Vehicle Market All-Wheel Drive Vehicle Electric Vehicles market

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