Overview and Scope
All-Wheel Drive (AWD) refers to an automobile driving system that automatically distributes power to the front and rear wheels to maintain traction. This system is often suitable for minor off-roading and lighter winter driving, which provides several advantages in handling, traction, and performance.
Sizing and Forecast
The All-Wheel Drive market size has grown strongly in recent years. It will grow from $37.66 billion in 2023 to $41 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growing demand for sports utility vehicles, increasing demand for racing cars, government initiatives to reduce emissions, increased purchasing power of consumers, increasing demand for improved vehicle safety stability and enhanced driving dynamics.
The All-Wheel Drive market size is expected to see strong growth in the next few years. It will grow to $55.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing demand for luxurious cars, increasing demand for suvs and cuvs, rising investments in data, increasing demand for electric vehicles, growing demand for automated power distribution systems. Major trends in the forecast period include electric and hybrid awd systems, advanced driver assistance systems, increasing demand for intelligent All-Wheel Drive systems, growing demand for off-road applications, autonomous vehicle integration.
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Segmentation & Regional Insights
The All-Wheel Drive market covered in this report is segmented –
1) By Type: Automatic All-Wheel Drive , Manual All-Wheel Drive
2) By Propulsion: Internal Combustion Engine (ICE) Vehicle, Electric Vehicle, Battery Electric Vehicle (BEV), Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle (PHEV)
3) By Component: Differential, Transfer Case, Propeller Shaft, Power Transfer Unit, Final Drive Unit
4) By Vehicle: Passenger Vehicle, Commercial Vehicle
5) By Application: On-Road, Off-Road
Asia-Pacific was the largest region in the All-Wheel Drive market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the All-Wheel Drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for electric vehicles is expected to propel the growth of the All-Wheel Drive market going forward. An electric vehicle refers to a vehicle that runs on electrical energy stored in batteries or other energy storage devices to power one or more electric motors. Electric cars with All-Wheel Drive (AWD) often have an electric motor at each axle or wheel, giving all wheels control at once. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in demand for electric vehicles is driving the growth of the All-Wheel Drive market.
Key Industry Players
Major companies operating in the All-Wheel Drive market report are Volkswagen AG, Toyota Motor Corporation, Stellantis NV, Bayerische Motoren Werke AG, Mercedes-Benz, Honda Motor Company Ltd., Ford Motor Company, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Kia Motors Corporation, Volvo Group, Magna International Inc., AISIN SEIKI Co. Ltd., Land Rover, Subaru Corporation, Valeo SA, Lincoln Motor Company, Mitsubishi Motors Corporation, JTEKT Corporation, American Axle & Manufacturing Inc., OC Oerlikon, Lucid Motors Inc., Continental AG.
The All-Wheel Drive market report table of contents includes:
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. Global All-Wheel Drive Market Size and Growth
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31. Global All-Wheel Drive Market Competitive Benchmarking
32. Global All-Wheel Drive Market Competitive Dashboard
33. Key Mergers And Acquisitions In The All-Wheel Drive Market
34. All-Wheel Drive Market Future Outlook and Potential Analysis
35. Appendix
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