The All Wheel Drive Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s All Wheel Drive Global Market Report 2024, 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.
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
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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 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 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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26. South America All Wheel Drive Market
27. Brazil All Wheel Drive Market
28. Middle East All Wheel Drive Market
29. Africa All Wheel Drive Market
30. All Wheel Drive Market Competitive Landscape And Company Profiles
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