The All-Wheel Drive Global Market Report 2023, provides comprehensive information on the all-wheel drive market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global all-wheel drive market is expected to grow from $34.57 billion in 2022 to $37.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The all-wheel drive market is expected to reach $51.26 billion in 2027 at a CAGR of 8%.
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Product Innovations are a key trend gaining popularity in the all-wheel drive market. Major companies operating in the all-wheel-drive market are innovating new products to sustain their position in the market. For instance, in December 2020, Nissan Motor Corporation, a Japan-based automobile manufacturer, launched Note e-POWER AWD compact car with dual electric motors, driver-enhanced control, and acceleration. The Note AWD’s front and rear electric motors have been specially designed to transmit power to each wheel, creating a new level of driving enjoyment. All four wheels have access to regenerative braking, and the vehicle’s all-wheel control facilitates precise handling and stable, smooth deceleration.
The all-wheel drive market 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 2022.
The table of contents in TBRC’s all-wheel drive market report includes:
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Top Major Players
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