Tokyo, Aug. 29, 2022 (GLOBE NEWSWIRE) — The world AWD market size was valued at $37.4 billion in 2021. Rising demand for premium vehicles and SUVs with advanced safety features that provide sufficient stability on the road is increasing the demand for all-wheel drive across the globe. An all-wheel-drive vehicle provides a premium experience with improved driving dynamics for the user.
Various rules and regulations have been imposed by the government regarding the manufacture of vehicles with an all-wheel-drive mechanism. The growing demand for all-wheel-drive vehicles has become a major growth factor for this vehicle segment.
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- On the basis of rear-wheel drive, conventional all-wheel-drive vehicles have become the largest market due to high demand from the people.
- On the basis of type, manual all-wheel-drive vehicles have become the largest market due to the large number of people using these vehicles.
- Based on application, the road vehicle segment has become the largest market.
- On the basis of vehicle type, the passenger vehicle segment has emerged as the largest market due to the heavy usage of AWD vehicles among commuters.
- In January 2021 – Kia K5 was presented by Kia Motors, a South Korean car manufacturer with an all-wheel drive mechanism.
The North America region has emerged as the major player in the market owing to the heavy usage of AWD vehicles among the population. The North America region has emerged another huge market for the AWD mechanism due to the rapid usage of these vehicles by the people.
The Asia-Pacific region has emerged as the fastest growing market for all-wheel drive as it is a huge producer and manufacturer of vehicles. Growing demand for advanced technologies that provide better facilities to consumers has boosted the market for all-wheel-drive mechanisms. The existence of major market players in this region has also emerged as a major growth driver for the AWD market.
Germany is another fastest growing market that uses an all-wheel-drive mechanism due to the production vehicles in this region. The region of China has also become a major market due to the huge amount of AWD vehicle production in this region. The safety features provided by these vehicles have become a major market driver.
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|Market size in 2021||$37.4 billion|
|Revenue forecasts by 2030||$58.6 billion|
|CAGR||5.15% from 2022 to 2030|
|Year of reference||2021|
|forecast year||2022 to 2030|
|Key players||ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (USA), Continental AG (Germany), JTEKT Corporation (Japan) and others.|
The huge demand for advanced safety devices in recent vehicles has become a major driver for the growth of the AWD market. The rules and regulations imposed by the government regarding the manufacturing and production of vehicles in the global market have boosted the demand for all-wheel-drive mechanisms. The advanced physical infrastructure that has been provided by various governments has matched the requirement for an all-wheel-drive mechanism that is emerging as a growth factor for the market.
The improvement in driving dynamics provided by the all-wheel-drive mechanism has increased the demand for such vehicles among potential consumers. More stability is provided to the entire vehicle by means of an all-wheel-drive mechanism which enhances the safety features provided by the vehicle. These multiple reasons appear as the driving factors for the growth of the AWD market over the forecast period.
The total cost of an all-wheel-drive vehicle is comparatively higher compared to other options available in the automotive sector. The growing demand for advanced features has compelled manufacturers to produce such vehicles, which puts additional pressure on the disposable income of the people. The sales and supply of AWD vehicles cannot match the disposable income available to the people and hence the growth is relatively slower compared to other varieties in the market.
Good quality tires are required to match the technical specifications of AWD vehicles, which adds additional maintenance cost for the end user. Vehicle fuel efficiency is significantly reduced due to the excessive horsepower required for all-wheel-drive vehicles. These multiple reasons have emerged as limiting factors for the growth of the AWD market during the forecast period.
The growing demand for advanced technical features in latest vehicles has emerged as a major opportunity for the growth of the AWD vehicle market and its performance is also expected to continue in the future. An all-wheel-drive vehicle has outstanding performance compared to its competitors available in the market, making it a top choice for potential consumers. Better balance and stability are provided by an all-wheel-drive vehicle than other options available in the market, making it a safer option for the real-time consumer.
The huge demand for AWD vehicles among people keeping safety features in mind has emerged as a major opportunity for market growth over the forecast period. The large number of people belonging to the geriatric population are dealing with safety devices first, which emerges as a major opportunity for the growth of the market.
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What are the cchallenges of the all-wheel drive market?
- The availability of advanced safety features has not penetrated the market significantly, which significantly hampers the growth of the all-wheel-drive segment. The all-wheel-drive system has taken a strong hold in developed countries, but is still lacking in developing countries where people are still stuck with the old options available in the market.
- The high cost of AWD vehicles has become a major challenge for the growth of the market which is also expected to hamper the growth over the forecast period. These multiple reasons have emerged as the challenges for the growth of AWD vehicles over the forecast period.
By type of vehicle
By type of electric vehicle
- Battery Electric Vehicles (BEV)
- Plug-in hybrid electric vehicle (PHEV)
- Transfer box
- Drive shaft
- Power transfer unit
- Final drive unit
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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