The global all-wheel drive market size accounted for USD 36 billion in 2022 and it is expected to reach around USD 60.05 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 5.3% during the forecast period 2023 to 2032.
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Some of the major factors that will help in the growth of the market during the forecast period is the rapid industrialization of cross many developing nations throughout the world. As the poor capita income of the population in various underdeveloped and developing nations is increasing the market is also expected to grow well during the forecast period. The demand for the SUV's and CUV’s as increased in the recent years due to which the market has grown well. There has been a great demand for luxurious cars across the developed as well as the developing economies of the world.
The demand for electric vehicles has also grown due to which the market is expected to grow well in the coming years period there has been a great demand for the sports vehicles of the high end which is also expected to drive the market growth in the coming years. When it comes to extremely cold regions or extremely harsh winter season the feature of safety provided by the vehicles will help in the growth of the market in the coming years. This market was drastically affected due to the COVID-19 pandemic. The production of various cars of various types water disrupted during the pandemic.
As there has been an increase in the nude forced ability and control in different types of vehicles the demand for all-wheel drive system is expected to grow in the coming years. Increase in the demand for safety of the vehicles and to provide a better experience in driving the demand for all-wheel drive system is expected to grow well in the coming years.
One of the major concerns is that of road accidents which has led to a greater demand for the all-wheel drive systems in different types of vehicles. The kind of stability and safety provided with these vehicles will drive the market growth in the coming years. The government's oh various nations have enacted stringent laws and regulations in order to have better safety with the vehicles and this is expected to create more demand for the all-wheel drive systems in the coming years.
The original equipment manufacturers have started investing a lot of amount in the research as well as the developmental activities in order to provide better features in the all-wheel drive systems. As the purchasing power of the consumers has also grown in the recent years which is especially to the dual income households and you to the economic growth of various regions.
Report Scope of the All-Wheel Drive Market
|Market Size in 2023||
USD 37.73 Billion
|Market Size by 2032||
USD 60.05 Billion
|Growth Rate from 2023 to 2032||CAGR of 5.3%|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Propulsion, Application, Vehicle Type, EV Type, Component and Geography|
ZF Friedrichshafen AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (U.S.), Continental AG (Germany), JTEKT Corporation (Japan)
On the basis of the type, the manual all-wheel drive segment is expected to have a larger market share in the coming years period this segment has dominated the market in the past with the largest market share in terms of revenue and it will continue to grow well in the coming years period there has been an increase in the demand of the sports vehicles which make use of the manual all-wheel drive.
Increase in the demand for the SUVs will lead to an increase in the adoption of manual all-wheel raise systems as these types of systems are used on a large scale in the SUV's.
On the basis of propulsion, the conventional vehicles which are powered with the help of internal combustion engine will have the largest market share in the coming years period this segment has dominated the market in the past with a greater share in terms of revenue and it will continue to grow well in the coming years. The demand for oil will rise systems in these vehicles has grown to a great extent.
On the basis of application, the on-road segment is expected to have the largest market share in the coming years. as a large number of vehicles of different types like the sports vehicle and the racing cars are available for the on-road passengers the demand for this segment is expected to be more in the coming years.
Passenger vehicle segment will dominate the market in the coming years. Increase in the population and increased purchasing power in the consumers will lead to the growth of this segment during the forecast period. Government regulations to reduce the levels of emissions is one of the factors that will help in the growth of the market
All-Wheel Drive Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
North American region will have the largest market share in the coming years period this region has dominated the market in the past due to an increased use of this system in different terrains agriculture as well as forestry. Torque distribution and stability in the vehicle are some of the factors that will lead to the growth of the all-wheel drive market in the North American region in the coming years.
About 35% of the market share is held by the European region due to growing demand for luxurious vehicles of the autonomous type as the demand for the vehicles that have low emission have also increased in the European region the market will grow well. Increase purchasing power in the consumers of the Asia Pacific region will lead to the growth of the market with a compound annual growth rate of about 26% in the coming years.
Key market players
Segments covered in the report
By Vehicle Type
By EV Type
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