All-Wheel Drive Market Accelerates: Growth Fueled by Demand for Enhanced Vehicle Performance and Safety, Poised for Significant Expansion

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

All-Wheel Drive Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $55.45 billion In 2028 At A CAGR Of 7.8%.

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.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample_request?id=13143&type=smp

All-Wheel Drive Market Major Segments
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

Key Driver - Increased Demand For Electric Vehicles Propagates All-Wheel Drive 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.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=13143&type=smp

Prominent Trend - Revolutionizing The All-Wheel Drive Market With Innovative Features And Enhanced Safety

Major companies operating in the all-wheel drive market are focusing on developing innovative products, such as all-wheel drive systems in the automotive industry, to cater to the increasing demand. All-wheel drive systems distribute power to all four wheels of a vehicle, enhancing traction and stability by allowing each wheel to receive torque independently, thereby improving performance in various driving conditions. For instance, in June 2023, Smart, a Germany-based car company that produces small, two-seater cars like the Fortwo, launched the Smart #1 Pulse, a new variant of the Smart #1 electric model equipped with all-wheel drive traction and additional premium features. The Smart #1 Pulse stands out in the all-wheel drive market with its dual motor setup, providing enhanced traction for increased safety in diverse driving conditions. Equipped with premium features such as a 360° camera, halo roof, 10-inch head-up display, and gesture-powered tailgate, the 1 Pulse not only meets the rising demand for all-wheel drive systems but also offers a compelling package of technology and safety enhancements, contributing to the overall advancement and appeal of all-wheel drive options in the automotive industry.

All-Wheel Drive Market 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.

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/all-wheel-drive-global-market-report

Largest And Fastest Growing Region In The Market
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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. All-Wheel Drive Market Report Structure
3. All-Wheel Drive Market Trends And Strategies
4. All-Wheel Drive Market - Macro Economic Scenario
5. All-Wheel Drive Market Size And Growth
…..
27. All-Wheel Drive Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.