Press release
All Wheel Drive Market to Grow at 7.1% CAGR, Reaching $55.54 Billion by 2029
All Wheel Drive
All Wheel Drive Market Outlook: How is the Market Expected to Grow by 2025?
The market size for all-wheel drive has witnessed substantial growth lately. It is projected to escalate from a value of $39.57 billion in 2024 to reach $42.26 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.8%. Factors contributing to this growth during the historical timeline include increased demand for improved traction, requirements for off-road capabilities, concerns about safety and stability, preferences for luxury and premium vehicles, and the expansion of the sports utility vehicle (SUV) segment.
All Wheel Drive Market Forecast: What Size Will It Reach By 2029?
In the coming years, the all wheel drive market is set to experience robust growth, expanding to a value of $55.54 billion by 2029 with a compound annual growth rate (CAGR) of 7.1%. This growth during the projected period can be linked to the increasing demand for electric and hybrid vehicles, progress in vehicle connectivity, urbanization, compact AWD vehicles, and strict emissions regulations and autonomous vehicle integration. Dynamic torque vectoring systems, smart connectivity and over-the-air updates, reductions in vehicle weight, partnerships for autonomous vehicle integration, and penetration of the global market in developing economies are some major trends to look forward to during the forecast period.
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Which Key Market Drivers Will Shape All Wheel Drive Industry Trends in 2025-2029?
Expectations of a surge in electric vehicle demand are predicted to fuel the expansion of the all-wheel drive market. Unlike internal combustion engines, electric vehicles use an electric motor and are powered by an extensive traction battery pack. All-wheel drive (AWD) in electric vehicles increases traction and stability, allowing for effective handling of various road conditions and environmental challenges. For example, as per the June 2022 prediction by Edison Electric Institute (EEI), which is a US association that stands for all investor-owned electric companies, the suspected growth of electric vehicles (EVs) on U.S. roads should augment from 2.4 million in 2021 to a staggering 26.4 million by 2030. The yearly sales of EVs are likely to touch approximately 5.6 million in 2030, accounting for about 32% of the total annual light-duty vehicle sales. As such, the burgeoning demand for electric vehicles is anticipated to steer the growth of the all-wheel drive market.
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What Are the High-Growth Segments in the All Wheel Drive Market?
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)
Subsegments:
1) By Automatic All-Wheel Drive (AWD): Full-Time AWD, Part-Time AWD, On-Demand AWD
2) By Manual All-Wheel Drive (AWD): Locking Manual AWD, Driver-Selectable Manual AWD
Which Global Trends Are Driving All Wheel Drive Market Expansion?
Leading firms in the all-wheel-drive market are prioritizing the development of sophisticated systems such as intelligent all-wheel-drive (AWD) setups to attract consumers who prioritize performance, providing them with a competitive advantage. Intelligent AWD systems represent a cutting-edge drivetrain technology employed in vehicles to smartly and on-the-spot distribute power across all wheels. For example, JAECOO, a Chery International off-road vehicle brand based in China, launched its novel torque vectoring four-wheel drive (4WD) technology in June 2024. This advanced drivetrain system smartly apportions torque to each wheel, enhancing traction, equilibrium, and manoeuvrability. The technology unifies conventional off-road reliability with current features aimed at young consumers in pursuit of adventure and lifestyle-focused SUVs, providing a mix of durability, modern aesthetics, and superior performance.
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Who Are the Fastest-Growing Companies in the All Wheel Drive Industry?
Major companies operating in the all-wheel drive market report are Volkswagen AG, Toyota Motor Corporation, Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, AB Volvo, Renault Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Subaru Corporation, Valeo SA, Mitsubishi Motors Corporation, Mahindra Electric Mobility Ltd., Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Dana Incorporated, Peugeot S.A., NSK Ltd., GKN PLC, American Axle And Manufacturing Inc., OC Oerlikon Corporation AG, Aston Martin Lagonda Global Holdings PLC, AVL List GmbH
What Is the Regional Outlook for the All Wheel Drive Market by 2029?
North America was the largest region in the all-wheel drive market in 2024. 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
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