According to the report, the global all-wheel drive (AWD) vehicle market is projected to surpass US$ 679.8 Bn by 2030, expanding at a CAGR of 5% during the forecast period. Increase in global warming across the globe is prompting most vehicle manufacturers to develop efficient vehicle technologies for their vehicles, which in turn is anticipated to boost the all-wheel drive (AWD) vehicle market across the globe.
Technological progression and development of several advanced combustion modes, such as homogeneous charge compression ignition (HCCI), is anticipated to boost the automotive sector, owing to a rise in the demand for high efficiency and low carbon emission. Moreover, advancements in terms of electric vehicle technology are expected to boost the production of electric vehicles (EVs) across the globe, owing to the high demand for vehicles during the forecast period. This, in turn, is projected to propel the all-wheel drive vehicle market, globally.
Expansion of All-Wheel Drive (AWD) Vehicle Market
The surge in demand for high performance vehicles across the globe is projected to boost the all-wheel drive (AWD) vehicle market during the forecast period. China witnessed a rise in the production of both IC-engine and electric propulsion enabled vehicles. North America recorded high penetration of utility vehicles in 2018, which continued in 2019, leading the region to account for a significant share of the global all-wheel drive market in 2019.
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Based on vehicle type, the global all-wheel drive (AWD) vehicle market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be highly lucrative segment during the forecast period. This is primarily due to the rise in the production of electric passenger vehicles across the globe. Rising adoption of electric vehicles in major developing countries including the U.S., China, Germany, and Japan is expected to propel the all-wheel drive (AWD) vehicle market across the globe.
In terms of technology, the all-wheel drive system (AWD) segment dominated the market. Increase in demand for high performance, fuel-efficient vehicles due to enactment of emission regulation is fueling the demand for AWD vehicles.
Regional Analysis of All-Wheel Drive (AWD) Vehicle Market
In terms of region, the global all-wheel drive (AWD) vehicle market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global all-wheel drive (AWD) vehicle market in 2019. It is anticipated to hold a leading share during the forecast period due to a rise in production and sale of vehicles in the U.S. and Canada. Increased demand for electric vehicles across North America is anticipated to boost the all-wheel drive (AWD) vehicle market in the region.
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A few of the prominent players operating in the global all-wheel drive (AWD) vehicle market include AB Volvo, American Axle & Manufacturing, Inc., BorgWarner Inc., Continental AG, Dana Incorporated, GKN Plc., Honda Motor Company Ltd., JTEKT Corporation, Magna International Inc., Nissan Motor Co., Ltd., Tesla, Inc., Valeo SA, and ZF Friedrichshafen AG.
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