Yahoo Finance All-Wheel Drive Market to rise at 7.83% CAGR through 2027 - Report by Market Research Future (MRFR)
New York, Aug. 02, 2021 (GLOBE NEWSWIRE) -- All-wheel drive Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “All-wheel drive Market Research Report, by Type, Propulsion, Application, Vehicle Type and Region - Forecast till 2027” the market to register a 7.83% CAGR from 2020 to 2027 (forecast period).
The Automotive Ecosystem Promotes All-Wheel Drives Usages
AWD systems are largely used in SUVs, CUVs, luxury cars, electric vehicles, and high-end sports cars to fulfill the demand for more stability, control, and safety, as well as a better driving experience. The popularity of AWD systems, as well as driving awareness for vehicle safety and stability, is increasing as the number of road incidents rises. Furthermore, market growth is influenced by the demand for increased vehicle stability in off-road terrain and harsh road conditions such as snowy roads, mud, and sand.
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Key Players
List of the Key Companies Profiled in the All-Wheel Drive Market Research Report are:
GKN PLC (UK)
American Axle & Manufacturing Inc. (US)
Magna International Inc. (Canada)
BorgWarner Inc. (US)
ZF Friedrichshafen AG (Germany)
Continental AG (Germany)
Dana Limited (US)
JTEKT Corporation (Japan)
Oerlikon (Italy)
Eaton (Ireland)
Competitive Landscape
Given the existence of well-established manufacturers and distributors, the global all-wheel drive market appears to be extremely fragmented. To gain traction, they look for opportunities to integrate across the entire value chain, focusing on R&D investments, production facility development, and mergers and acquisitions. New AWD manufacturers join the market with aggressive pricing in order to undercut established providers and grab market share in international markets.
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https://www.marketresearchfuture.com/reports/all-wheel-drive-market-7647
Industry News
On 6th June 2021, Škoda Auto A S, a Czech automobile manufacturer, stated that it has added a third powertrain option to its new Octavia vRS line-up with the advent of a new 2.0 TDI model. The all-wheel-drive system available on the model distributes power through a new, electronically controlled sixth-generation multi-plate clutch.
On 5th January 2021, South Korean multinational automotive manufacturer KIA Motors Corporation (ΚIΛ) introduced a well-equipped all-wheel-drive sedan – the 2021 Kia K5. The K5 is a stylish vehicle with three trim levels engine.
The Global Market to Grow Post Pandemic
COVID 19 had a significant impact on the all-wheel-drive market, as well as the general automotive industry. Many automakers were compelled to cut output at their plants as a result of the pandemic's interruption. As a result, many AWD suppliers have reduced output in particular locations and are working hard on countermeasures and solutions to reduce the impact.
However, the market is once again preparing for tighter restrictions, which are gradually becoming less restrictive. Online lead generation strategies have become increasingly popular among forward-thinking industry companies. This endeavor to engage potential buyers through digital media has proven to be a game-changer for market expansion. Following the lifting of the lockdown in a number of nations, product demand increased.
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Market Segmentation
The global all-wheel drive market has been segmented into type, propulsion, application, and vehicle type.
By type, the global all-wheel drive market has been segmented into manual AWD and automatic AWD.
By propulsion, the global all-wheel drive market has been segmented into ICE vehicles and electric.
By application, the global all-wheel drive market has been segmented into on-road and off-road.
By vehicle type, the worldwide all-wheel drive market has been segmented into passenger vehicles and commercial vehicles.
Regional Analysis
North America to Lead the Global Market
North America would continue to be the world's leading market for all-wheel drive, with a 35% share during the predicted period. Factors such as the increased usage of all-wheel drive vehicles in forestry, agriculture, and a variety of terrains are increasing the market size of the all-wheel drive market in the region. Furthermore, the demand for all-wheel drive cars is fueled by the requirement for vehicle stability and torque distribution. The all-wheel drive market in the United States led the regional market, with a value of USD 6,519.3 million.
Europe to Follow North America
During the assessment period, Europe was the second-largest market for all-wheel drives, with a 35% share of the global market. The region is a major market for luxury self-driving cars. Furthermore, factors such as the EU's newly unveiled vehicle emission regulations and the need for low-emission vehicles boost the demand for all-wheel drive systems in the region. Rising AWD vehicle sales, as well as the industry's overall growth, have helped the regional market gain the largest market share.
APAC to Witness Growth
All-wheel drives are becoming more popular in the Asia Pacific. Luxury vehicle manufacturing and sales are increasing, which has an impact on regional market growth. In addition, the region's well-established automobile industry provides significant prospects for the all-wheel drive business. With the rapid improvement of technology, the APAC all-wheel drive market is predicted to grow at a 26% CAGR over the forecast period.
Segmentation of Market covered in the research:
Information by Type (Manual AWD and Automatic AWD), By Propulsion (ICE vehicle and Electric), By Application (On-Road and Off-Road), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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