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global all-wheel drive vehicle market size was USD 213.7 billion in 2022 and is expected to reach USD 356.9 billion in 2032, and CAGR of 5.2%
NEW YORK, NY, UNITED STATES, July 15, 2023/EINPresswire.com/ — The global all-wheel drive vehicle market reached USD 213.7 billion in 2022 and is projected to reach USD 356.9 billion by 2032, with a forecasted revenue compound annual growth rate (CAGR) of 5.2%. Several factors are contributing to the growth of the market, including the increasing demand for off-road and high-performance vehicles, the popularity of Sport Utility Vehicles (SUVs) and crossovers, and the adoption of Advanced Driver Assistance Systems (ADAS).
The growing popularity of off-road and high-performance vehicles is a key driver of revenue growth in the all-wheel drive vehicle market. Consumers are increasingly interested in vehicles that can navigate challenging terrains while offering excellent stability and control. All-wheel drive vehicles provide enhanced stability and traction, making them ideal for off-road and high-performance applications. Additionally, the rising demand for SUVs and crossovers is boosting market sales. These vehicles are preferred by families and adventure enthusiasts due to their elevated driving position, ample cargo space, and superior handling capabilities.
The integration of modern driver-aid systems is another factor contributing to the demand for all-wheel drive vehicles. All-wheel drive cars are now equipped with ADAS features such as lane departure warning, blind spot monitoring, and adaptive cruise control. These features enhance driving comfort and safety, leading to increased market revenue.
Furthermore, the desire for electric all-wheel drive vehicles is being driven by government regulations aimed at reducing greenhouse gas emissions. Governments worldwide are implementing stringent laws to curb carbon emissions from automobiles. Electric all-wheel drive vehicles are seen as a crucial solution for achieving emission reduction targets while maintaining performance and control.
However, the high cost of All-Wheel Drive (AWD) systems remains a significant limitation. Additional components such as driveshafts and differentials increase the manufacturing and purchasing costs of AWD vehicles. This may limit the adoption of AWD vehicles in price-sensitive consumer markets and industries with narrow profit margins.
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Segments Covered in the Report
When considering the vehicle types in the all-wheel drive market, there are several categories to examine. The first category is sedans, which represent a significant portion of the market. Sedans are popular choices for individuals and families seeking a balance of comfort and functionality in their vehicles.
Another important category is SUVs, which have gained immense popularity in recent years. SUVs offer a spacious interior, elevated driving position, and robust performance capabilities, making them a preferred choice for those seeking versatility and adventure.
Pickup trucks are another segment worth mentioning in the all-wheel drive market. These vehicles are known for their ruggedness, hauling capabilities, and off-road prowess. They are often chosen by individuals or businesses requiring both utility and off-road capabilities.
Apart from the aforementioned vehicle types, there is also a category labeled as “Others,” which encompasses various types of vehicles that utilize all-wheel drive technology. This category includes vehicles like crossover models and hatchbacks that incorporate all-wheel drive for enhanced traction and stability.
Moving on to the drive type outlook, the market offers two options: manual and automatic transmissions. Manual transmissions allow drivers to manually shift gears, providing a more engaging and precise driving experience. On the other hand, automatic transmissions offer convenience and ease of use, automatically shifting gears based on driving conditions.
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Strategic development:
BMW revealed its plans in March 2022 to introduce the next-generation BMW X5 and X6 AWD vehicles featuring the innovative eDrive technology. This advanced technology combines an all-electric driving range of up to 50 kilometers with a robust gasoline engine, enabling a total driving range of up to 800 kilometers.
In January 2022, Toyota unveiled the all-new Toyota RAV4 Adventure AWD SUV in the United States. This SUV comes equipped with a 2.5-liter 4-cylinder engine and a sophisticated AWD system incorporating dynamic torque vectoring. This system ensures exceptional traction and control, even in challenging driving conditions.
Volkswagen AG launched the new Volkswagen ID.4 AWD electric SUV in the United States in 2021. This model features an advanced electric AWD system that seamlessly distributes power to all four wheels, delivering a smooth and efficient driving experience.
In the same year, Daimler AG’s Mercedes-Benz introduced the all-new Mercedes-Benz EQA AWD electric SUV. This vehicle boasts a highly efficient all-electric powertrain and an advanced AWD system, which enhances performance and provides superior traction in all types of driving situations.
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Competitive Landscape:
Toyota Motor Corporation
BMW AG
Daimler AG
Volkswagen AG
Audi AG
Subaru Corporation
Ford Motor Company
Honda Motor Co., Ltd.
Tesla, Inc.
General Motors Company
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