The global all-wheel drive market size is expected to reach USD 68.44 billion by 2030, registering a CAGR of 9.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market's expansion has been greatly aided by technological innovation. Compared to earlier models, modern wheel drive systems are more efficient because they use sophisticated electronics and software to maximize performance. One of the main worries is traffic accidents, which has increased demand for all-wheel drive systems in various car models. In the upcoming years, the industry will rise because to the stability and safety these cars offer.
In an effort to improve vehicle safety, governments across the globe have passed strict legislation and regulations, which is predicted to increase demand for all-wheel drive systems in the upcoming years. To provide improved features for the all-wheel drive systems, the original equipment manufacturers have begun to invest greatly in both research and development. In recent times, there has been an increase in the spending power of consumers, particularly in dual-income homes, contributing to regional economic growth.
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There has been a significant increase in demand for high-end sports cars, which is also anticipated to fuel market expansion in the next years. As a result, the market is anticipated to expand strongly in the years to come. The safety features that cars offer in severely cold climates or during hard winters will contribute to the market's growth in the upcoming years.
The rising industrialization of several emerging nations worldwide is one of the key factors that will support market expansion during the forecast period. The market is anticipated to grow strongly over the projected period as the per capita income of the populace in various undeveloped and developing nations rises. The market has expanded well as a result of the rise in demand for SUVs and CUVs in recent years. Luxurious automobiles have been in high demand in both rich and developing economies worldwide.
All-wheel Drive Market Report Highlights:
The ICE segment accounted for the largest market share of 71.7% in 2023. Manufacturers have invested heavily in optimizing ICE all-wheel drive technology, resulting in improved fuel efficiency, performance, and overall vehicle durabilityThe electric segment is experiencing robust growth due to rapid advancements in electric vehicle (EV) technology and the increasing consumer demand for sustainable transportation solutions. Besides, environmental awareness, stringent emissions regulations, and substantial investments in EV technology by major automakers further foster the growth of the electric all-wheel drive segmentThe North America market is expected to grow at a CAGR of 9.2% from 2024-2030. The harsh weather conditions in many parts of the region, including snow and rain, have made all-wheel drive vehicles a popular choice among consumers seeking better traction and stabilityBrowse more reports published by Grand View Research.
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ZF Friedrichshafen AGBorgWarner Inc.Magna International Inc.Dana LimitedJTEKT CorporationEatonOC Oerlikon Management AGAmerican Axle & Manufacturing Inc.GKN PLCVitesco TechnologiesAbout Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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