Intelligent All-Wheel Drive System Market to Reach US$ 14.2 Billion by 2031, Fueled by Rising SUV and Crossover Demand in North America, Europe, and Asia Pacific: TMR Study
Increase in incorporation of all-wheel drive systems in SUVs and crossovers by automakers is anticipated to propel market development
Wilmington, Delaware, United States, Aug. 02, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global intelligent all-wheel drive system market was valued at US$ 3.6 Bn in 2022. It is projected to expand at a CAGR of 16.5% from 2023 to 2031.
Focus of automotive manufacturers on enhancing fuel economy, reducing CO2 emissions, and increasing traction in new passenger vehicles is anticipated to create lucrative business opportunities for companies in the intelligent all-wheel drive system market.
Prominent vehicle manufacturers, such as Ford and Toyota, are adopting advanced drivetrain technologies to ensure that their vehicles meet the latest fuel economy standards. One of the key market trends is the increase in number of automakers who are aiming to conform to EPA-estimated fuel economy ratings.
Installation of intelligent all-wheel drive (AWD) system helps improve wheel traction and stability in a range of unfavorable conditions such as slippery road conditions, road filled with snow, ice, and mud. Rise in R&D in powertrain control of AWD electric vehicles (EVs) is anticipated to broaden market outlook in the next few years. For instance, growth in R&D activities in proportional–integral–derivative controller algorithm and parametric mode-switching algorithm for EVs.
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|Market Revenue||US$ 3.6 Bn|
|Estimated Value||US$ 14.2 Bn|
|Growth Rate – CAGR||16.5%|
|No. of Pages||195 Pages|
|Market Segmentation||By Technology Type, Drive Type, Vehicle Type, Propulsion|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Borgwarner Inc., Magna International Inc., Continental AG, ZF Friedrichshafen AG, GKN Automotive Limited, Eaton Corporation Inc., JTEKT Corporation, American Axle & Manufacturing Holdings, Inc., Mitsubishi Motors Corporation, Honda Motor Co., Ltd., Subaru Corporation, Nissan Motor Corporation, Toyota Motor Corporation, Audi AG, BMW AG, Mercedes-Benz|
Key Findings of Study
Rise in preference for front-wheel drive (FWD)-based AWD
Vehicle owners are upgrading to all-wheel drive system with FWD to ensure that loss of road traction is compensated more effectively than other configuration of AWD, especially rear-wheel drive (RWD). FWD-based AWD system is anticipated to gain traction in wet and snowy road conditions.
Increase in adoption of affordable sedans and minivans is expected to bolster the usage of FWD with AWD capability. Higher fuel-efficiency and more effectiveness in terms of traction and safety, as compared to RWD, are key advantages that are likely to boost the popularity of the front-wheel with AWD capability drive type.
Significant adoption of intelligent all-wheel drive technology in luxury and SUVs to improve driving experience
Rapid increase in demand for luxury vehicles and sports-utility vehicles (SUVs) is projected to create significant business opportunities for companies in the intelligent all-wheel drive system market.
Rise in sales of SUVs in the U.S., India, and across Europe is projected to propel market development. SUVs are widely preferred for their off-roading capabilities, which is likely to accelerate market growth. Growth in demand for electric vehicles is anticipated to fuel the need for novel all-wheel drive power system.
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Key Growth Drivers of Intelligent All-Wheel Drive System Market
- Surge in popularity of luxury vehicles and cross-over sports utility vehicles, especially in developed regions of the world, is a key driver of the intelligent all-wheel drive system market. Consumers in developing countries also are inclined toward buying crossovers due to their cost-effectiveness and capability to be used in off-road conditions.
- Increase in implementation of stringent regulations pertaining to fuel economy and technological advancements in powertrain control of all-wheel-drive electric vehicles are anticipated to augment market size in the near future.
North America accounted for the leading market share in 2022. Significant demand for advanced drivetrain system in passenger and commercial vehicles is a key factor that is anticipated to propel market development in the region. Rise in adoption of SUVs, crossovers, and luxury vehicles in the region is a key trend that is projected to bolster the market value in the region from 2023 to 2031.
The market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Stringent implementation of fuel economy regulations and increase in utilization of AWD in high-performance vehicles in the region are anticipated to fuel market development in the next few years.
Rapid expansion of the automotive industry in South Korea, China, and India is likely to boost the market in Asia Pacific. High demand for SUVs and luxury vehicles among consumers in the region is projected to offer significant business growth opportunities to companies in the market.
The business landscape is consolidated, with only few players holding majority stake of the market. Leading players are focusing on the integration of all-wheel drive systems with next-generation hardware and software technologies in order to enhance their market share. Product portfolio expansion and merger & acquisitions are key competitive strategies in the intelligent all-wheel drive system market.
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Key players operating in the market are
- BorgWarner Inc.
- Magna International Inc.
- Continental AG
- ZF Friedrichshafen AG
- Eaton Corporation
- JTEKT Corporation
- Mitsubishi Motors Corporation
- Honda Motor Co., Ltd.
- Subaru Corporation
- Nissan Motor Corporation
- Toyota Motor Corporation
- Audi AG
- BMW AG
- Mercedes Benz
The global intelligent all-wheel drive system market has been segmented based on
- Mechanical AWD Systems
- Electronic AWD Systems
- Hybrid AWD Systems
- Front-Wheel Drive (FWD) with AWD Capability
- Rear-Wheel Drive (RWD) with AWD Capability
- All-Wheel Drive (AWD)
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- Off-road Vehicles
- IC Engine
- Battery Electric
- Plug-in Hybrid Vehicle
- Fuel-cell Electric
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
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