All-Wheel Drive Market Overview 2023-2027: Growth Factors, Top Segments And Major Players As Per The Business Research Company’s All-Wheel Drive Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 14, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s All-Wheel Drive Global Market Report 2023, the global all-wheel drive market is poised for substantial growth, with an anticipated increase from $34.57 billion in 2022 to $37.66 billion in 2023, marking a significant Compound Annual Growth Rate (CAGR) of 8.9%. Looking ahead, the all-wheel drive market is forecasted to reach $51.26 billion in 2027 at a CAGR of 8%.
Surge in Electric Vehicle Demand to Propel Market
The all-wheel drive market is expected to experience remarkable growth, driven by the escalating demand for electric vehicles. The rise of electric vehicles, which run on electrical energy stored in batteries, has seen substantial growth. According to the International Energy Agency, global electric vehicle sales nearly doubled to 6.6 million in 2021 compared to 2020, resulting in a total of 16.5 million electric vehicles on the road. The adoption of all-wheel drive in electric cars, with motors at each wheel, enhances control and performance. This surge in electric vehicle demand is a key catalyst for the growth of the all-wheel drive market.
Learn More In-Depth On The All-Wheel Drive Market
https://www.thebusinessresearchcompany.com/report/all-wheel-drive-global-market-report
Product Innovations Shaping Market Dynamics
Product innovations emerge as a pivotal trend in the all-wheel drive market, with major companies focusing on developing new products to maintain their market positions. Nissan Motor Corporation, for instance, launched the Note e-POWER AWD compact car with dual electric motors, providing enhanced control and acceleration. The design allows power transmission to each wheel, offering a new level of driving enjoyment and precise handling.
Market Segmentation:
- By Type:
- Automatic All-Wheel Drive
- Manual All-Wheel Drive
- By Propulsion:
- Internal Combustion Engine (ICE) Vehicle
- Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle (PHEV)
- By Component:
- Differential
- Transfer Case
- Propeller Shaft
- Power Transfer Unit
- Final Drive Unit
- By Vehicle:
- Passenger Vehicle
- Commercial Vehicle
- By Application:
- On-Road
- Off-Road
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Asia-Pacific Takes the Lead; Poised for Rapid Growth
Asia-Pacific emerged as the largest region in the all-wheel drive market in 2022. The region is expected to maintain its dominance and experience the fastest growth in the forecast period, underlining its pivotal role in the global all-wheel drive market.
All-Wheel Drive Global Market Report 2023 by The Business Research Company provides insights on the all-wheel drive market size, all-wheel drive market segments, all-wheel drive market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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Commercial Electric Vehicles Global Market Report 2023
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