Global All Wheel Drive Market Report 2024: Market Size, CAGR

Overview and Scope
All-wheel drive (AWD) is a drivetrain configuration that distributes power to all four wheels of the vehicle, optimizing grip on the road surface by sending power between the front and rear axles. AWD systems contribute to vehicle stability and control during acceleration, cornering, and braking.

Sizing and Forecast
The all wheel drive market size has grown strongly in recent years. It will grow from $36.51 billion in 2023 to $39.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to demand for enhanced traction, off-road capability requirements, safety and stability concerns, luxury and premium vehicle preferences, expansion in sports utility vehicle (suv) segment..

The all wheel drive market size is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rising demand for electric and hybrid vehicles, advancements in vehicle connectivity, urbanization and compact awd vehicles, regulatory emissions standards, autonomous vehicle integration.. Major trends in the forecast period include dynamic torque vectoring systems, smart connectivity and over-the-air updates, weight reduction technologies, collaborations for autonomous vehicle integration, global market penetration in emerging economies..

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Segmentation & Regional Insights
The all wheel drive market covered in this report is segmented –

1) By Type: Automatic All-Wheel Drive (AWD), Manual All-Wheel Drive (AWD)
2) By Component: Differential, Transfer Case, Propeller Shaft, Power Transfer Unit, Final Drive Unit
3) By Application: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicle (PHEV)

North America was the largest region in the all wheel drive market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the all wheel drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
An increase in demand for electric vehicles is expected to propel the growth of the all-wheel drive market going forward. Electric vehicles operate on an electric motor instead of an internal combustion engine and are powered by a large traction battery pack. All-wheel drive (AWD) enhances traction and stability in electric vehicles to help navigate diverse road and environmental challenges effectively. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the projected number of electric vehicles (EVs) on U.S. roads is expected to increase from 2.4 million in 2021 to 26.4 million by 2030. The annual sales of EVs are estimated to reach nearly 5.6 million in 2030, comprising around 32% of total yearly light-duty vehicle sales. Therefore, the increasing demand for electric vehicles will drive the growth of the all-wheel drive market.

Key Industry Players
Major companies operating in the all wheel drive market report are Volkswagen AG, Toyota Motor Corporation, Daimler AG, Ford Motor Company, General Motors Company, Honda Motor Company Ltd., Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, AB Volvo, Renault Group, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Subaru Corporation, Valeo SA, Mitsubishi Motors Corporation, Mahindra Electric Mobility Ltd., Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Dana Incorporated, Peugeot S.A., NSK Ltd, GKN PLC, American Axle And Manufacturing Inc., OC Oerlikon Corporation AG, Aston Martin Lagonda Global Holdings plc, AVL List GmbH

The all wheel drive market report table of contents includes:

1. Executive Summary
2. All Wheel Drive Market Characteristics
3. All Wheel Drive Market Trends And Strategies
4. All Wheel Drive Market - Macro Economic Scenario
5. Global All Wheel Drive Market Size and Growth
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32. Global All Wheel Drive Market Competitive Benchmarking
33. Global All Wheel Drive Market Competitive Dashboard
34. Key Mergers And Acquisitions In The All Wheel Drive Market
35. All Wheel Drive Market Future Outlook and Potential Analysis
36. Appendix

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