The automotive sector has evolved at a rapid pace over the past couple of decades driven by advancements in technology and advent of several innovative concepts. Environmental regulations coupled with rapidly changing consumer preferences have also dictated the ongoing developments across the automotive sector around the world. In the current scenario, automotive companies are increasingly focusing on rolling out advanced all-wheel-drive systems to gain substantial share of the current market landscape. Over the past decade, advancements in the all-wheel drive (AWD) vehicle market have largely focused on improving off-road and cold-weather vehicle capabilities due to which, the global all-wheel drive (AWD) vehicle market is expected to have a positive outlook.
Technologies within the current all-wheel drive (AWD) vehicle market have advanced at a consistent pace due to which, a host of all-wheel drive cars have entered the global markets over the past few years– a trend that is expected to continue during the forecast period. The demand for all-wheel drive vehicles, particularly in cold and wet regions, is on the rise due to high traction on slippery surfaces. In addition, it increases the resale value of the vehicle. At the back of these factors, the global all-wheel drive (AWD) vehicle market is expected to reach US$ 679.8 Bn by the end of 2030.
Request a sample to get extensive insights into the All-Wheel Drive [AWD] Vehicle Market
Technological Advancements Improve Safety and Fuel Efficiency, Likely to Aid Market Growth
Technological advancements across the global market for all-wheel drive (AWD) vehicles are expected to set the tone for market growth. Several technologies across the current market landscape have transformed modern day vehicles into power efficient, automated, and secured machines– a trend that is likely to propel the all-wheel drive (AWD) vehicle market during the assessment period. Although the demand for conventional part time 4×4 transmission is likely to remain high, with added advancements in technology, all-wheel drive is likely to emerge as a ‘must-have’ feature in vehicles in the future. For instance, the advent of the newly developed traction control system technology has played an imperative role in improving the performance of automotive vehicles and driver safety.
To understand how our report can bring difference to your business strategy, Ask for a brochure
As the integration of the traction control technology continues to grow across cutting-edge 4×4 transmission systems, including all-wheel drive and 4-wheel drive, the demand for all-wheel drive vehicles is likely to scale up during the forecast period. At present, all-wheel drive is increasingly being deployed in various types of road-going vehicles such as crossovers, wagons, sedans, and SUVs, among others. In addition, as automotive companies emphasize on the production of electric vehicles, through-the-road all-wheel drive systems are set to gain immense popularity over the stipulated timeframe of the study.
Market Growth to Dip amid COVID-19 Pandemic
The COVID-19 pandemic is projected to have a strong impact on the global automotive sector. As the novel coronavirus continues to spread, governments across the world are compelled to enforce stringent lockdowns and restrictions on trade and transportation as a measure to contain the virus. The lockdown of industries across China in the first quarter of 2024 has had a strong impact on the global automotive sector due to which, the all-wheel drive (AWD) vehicle market is expected to have a slower growth rate than initial projections. However, as industries across China have opened up, production and other operations have resumed due to which, the market is expected to show minor signs of recovery.
While the automotive sector is expected to stroll through an uncertain period in 2020, the global all-wheel drive (AWD) vehicle market is estimated to grow at a sluggish pace. Disruptions across the supply chain and shortage of automotive components and materials are some of the other factors that are likely to hinder the production of all-wheel drive vehicles amid the ongoing pandemic.
Stuck in a neck-to-neck competition with other brands? Request a custom report on All-Wheel Drive [AWD] Vehicle Market
Read Our Latest Press Release:
- https://www.prnewswire.com/news-releases/plastic-corrugated-packaging-market-expands-scope-of-businesses-in-ecommerce-industry-to-deliver-sustainable-packaging-solutions-tmr-301200091.html
- https://www.prnewswire.com/news-releases/increasing-disposable-income-and-infrastructural-development-activities-to-augur-well-for-the-global-welding-torch-and-wear-parts-market-tmr-301205014.html
- https://www.prnewswire.com/news-releases/interest-of-pharmaceutical-industry-in-bag-on-valve-bov-technology-market-driven-by-safety-criterion-global-revenues-to-surpass-us-500-1-mn-by-2024–301210826.html
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Contact
Transparency Market Research State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
