(MENAFN- Ameliorate Digital Consultancy) The global AWD Systems Market size is projected to grow from USD 35.9 billion in 2023 to USD 53.8 billion by 2029, at a CAGR of 8.6%.
awd systems market report provides details about the market dynamics affecting the market, market scope, market segmentation, and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.
The Latest research study released by expert “Global AWD Systems Market” with analysis on business Strategy taken up by key, and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
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Top Key Players in the Global AWD Systems Market: ZF Friedrichshafen AG,Continental AG,Magna International Inc,Borgwarner Inc.,Jtekt Corporation,American Axle Manufacturing,Eaton Corporation PLC,GKN PLC,Dana Holding Corporation,Oerlikon Inc and others.
Recent Developments
In March 2022, BorgWarner Inc. signed a supply contract with Hyundai. Under the contract, BorgWarner Inc. will supply an integrated drive module (iDM) for Hyundai's upcoming A-segment electric vehicle production. In November 2021, American Axle & Manufacturing Inc. announced the manufacturing and assembling of 3-in-1 electric drive technology for REE Automotive Ltd. The electric drive units will be developed at American Axle & Manufacturing Inc.'s Advanced Technology and Development Center in Detroit with full volume production expected by 2024. In October 2020, Magna International Inc. signed its first EV component manufacturing deal with an EV startup. Fisker Inc. The California-based EV startup will utilize Magna's automotive components to build its Ocean SUV. In June 2020, JTEKT Corporation and Plug and Play LLC, (known as a global innovation platform) signed an agreement to work on supporting and nurturing startups together with major global companies.
AWD Systems Market Segmentation:
AWD Systems Market Segment by Types:
Automatic AWD
Manual AWD
Type III
AWD Systems Market Segment by Application:
Passenger Car
Light Commercial
Heavy Commercial Vehicle
Market Dynamics
DRIVER: Increasing demand for improved vehicle safety, stability, & enhanced driving dynamics
According to the WHO Global Status Report on Road Safety, more than 1.24 million deaths occurred due to road accidents in 2010 globally. The increasing rate of accidents has incentivized countries to implement stringent vehicle safety norms. The European Union and the U.S. government are leaders, in terms of vehicle safety norms. As a result, OEMs are introducing vehicles with in-built safety features that control vehicle stability, safety, and provide enhanced driving dynamics. The all wheel drive(AWD) systems as compared to RWD or FWD systems add to the vehicle stability with better traction providing the capability to the automobile. Thus, in the developed regions such as Europe and North America, the demand for these multi-wheel drive systems is on the rise, however, in the emerging markets such as Asia-Pacific and the rest of the world, this growth is steady given the lack of any such safety regulations.
RESTRAINT: High cost of the all wheel drive system compared to 4WD and 2WD
The all wheel drive system is more expensive than the conventional two-wheel (FWD or RWD drive systems) drive vehicles. The cost of the AWD and 4×4 systems can range from $1,000 to $4,000, which depends on the type of the systems and components involved. Thus, this poses a restraint over the market of the system, as it increases the overall cost of the vehicle. Even though the vehicles with AWD or 4WD systems offer better resale values, the initial cost of the vehicle is high. In addition to the high initial cost of the system, the AWD system is also expensive in terms of maintenance, since all the four tyres need to be changed together at once. Moreover, vehicles installed with the AWD or 4WD system do not offer great performance with normal or summer tires. These systems require all-season tires, which are costlier than the conventional tires meant for in-city driving. The use of differential in the multi-wheel drive system results in the extra cost of differential oil that is required for maintenance. The differential oil is not changed as frequently as engine oil; however, it still adds a cost of $30–$50 to the buyer's pocket. Considering these factors, the associated cost of the vehicle with the AWD or 4WD systems is much higher than that of the conventional two-wheel (front or rear-wheel drive) drive vehicles. This can act as a restraint on the growth of all wheel drive systems.
Geographically, the following regions together with the listed AWD Systems Market Analysis:
APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
North America (U.S., Canada, and Mexico)
South America (Brazil, Chile, Argentina, Rest of South America)
And Rest of the World
Asia Pacific is projected to be the largest market by 2029
The Asia Pacific region is one of the largest production and manufacturing hubs in the world. India and China have emerged as manufacturing hubs in the region, and their revenue from the automobile sector accounted for 7.1% and 2.3%, respectively, in 2021. The road networks of China and India are among the largest in the world. In 2019, according to the Road Chronicle, China and India were constructing roads at a rate of 47 km and 29 km per day, respectively. SUVs(Sports Utility Vehicles0 are the most popular vehicle in China and India, whereas sedans and MUVs(Multi Utility Vehicles) are popular in Japan and South Korea. Due to the increased demand for such AWD vehicles, the requirement for AWD systems is increasing.
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What questions does the AWD Systems Market report answer about the regional reach of the industry?
– The report claims to split the regional scope of the AWD Systems Market into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these regions has been touted to amass the largest market share over the anticipated duration
– How do the sales figures look at present How does the sales scenario look for the future.
– Considering the present scenario, how much revenue will each region attain by the end of the forecast period.
– How much is the market share that each of these regions has accumulated presently.
– How much is the growth rate that each topography will depict over the predicted timeline.
Reasons for buy this Report
Highlights key business priorities to assist companies to realign their business strategies. The key findings and recommendations highlight crucial progressive industry trends in the AWD Systems Market, thereby allowing players to develop effective long-term strategies. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it. Enhance the decision-making process by understanding the strategies that underpin commercial interest to components, type, and end-users. Finally, AWD Systems Market is a valuable source of guidance for individuals and companies. Customization services available with the report:
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