Market Leaders - All Wheel Drive Market
The global all wheel drive market size is projected to reach USD 53.8 billion by 2027, from an estimated value of USD 35.9 billion in 2022, at a CAGR of 8.4%. The base year for the report is 2022, and the forecast period is from 2022 to 2027.
The AWD system finds its significant applications in the premium car segment and SUVs. Improvement in economic conditions, increasing industrialization, and improving living standards of the consumers around the world has increased the demand of premium segment cars and SUVs. Stringent safety regulations in the regions such as Europe and North America have attracted consumers to AWD and 4WD systems, as these systems offer better traction control and stability to the automobile. SUVs have AWD or 4WD systems installed in most of their variants. In the early 2000s, the sale of SUVs was surpassed by sedan series vehicles. In the age of compact and fuel-efficient cars, the demand for SUVs is growing, given the development of fuel-efficient AWD & 4WD systems. The introduction of new compact SUVs, which not only come with sporty features but also are convenient in traffic as well as off-road terrain, has given a boost to the SUV market. Looking at the gradually increasing per capita income, improving infrastructure, and changing buyer preference toward multi-utility vehicles (MUVs), the demand for vehicles from this segment is projected to grow in the near future. Following this demand-led growth, key OEMs have shifted focus on the development of customer-centric SUVs, compact SUVs or MUV models. These factors would consequently influence the market for multi-wheel drive systems.
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The all wheel drive market is led by globally established players such as ZF Friedrichshafen AG (Germany), Continental AG (Germany), Magna International Inc. (Canada), BorgWarner Inc. (US), and JTEKT Corporation (Japan). These companies have adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing all wheel drive market.
ZF Friedrichshafen AG is a leading global player in the all wheel drive market. The company provides automotive solutions such as active safety systems, car chassis technology, electrified powertrain technology, electronics and ADAS, passive safety systems, commercial vehicle control systems, commercial vehicle technology and, other industrial technology. The company has adopted the strategies of partnerships, collaborations, and new product developments to grow its business. For instance, it has signed a supply contract with Fiat Chrysler Automobiles(UK) to supply rear-wheel-drive and all wheel drive systems. The contract is expected to enhance ZF Friedrichshafen AG’s market presence globally.
Continental AG is another leading player in all wheel drive market. It focuses on driver-assistance systems, powertrain systems, chassis components, instrumentation, infotainment solutions, vehicle electronics, tires, and technical elastomers. The company, through its powertrain segment, offers AWD systems. The company expanded its operation in Germany in December 2021 to expand its presence with automobile OEM and distributors in Germany. The expansion of its development campus, which includes powertrain component manufacturing, has improved the company’s ability to support the growing demand for drive systems in the country.
Related Reports:
All Wheel Drive Market by System (Automatic, Manual), Vehicle Type (Passenger & Commercial Vehicle), EV Type (BEV, PHEV), Component (Power Transfer Unit, Differential, Propeller Shaft, Transfer Case, Final Drive Unit) and Region - Global Forecast to 2027
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