Four-wheel drive vehicles market has seen remarkable growth in the global market and it has been observed that, it is expected to grow with the CAGR of 6%.
The demand for four-wheel drive vehicles is expected to increase with significant growth rate all over the world, majorly in the emerging markets. The development of the intelligent torque vectoring for four-wheel drive vehicles is driving the growth of the market. The introduction of technological innovations in these vehicles is enabling the integration of advanced systems in automotive four-wheel drive vehicles. Torque vectoring is a system that helps the vehicle to possess control over the power and torque distribution to all the wheels. This equal distribution of power and torque to all four-wheels of the automotive provides better stability to the vehicle and improved performance.
However, the growth of this market is expected to be restrained by the increase in cost of the vehicles owing to the implementation of four-wheel drive systems, which comprises differentials, transfer case, rear-drive shaft, rear axle, and advanced electronics in the automotive.
On the basis of product type, the market has been segmented as Standard 4WD and Premium 4WD. Amongst these, the standard 4WD vehicle market is expected to grow with the highest CAGR over the forecast period owing to the steady growth of the light vehicle market. This growth of light vehicles in emerging economies is expected to account for majority of the share in overall automobile sales, leading to the growth of the four-wheel drive vehicle market.
Geographically, the global four-wheel drive vehicles market has been divided into the four major regions of North America, Europe, Asia Pacific and Rest of the World. The global four- wheel drive vehicle market is diversified across all geographies, with North America region holding the major share of the market. The market in North America is mainly based in the countries such as the U.S. and Canada. The North America market is followed by the Asia Pacific region.
The prominent players in the four-wheel drive vehicles market include Daimler AG (Germany), Mitsubishi Motors Corporation (Japan), BMW (Germany), Toyota Motor Corporation (Japan), Ford Motor Company (U.S.), and Groupe Renault (France). Tata Motors Limited (India), Hyundai Motor Company (South Korea), Volkswagen AG (Germany), Volvo (Sweden), Fiat S.p.A (Italy), Nissan Motor Company Ltd (Japan), and Honda Motor Company, Ltd. (Japan) are among others.
In the Four-wheel drive vehicles, which are also called 4×4 or 4WD, all the Four-Wheels of the vehicle get power from engine. These are safe on both, slippery roads and off roads. They do not lose traction and therefore have better stability and performance than the two wheel drive vehicles. For saving power, the four-wheel drive vehicles work in different modes, such as full time four-wheel drive, part time four wheel drive, and automatic four-wheel drive. The user can enter into any of these modes manually depending on need. This leads to an overall increase of the cost of vehicle. However, the use of these systems in the car leads to quick wear out of tires and the need for higher maintenance.
The report for Global Four-Wheel Drive Vehicles Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2030 : Significant Value|
|CAGR||6% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Daimler AG (Germany), Mitsubishi Motors Corporation (Japan), BMW (Germany), Toyota Motor Corporation (Japan), Ford Motor Company (U.S.), and Groupe Renault (France). Tata Motors Limited (India), Hyundai Motor Company (South Korea), Volkswagen AG (Germany), Volvo (Sweden), Fiat S.p.A (Italy), Nissan Motor Company Ltd (Japan), and Honda Motor Company, Ltd. (Japan)|
|Key Market Opportunities||Increase with significant growth rate all over the world|
|Key Market Drivers||Increase in cost of the vehicles owing to the implementation|
The growth rate of the market in the near future can be 6%.
The market is slated to experience significant growth by the end of the review timeline, given the thriving automotive industry across the globe.
Fiat S.p.A (Italy), BMW (Germany), Toyota Motor Corporation (Japan), Honda Motor Company, Ltd. (Japan), Volvo (Sweden), Daimler AG (Germany), Tata Motors Limited (India), Hyundai Motor Company (South Korea), Ford Motor Company (U.S.), Volkswagen AG (Germany), Mitsubishi Motors Corporation (Japan), Nissan Motor Company Ltd (Japan), Groupe Renault (France), and others.
Heavy trucks, construction equipment and Road racing, are the prime end-users in the market.
North America holds the maximum share in the market.