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Market Synopsis:
In four-wheel drive vehicles, which are also referred to as 4×4 or 4WD, all the four-wheels of the vehicle get powered from the engine. These are safe on both, off roads as well as slippery roads. These vehicles don’t lose traction and therefore have better stability and performance, as compared to two-wheel drive vehicles. The four-wheel drive vehicles work in different modes like full time four-wheel drive, part time four-wheel drive, as well as automatic four-wheel drive, to enable better energy saving and management. The user can enter into any of these modes manually, depending on the need of the hour. This leads to a comprehensive rise in the cost of the vehicle. However, use of four-wheel driving systems in the car lead to quick wear out of tires and hence demand higher maintenance. The global market is anticipated to ascend at 6% CAGR by 2023
The demand for four-wheel drive vehicles is expected to proliferate with significant growth rate all over the globe, especially in the developing economies. Furthermore, the development of intelligent torque vectoring for four-wheel drive vehicles is promoting the growth of the Four-Wheel Drive Vehicles Market . The introduction of technological innovations in these vehicles is enabling the integration of advanced systems in automotive four-wheel drive vehicles. Torque vectoring refers to a system that aids the vehicles to possess control over the power and torque distribution to all four wheels. Such equal distribution of power and torque to all four-wheels of the automotive has provided better stability to the vehicle and improved the performance. However, the rising cost of these vehicles is expected to hamper the market growth over the forecast period.
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Market Segmentation
The global Four-Wheel Drive Vehicles Market is analyzed for a segmentation which is conducted on the basis of product type, application, end-user, and region. Based on product type, the global Four-Wheel Drive Vehicles Market is segmented into standard 4WD and premium 4WD. Based on application, the global Four-Wheel Drive Vehicles Market is segmented into HCV and SUV. The SUV segment is expected to be at the fore of the global Four-Wheel Drive Vehicles Market owing to the booming sales of the same. Growing popularity and rising use for personal purposes are driving the SUV segment.
Based on end-user, the global Four-Wheel Drive Vehicles Market is segmented into heavy trucks, road racing, and construction equipment. Amongst these segments, the global Four-Wheel Drive Vehicles Market is led by heavy trucks, which is accounting for the largest share of the market over the forecast period. Heavy trucks are considered LCVs with open cargo areas at their rear. Heavy trucks have off-road capabilities with differently tuned suspension systems, transmission, and engines. A rise in the demand for heavy trucks in countries such as the US, Canada, and China are contributing to the ascension of the global Four-Wheel Drive Vehicles Market .
Detailed Regional Analysis
The global Four-Wheel Drive Vehicles Market has been geographically segmented and analyzed for the segments of North America, Europe, Asia Pacific, and Rest of the World. North America’s Four-Wheel Drive Vehicles Market is currently accounting for the largest share of the global market. The regional segment is expected to retain its foremost position in the global Four-Wheel Drive Vehicles Market during the forecast period. This stance in the market can be accredited to the rising adoption of SUVs and personal vehicles in the region. The US and Canada are expected to emerge as significant growth pockets over the review period.
Key Players
Some noteworthy players functioning in the global 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).
Industry Update
October 2019: Nissan recently announced the completion of their high performance 4 wheel drive Leaf prototype. This engine provides a maximum output of 308bhp and 502lb of torque.
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