PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485876
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485876
Intelligent All-Wheel Drive System Market size was valued at USD 3,981.2 Million in 2023, expanding at a CAGR of 8.00% from 2024 to 2032.
Intelligent all-wheel drive improves a vehicle's on-road performance and can also help with off-roading. Heavy off-roading necessitates specialized off-road features, yet an intelligent AWD system is still beneficial. An intelligent AWD system can gather information from a variety of sensors, including wheel speed sensors, steering angle sensors, and yaw rate sensors.
Intelligent All-Wheel Drive System Market- Market Dynamics
All-wheel-drive systems provide great traction by redistributing power for improved handling, which boosts market demand.
The primary factor behind all-wheel-drive systems is their exceptional traction. As the vehicle propels itself using all four wheels, it can keep moving even if one or two wheels slip on slippery surfaces like snow, ice, or mud. The sophisticated system includes technology that reassesses driving conditions at a rate 20 times quicker than a blink, readjusting the power distribution between the two wheels to achieve a perfect combination of handling and grip. Additionally, the drop in fuel costs, the availability of credit, the reduction in unemployment rates, and the growing popularity of bigger vehicles like SUVs and crossovers. Additionally, increasing research and development are projected to stimulate the expansion of the Global Intelligent All-Wheel Drive System Market.
Intelligent All-Wheel Drive System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2024-2032)
Based on product type segmentation, The front-wheel drive by default category had the highest market revenue share.
Based on Vehicle Type segmentation, SUVs were the driving force behind the market in 2023.
On the basis of region, North America held the highest market share in 2023
The Global Intelligent All-Wheel Drive System Market is segmented on the basis of Product Type, Vehicle Type, and Region.
The market is divided into three categories based on product type: Front-Wheel Drive by Default, Four-Wheel Drive by Default, Rear-Wheel Drive by Default, and Other Product Types. The front-wheel drive by default segment has the highest revenue share in the market. Front-wheel drive (FWD) is a system that uses engine power to move an automobile's front wheels. It differs from rear-wheel drive systems, where the opposite is true. In four-wheel drive vehicles, the engine and transmission are often located transversely at the front of the vehicle, delivering power to the front two wheels, which then propel the vehicle forward on their own. The term "rear-wheel drive" refers to propelling the vehicle ahead by transferring engine power to the rear wheels. The car's front wheels may move due to insufficient power.
The market is divided into two categories based on Vehicle Type: SUV, Sedan, Sports Car, and Other Vehicle Types. In 2023, the SUV category dominated the whole market. SUVs commonly employ sophisticated all-wheel drive systems to improve driving characteristics and safety by eliminating understeer and oversteer situations. Moreover, these systems improve vehicle dynamics by distributing torque more evenly across all wheels, resulting in better grip. The system also continuously monitors the wheel speed sensors to ensure that they are all rotating at the appropriate speeds for optimal tire performance in a variety of driving scenarios, such as high-speed cornering on dry roads.
Intelligent All-Wheel Drive System Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America dominated the market, with 42% of total revenue. The market is likely to maintain its dominance over the forecast period, owing to rising customer demand for AWD systems in the United States and Canada, as well as stringent government fuel efficiency regulations.
Europe is predicted to be the fastest-growing market in 2023, driven by rising demand for high-security features and advanced driver assistance systems (ADAS), as well as rigorous government carbon emission limits. In recent years, revenue from intelligent AWD system cars has risen dramatically in this region.
Several key players have established themselves as industry frontrunners in the intelligent AWD system sector, each implementing different tactics to stay ahead of competitors and secure the market. Some of these strategies involve adopting innovative technologies, forming partnerships, expanding into different markets, and placing a focus on meeting customer needs. Leading firms such as ZF Friedrichshafen, Continental, Magna International, BorgWarner, Jtekt Corporation, and others have achieved impressive financial results in 2023, thanks to their ability to deliver innovative products and meet evolving customer demands. To maintain their trajectory of growth from 2024 to 2032, these companies are anticipated to utilize their expertise in research and development, enhance manufacturing capacities, and prioritize sustainable methods. Throughout the projected timeframe, it is anticipated that key players will work together more to create innovative solutions that meet market demands and are also eco-friendly.
In February 2023, Continental AG is expanding its production capacity in Brazil by investing EUR 25 million, starting in 2024.
In March 2022, Hyundai and BorgWarner signed a supply agreement in which BorgWarner would provide integrated drive modules (iDM) to Hyundai's future A-segment EV manufacturing plants.
GLOBAL INTELLIGENT ALL-WHEEL DRIVE SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ZF Friedrichshafen
Continental
Magna International
BorgWarner
Jtekt Corporation
American Axle Manufacturing
Eaton Corporation
GKN
Dana Holding Corporation
Orelikon
Ford
Others