Automotive Multi-Wheel Drive Equipment Market

Key Insights

The Global Automotive Multi-Wheel Drive Equipment Market is valued at USD 29.19 Billion in 2023 and is projected to reach a value of USD 61.8 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 9.8% between 2024 and 2032.

Definition And Overview

Multi-wheel drive system consists of 2×2, 4×4, 6×6, or 8×8 drive-train systems which include a differential between the fronts and rear drive shafts. The automobiles with 4 x 4 drive system supplies power from the engine to both front and rear axles. However, 4 x 4 drive systems fail to manage the power on individual wheels and cause issues during high-speed turns. Vehicles may be either part-time all-wheel drive or full-time. The all-wheel drive (AWD) system introduced the concept of differential power, which enables the vehicle to control the torque received at each wheel. Therefore, AWD systems achieve higher efficiency, performance, and safety compared to other drive systems, resulting in the growth of the Automotive Multi-Wheel Drive Equipment Market in near future.

The Global Automotive Multi-Wheel Drive Equipment Market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2019 to 2022 and forecast from 2023 to 2032.

COVID-19 Impact Analysis

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Market Insights

The increasing demand for fuel efficient vehicles is anticipated to augment the growth of the Automotive Multi-Wheel Drive Equipment Market during the forecast period. The use of multi-wheel drive system provides improved fuel efficiency, stability, control, safety, and an enhanced driving experience at the same time. These features have led the automobile companies to invest extensively in these systems. Furthermore, the increase in demand for SUVs is also driving the demand for the Automotive Multi-Wheel Drive Equipment Market.

The increasing inclination towards using developed technologies is expected to support the growth of the Automotive Multi-Wheel Drive Equipment Market in the years to come. This shift of automotive industry towards using advanced technologies is to decrease the vehicle crashes, reduce the percentage of accidents and mitigate the impact of accidents on passengers. Furthermore, these systems are affordable and also provide safety.

The lack of awareness about manual & automatic multi-wheel drive system is expected to hamper the growth of the market. Furthermore, stringent fuel economy standards in various economies may also restrain the growth of the automotive multi-wheel drive market.

Market Segmentation

Product Types Analysis: Preview

On the basis of Product Types, the market is segmented into Manual Multi-wheel Drive (manual MWD), Automatic Multi-wheel Drive (automatic MWD). Manual Multi-wheel Drive (manual MWD) held the highest share in 2023 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Manual Multi-wheel Drive (manual MWD) in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Automotive Multi-Wheel Drive Equipment Market growth.

Vehicle Type Analysis: Preview

Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles. Passenger Car held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Automotive Multi-Wheel Drive Equipment in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

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Regional Analysis Preview

On the basis of region, the Global Automotive Multi-Wheel Drive Equipment Market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region held a leading share of the Global Automotive Multi-Wheel Drive Equipment Market in 2023. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the Global Automotive Multi-Wheel Drive Equipment Market are ZF Friedrichshafen, Continental, Magna International, GKN (GKN Driveline), American Axle Manufacturing, Oerlikon AG (Oerlikon Fairfield), Dana Holding, BorgWarner, JTEKT.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The Global Automotive Multi-Wheel Drive Equipment Market can be categorized as Type, Application, End-Use Industry, and Region.