Four-Wheel Drive Vehicles Market: 2019 Size, Trends, Share, And Key Country Forecast To 2023
Posted: Mar 11, 2019
Four-Wheel Drive Vehicles Market To Expand At high Growth Rate During The Forecast Period Of 2019-2023. Global Four-Wheel Drive Vehicles Market Research Report Information, by product type (Standard 4WD, and Premium 4WD), by Application (HCVs, and SUVs), by End-Use (Road racing, heavy trucks, and construction equipment) and Region - Forecast To 2023.
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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 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. Therefore, the 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 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.
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