LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive four-wheel drive (4WD) vehicle market is expected to grow at a CAGR of more than 11% during the forecast period.
This research report titled ‘Global Automotive Four-wheel Drive Vehicle Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The main factors that drive the market are the growing volume sales of utility vehicles and light commercial vehicles (LCVs) in regions such as the US, Canada, and China. The automotive market is witnessing a rise in the volume sales of compact SUVs and crossovers due to their better affordability and lower cost of ownership. OEMs are also offering 4WD as an option in these vehicles to attract more customers. The rise of the sports utility vehicles (SUV) segment in APAC economies, such as China, India, and Indonesia, is another factor that propels the growth of the global automotive 4WD vehicle market.
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Technavio’s automotive research analysts categorize the global automotive four-wheel drive vehicle market into the following segments by vehicle type. They are:
- SUVs and crossovers
- Pickup trucks
- Premium and luxury sedans
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SUVs and crossovers
The rising volume sales of SUVs and crossovers vehicles in the US, Canada, China, Indonesia, Malaysia, and India drive the growth of the automotive 4WD vehicle market. The reboot in the pickup trucks market in ASEAN and western economies is further propelling this growth. Another factor is the increased offerings in the compact and entry mid-segment SUVs and crossovers in the past few years.
According to Amey Vikram, a lead automotive components research analyst from Technavio, “The global SUV and crossover market has seen a shift in consumer preference toward SUVs in the last five years. The increasing availability of small-size or compact SUVs has significantly influenced the global demand for this vehicle type. Automakers such as Ford, Renault, Mazda, Honda, and Nissan have expanded their SUV portfolio by launching small and compact vehicles in this segment. This move has created a new market that lacked competition until recently.”
The high demand for pickup trucks in the US, Canada, and China are the major enablers of automotive 4WD systems. The surge in the volume sales of pickup trucks in ASEAN and Europe is further fueling the market growth. Another growth factor for the global automotive four-wheel drive vehicle market is the increased usage of the vehicles for personal use.
“Pickup trucks exhibit different market dynamics in various regions across the globe. These vehicles are considered as LCVs with an open cargo area at the back. The changing market dynamics and growing consumer preference for owning a vehicle have led to the increased sales of pickup trucks for personal use. These vehicles have off-road capabilities with differently tuned transmission, engines, and suspension systems in addition to increased ground clearance,” adds Amey.
Premium and luxury sedans
The high-volume sales of premium and luxury sedans in the US, the UK, Germany, China, and Japan among others are the major enablers of 4WD systems. OEMs have been extending the penetration rate of AWD and I-AWD in such vehicles owing to the changing consumer demands. They are also focusing on increasing the versatility of such vehicles by integrating more performance enhancement systems.
The premium and luxury car market contributed nearly 7% to the overall passenger car market in 2016 in terms of volume sales. Some of the leading players, such as Mercedes-Benz, BMW, Audi, Bentley, and Maserati, offer advanced versions of 4WD in their vehicles. Sports car manufacturers, such as Ferrari, Porsche, Automobili Lamborghini, and Aston, offer their versions of AWD in vehicles.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ZF Friedrichshafen
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