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The Four Wheel Drive Vehicle Market is estimated to grow on account of the growing demand for vehicles amongst consumers, as automobiles have become an essential part of the modern lifestyle. Moreover, increasing disposable income, and rising purchasing capacity of the middle-class population, is further estimated to surge the sales of automobiles. The International Energy Agency (IEA) recorded a sale of 87 million cars in 2019. Out of these, 24.5 million cars were sold in China, and over 7 million cars were sold collectively in India and Japan, making Asia Pacific the largest market for automobiles. On the other hand, 17.1 million cars were sold in the United States alone, owing to the higher individual disposable income and presence of various automobile manufacturers in the region.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Four Wheel Drive Vehicle Market Products.
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Moreover, the advancement in technology, such as, advanced driver assistance systems (ADAS), infotainment systems, and increasing adoption of electric vehicles, is certain to assist the growth of the Four Wheel Drive Vehicle Market . Along with this, the prompt implementation of these technologies in the upcoming vehicles, supported by various government initiatives and favorable policies, can guarantee the market development. The sale of plug-in hybrid electric vehicles (PHEV) reached 0.969 million, while the battery electric vehicles (BEV) sales touched 2.008 million in the year 2020, as per the data by the IEA. The total global stock of BEV amounted to 6.850 million units in the same year.
The Four Wheel Drive (4WD) vehicles offer the advantages of both front wheel drive (FWD) and rear wheel drive (RWD). They provide better traction performance in both severe weather conditions and on dry road surfaces and have excellent balancing, handling, and driving dynamics capabilities. The 4WD market is expected to grow in the forecast period with the increasing demand for Sports Utility Vehicles i.e. SUVs. The APAC region is seen as the emerging market for 4WD. There has been a steep increase in the sales of new 4WD vehicles in Australia. Yet, the market is seeing some issues and challenges as the customers are price-sensitive and hence, manufacturers are finding it difficult to transfer costs to the customers.
End-user/Technology
The 4WD vehicle is usually about the same weight as an ordinary vehicle but has a higher center of gravity. The tire size and tread pattern of 4WD is more suitable for off-road and rugged terrains as compared to that for sealed roads.4WDs are often fitted with freewheeling hubs on the front wheels to reduce wear, noise and fuel consumption.
The end-users includeroad racers, medium and high-duty truck drivers. The end-users also comprise of performance-driven consumers and drivers with specific requirements in unfavorable conditions.
Market Dynamics
The increasing demand for Sports Utility Vehicles i.e. SUVs has led to an increase in demand for the 4WD vehicles. The entry of many international players in the emerging markets of APAC is expected to further contribute to the growth of this market. The demand for these vehicles is seen growing among the middle class of the emerging markets. The steady growth of the global light vehicle and small sport SUVs in the emerging economies of the world has further fuelled the growth of the global standard 4WD vehicle market.
Market Segmentation
The Four Wheel Drive Vehicle Market is segmented based on the type of the 4WD vehicles as below:
Standard 4WD
Premium 4WD
The Standard 4WD vehicles see more demand than the premium 4WD vehicles as the premium 4WD have higher prices which only some end-users can bear.
Regional/Geographic Analysis:
Geographically, the global four wheel drive vehicle market is divided into the below region-wise segments in the descending order of the market share:
> North and South America (The Americas)
> APAC
> EMEA
The core markets in the Americas include US, Canada and Brazil.
In the emerging markets of the APAC region, especially China, with the SUVs being the fastest growing vehicle segment, the demand for 4WD is increasing. Also, in India, the launch of Renault Duster has triggered the increase in demand of the SUVs and hence the 4WD vehicles.
Opportunities:
The market is seeing some issues and challenges in terms of high maintenance costs of the vehicles and price-sensitivity of the customers. The market vendors are thus seeing this as an opportunity to increase their focus on matching stringent fuel efficiency standards. Also, the entry of various international players in the emerging economies of APAC region has given a path forward to growth opportunities in these markets.
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Key Players
Some of the major players in the 4WD vehicle market include:
BMW, Dacia, Daimler, GM, Hyundai, Land Rover, Volvo
Apart from these, Audi, Chevrolet, FIAT, Ford, HONDA, Isuzu, Mitsubishi, Nissan, PSA, Renault, Skoda, Tata Motors, Toyota, and Volkswagen are some of the other vendors in this market.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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