The global four-wheel drive vehicles market size will develop at a healthy CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. The four-wheel drive vehicles also known as 4WD or 4x4 gets power from the engine. It is safe both on off roads and slippery roads. As it does not lose traction, thus has better performance and stability than two-wheel drive vehicles.
On the contrary, the ongoing COVID-19 impact, high maintenance costs, and lower mileage are factors that may impede the automotive four-wheel drive vehicle market growth over the forecast period.
Various factors are propelling the global four-wheel drive vehicles market growth rate. According to the recent MRFR market estimates, such factors include the surging need for pick-up trucks and SUVs, increased awareness about active safety among buyers, demand for different in-built safety features in the car, rise in per capita income, growing infrastructure, booming economies, increasing adoption in commercial cars and passenger cars, and government regulations to increase safety systems, players market share, and product developments. Additional factors adding market growth include improved driving dynamics, stability, handling in various terrains, superior comfort levels, functional advantages of all-wheel drive vehicles, improved dynamics of driving across terrains, constant advances in automotive technology, availability of intelligent and smarter vehicles to improve the safety and overall ride quality, and the key advantages of four-wheel drive vehicles such as the better distribution of torque and power to individual wheels.
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By application, the global four-wheel drive vehicles market is segmented into SUV and HCV. Of these, the SUV segment will lead the market over the forecast period.
By end use, the global four-wheel drive vehicles market is segmented into construction equipment, road racing, and heavy trucks.
The MRFR report highlights an inclusive segmental analysis of the global four-wheel drive vehicles market based on product type, application, and end use.
By product type, the global four-wheel drive vehicles market is segmented into standard 4WD and premium 4WD.
The global four-wheel drive vehicles market in North America will have healthy growth over the forecast period, and that in the Rest of the World will have sound growth over the forecast period.
By region, the global four-wheel drive vehicles market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will have the lion's share in the market over the forecast period. Increasing fleet and traffic, rise in automotive sales, deployment of new production facilities, rising expenditures, and upcoming commercial and passenger cars are adding to the global four-wheel drive vehicles market growth in the region. China, Canada, and the US have the utmost share in the market for the burgeoning demand for heavy trucks.
The global four-wheel drive vehicles market in Europe will have the second-largest share over the forecast period.
Key contenders profiled in the global four-wheel drive vehicles market report include Honda Motor Company, Ltd. (Japan), Nissan Motor Company Ltd (Japan), Fiat S.p.A (Italy), Volvo (Sweden), Volkswagen AG (Germany), Hyundai Motor Company (South Korea), Tata Motors Limited (India), Groupe Renault (France), Ford Motor Company (U.S.), Toyota Motor Corporation (Japan), BMW (Germany), Mitsubishi Motors Corporation (Japan), and Daimler AG (Germany), among others. Industry players have incorporated several strategies to remain at the forefront and also suffice the consumers growing needs such as partnerships, collaborations, joint ventures, mergers and acquisitions, strategic alliances, geographic expansions, contracts, extensive RD activities, new product development, and new product launches, among others.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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