Growing crude oil prices and strict emission standards are expected to drive the growth for global electric 4 wheel drive car market in the forecast period, 2023-2027.
According to TechSci Research report, “Electric 4 Wheel Drive Car Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global electric 4 wheel drive car market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. The front and rear wheels of an electric 4 wheel drive car are powered by a motor, and these may or may not be powered by the same motor. Torque is divided among the four wheels of an electric vehicle by the two motors used for each axle. The rise in demand for better traction control and vehicle handling capacity is contributing to the market demand. Electric 4 wheel drive cars save energy during low load running by efficiently distributing the power between two or more motors, enhancing power, and lowering energy loss. The growing demand for increased vehicle mileage is expected to drive the demand of the global electric 4 wheel drive car market. The rise in the number of the launch of models of electric vehicle SUVs and the growing use of intelligent electric 4 wheel drive car systems is fueling the sales of electric vehicles.
Electric vehicles have lower maintenance costs and produce no noise while traveling. They have lower running costs than conventional four-wheeler vehicles and conveniently charge them at home. The electric vehicle offers storage space and comfortable cabin space and is environment-friendly, which is one of the major reasons for its high sales across the globe.
However, the increased cost of maintenance and the extra equipment adds complexity and weight to the vehicle, which may restrain the growth of the global electric 4 wheel drive car market in the forecast period.
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The global electric 4 wheel drive car market is segmented on the basis of propulsion, vehicle type, battery capacity, competitive landscape, and regional distribution.
Based on the propulsion, the global electric 4 wheel drive car market is divided into BEV, HEV, and PHEV. BEV is short for battery electric vehicles, and these are powered entirely by electricity and do not use fuel tanks or exhaust pipes. The presence of large onboard battery charges one or more motors, and the users can charge the battery by using an external outlet. Hybrid electric vehicle (HEV) uses two types of power sources that a fuel-based engine and an electric motor with a larger battery. It also supports regenerative braking, which charges the engine every time the brake is applied. Plug-in hybrid electric vehicle (PHEV) consists of an electric motor charged by an electric plug and a fuel-based ICE. PHEV can travel longer distances by using electric power owing to the increased battery size and ability to recharge from the grid.
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Based on the vehicle type, the global electric 4 wheel drive car market is divided into hatchback, sedan, and SUV. The hatchback segment is expected to witness the fastest incremental growth in five years. Hatchbacks are smaller electric vehicles and can hold four to five passengers. They are more affordable than their counterparts which is one of the major reasons for their high demand worldwide.
Based on the regional analysis, the Asia-pacific region is expected to hold the largest market share in the forecast period. Ongoing technological advancements and the booming automotive industry fuel the shift of vehicle operations from complex mechanical systems to electronically control systems. Shift to the adoption of the advanced system is accelerating the adoption of 4 wheel drive car systems, therefore significantly contributing to the market growth.
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Major market players operating in the global electric 4 wheel drive car market are:
- Volkswagen Group
- BMW AG
- Hyundai Motor Company
- Daimler AG
- Tesla INC
- Toyota Motor Company
“Increasing demand for fuel-efficient, high-performance vehicles fuels the demand for electric vehicles across the globe. Market players are investing heavily in upgrading the existing infrastructure and finding innovative technologies to enhance the consumer experience. The development of fast-charging stations to charge electric vehicles, reduce the cost of electric vehicle batteries, and the government's support is boosting the demand for electric vehicles. Change in preference of consumers to cover long distances via road trips and the growing consciousness of consumers about the benefits of traveling by electric vehicles are expected to propel the global electric 4 wheel drive car market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Electric 4 Wheel Drive Car Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global electric 4 wheel drive car and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric 4 wheel drive car market.
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