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Key Emerging Trends in the Crossover Vehicles Market
The worldwide market for all-wheel drive (AWD) is growing fast because people want more stability and better driving performance. This is especially true for SUVs and off-road vehicles. However, the high cost of the AWD system and concerns about fuel efficiency and standardizing parts could slow down its growth.
There's a global increase in road accidents, leading to a greater focus on vehicle safety and stability. For example, in 2017, road accident fatalities rose by 6%, with 40,100 people losing their lives. AWD systems provide support to all the wheels of a vehicle, improving traction, handling, and overall performance. This is beneficial in various conditions like off-road terrains, snowy roads, mud, and extreme situations, making vehicles safer and more efficient.
The demand for better stability in vehicles and the use of AWD systems in agriculture, construction, and mining are driving the global AWD market. Governments worldwide are also creating strict rules for vehicle safety, increasing the need for AWD systems. Major automotive component manufacturers are investing in developing advanced AWD systems to meet these demands. For instance, Dana Limited introduced 'Spicer smart connect' in 2018, which is an efficient AWD system.
In summary, the growing awareness of vehicle stability, increasing demand for better driving dynamics, and the need for safety in various terrains are boosting the global AWD market.
So, to sum it up, the global market for all-wheel drive (AWD) is booming because people want more stable and better-performing vehicles, especially SUVs and off-road vehicles. However, the high cost of AWD systems and concerns about fuel efficiency and standardized parts could slow down its growth.
The increase in road accidents globally has led to a greater focus on vehicle safety and stability. AWD systems provide support to all the wheels of a vehicle, making them safer and more efficient in various conditions like off-road terrains and extreme situations.
The demand for better stability and the use of AWD systems in various industries like agriculture, construction, and mining are driving the global AWD market. Governments worldwide are also creating strict rules for vehicle safety, increasing the need for AWD systems. Major automotive component manufacturers are investing in developing advanced AWD systems to meet these demands. For example, Dana Limited introduced 'Spicer smart connect' in 2018, an efficient AWD system.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increased demand for vehicles that provide comfort along with striving for better use of features and maintaining fuel efficiency |
| Market Dynamics | Fleet owners are increasing their inclination towards utility vehicles in comparison to sedans or light-weighted vehiclesKicking the demand for crossover vehicles that belong to both commercials as well as passenger applications |
Crossover Vehicles Market Highlights:
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