According to a new study released on Thursday by ResearchandMarkets.com, the global electric four wheel drive (4WD) car market is “expected to grow at a significant rate during the forecast period with growth attributed to the increasing demands for luxury cars and the rising penetration of electric vehicles.” The study is forecasting the market segment growth for the years 2023-2027.
Growth is expected to be driven by new innovations in the development of 4WD electric batteries, as well as increasing investments by leading automotive OEMs. The study said “Additionally, rising environmental concerns, advancements in charging technologies, and decreasing prices of batteries are further propelling the demand for the electric 4WD car market worldwide.”
The report points out that governments worldwide are increasingly investing in electric mobility and infrastructure to phase out fossil fuel-powered vehicles with measures such as providing subsidies and tax rebates to consumers, which will fuel the positive growth of the global electric 4WD car market.
Another factor in the growth of this segment will be “the increased consumer spending capacity of the population in emerging countries and growing environmental awareness.” Up until recently, the electric battery system used to be available only in luxury cars, but now many automotive companies are introducing hybrid electric vehicles and passenger cars, which is boosting their adoption. Says the report, “Enhanced versatility, performance, and better handling of the cars are expected to boost the sales of electric sports utility vehicles around the globe.”
The hatchback segment is expected to register the fastest growth in the global electric 4WD market due to the increased affordability than their counterparts.
Major players operating in the global electric 4WD market include Volkswagen Group, BMW AG, Hyundai Motor Company, Daimler AG, Tesla INC, and the Toyota Motor Company.
