DUBLIN, February 26, 2016 /PRNewswire/ --
A recent report published on Research and Markets expects four wheel drive vehicle shipments to cross over 7 million, in terms of unit sales, by 2019. According to the report, the rising demand for sports utility vehicles (SUVs) is a key market driver, with a growing demand for these vehicles among the emerging middle classes. Today, Audi signaled its intentions to target this market by announcing a line of new SUVs - ranging from the tiny Q2 to the full-size Q8.
The Q2, in particular, is targeted at the subcompact SUV segment that rivals BMW and Mercedes haven't touched. It has been designed as a smaller, less spacious alternative to the $33,700 Q3 model. According to reports, Europe-wide deliveries of subcompact SUVs like the Q2 will more than double to about 2.1 million units in the five years to 2022. A recent report on the global subcompact SUV and crossover market said that OEMs are targeting $7.4 million subcompact SUV sales by 2022.
The "Global Four Wheel Drive Vehicle Market" report had predicted the market to witness increased adoption of 4WDs in hybrid vehicles until 2019. This is evidenced by the news that Audi are planning to introduce its first all-electric crossover in 2018.
The global automotive multi-wheel drive systems market is expected to grow at a CAGR of 6.52%, due to a growing demand for SUVs in emerging markets such as India and China. The report says SUVs are the fastest-growing vehicle segment in China, owing to the growing demand for these vehicles among the emerging middle class, because of the increasing disposable income.
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SOURCE Research and Markets