Growing Vehicle Electrification of Drive by Wire Market |...

Growing Vehicle Electrification of Drive by Wire Market

Posted 2024-01-10 11:56:27

The global drive by wire market is estimated to be valued at US$ 24 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Drive by wire systems provide improved vehicle dynamics and control over traditional mechanical systems. They offer more precise throttle, brake and steering control.This improves vehicle safety and performance. Drive by wire also reduces vehicle weight and complexity by replacing heavy mechanical components with lighter electronic ones.

Weakness: Drive by wire systems are more complex than traditional mechanical systems. Any fault in the electronic system could disrupt vehicle control. This raises serious safety concerns. Data security is also a weakness as the systems are connected and hackable. Cost of development and production is higher for drive by wire technology currently.

Opportunity: With increasing vehicle electrification and automation, demand for drive by wire solutions will rise significantly. It provides an opportunity for automobile manufacturers to develop advanced driver-assist and self-driving systems. Drive by wire also allows software upgrades to existing vehicles for improved performance and new functions. This creates a revenue opportunity in after-sales services for automakers.

Threats: Stiff competition from established auto manufacturers and new entrants in adopting drive by wire technology faster. Over-dependence on technology raises risks of disruptions from cyber attacks and hardware/software failures. Slow adoption by customers due to unfamiliarity with the technology and perceptions of reduced reliability are threats.

Key Takeaways

The Global Drive By Wire Market Demand is expected to witness high growth over the forecast period supported by growing vehicle electrification and automation. Major automakers are investing heavily in development of advanced driver-assist and self-driving vehicles which rely on drive by wire systems for vehicle control functions. This demand will drive market revenues higher through 2030.

Regional analysis - The Asia Pacific region currently dominates the drive by wire market with China, Japan and South Korea having a major presence of automotive OEMs and component suppliers. Government initiatives to promote electric vehicles and investments by automakers in self-driving technologies will accelerate drive by wire adoption in the region. Europe and North America are other major markets, though growth rates will be higher in developing Asian countries.

Key players operating in the drive by wire market are Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Nexteer Automotive, Curtiss-Wright Corporation, Denso Corporation and Infineon Technologies. Robert Bosch and ZF Friedrichshafen have established leadership in drive by wire systems supply to automakers globally. New players are also entering the market to gain shares through development of customized solutions and partnerships.

Explore more information on this topic, Please visit -

https://www.insightprobing.com/drive-by-wire-market-growth-and-forecasts-analysis/

Explore more trending article related this topic -

https://wotpost.com/office-furniture-the-foundation-for-productivity-and-collaboration-in-workplaces/