Automotive Steer-by-Wire System Market Growth to Record CAGR of...

Automotive Steer-by-Wire System Market Growth to Record CAGR of 5.00% During 2024 - 2032

Posted 2024-01-23 11:39:34

Global Automotive Steer-by-Wire System Market Overview:

The automotive steer-by-wire system market is witnessing a paradigm shift in vehicle steering technology, moving away from traditional mechanical systems toward electronic and software-driven solutions. Steer-by-wire systems eliminate the need for a physical connection between the steering wheel and the wheels, replacing it with electronic sensors and actuators. This innovation offers several advantages, including increased design flexibility, enhanced safety features, and improved fuel efficiency. The absence of a mechanical link allows for the development of more adaptable steering configurations, paving the way for innovations in autonomous driving and advanced driver assistance systems.

The Global Automotive Steer-by-Wire System Market is estimated to be worth USD 4.7 Billion by 2030, registering a 5% CAGR during the forecast period (2022- 2030).

While the automotive steer-by-wire system market holds promise for revolutionizing vehicle dynamics, it also faces challenges related to consumer acceptance, regulatory compliance, and concerns about system reliability. As the technology matures, manufacturers are investing in research and development to address these challenges and improve the overall performance and safety of steer-by-wire systems. With the automotive industry continually pushing the boundaries of innovation, the steer-by-wire system market is expected to play a pivotal role in shaping the future of vehicle control systems, offering a glimpse into the next generation of intelligent and autonomous transportation.

The automotive steer-by-wire caters complete steering control to the driver in the vehicle. The system eliminates mechanical linkages near the steering system and improves vehicle performance. The automotive steer-by-wire system controls the wheel direction by the electric motor, which gets input through electronic control units from the driver. Steer-by-wire technology is an automated substitute for the conventional mechanical and hydraulic steering system, which uses only electronic components for steering a vehicle.

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The steer-by-wire technology eliminates many mechanical components like the steering shaft, column, and gear reduction mechanism, which consecutively reduces the vehicle weight and improves vehicle performance, safety, and reliability. Steer-by-wire technology is an enhancement in electric power steering, which uses an electric motor to apply steering force over the rack.

The global automotive steer-by-wire market is driven by an augmentation in concern among vehicle manufacturers about the reduction in vehicle weight to advance vehicle efficiency. Moreover, regulatory bodies across various nations have prompted vehicle manufacturers to incorporate electronic power-assisted steering, which in turn is likely to boost the global automotive steer-by-wire market.

The culturing demand for better fuel efficiency due to continuous growth in fuel prices and huge demand for vehicle comfort ability is likely to further push the global market in terms of value and volume for the automotive steer-by-wire system.

Automotive Steer-by-Wire System Market Highlights:

Automotive Steer-by-Wire System Market Size

Automotive Steer-by-Wire System Market Trends

Automotive Steer-by-Wire System Market Analysis

Automotive Steer-by-Wire System Market Share

US Automotive Steer-by-Wire System Market

Automotive Steer-by-Wire System Companies

Key Players
The Global Automotive Steer-by-Wire System Market’s prominent key players are Nissan Motor Company Ltd (Japan), ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and Thyssenkrupp AG (Germany), Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland).

Regional Analysis

The Global Automotive Steer-by-Wire System Market is divided into five regions; North America, Asia Pacific, Global, Latin America, and the Middle East & Africa.

Global is projected to hold the highest revenue market share throughout the forecast period owing to the presence of major automotive-consuming nations such as Germany, the UK, Italy, Spain, and Russia.

Moreover, increased per capita income of individuals, embracement for automated vehicle technologies, and presence of technology suppliers across North America and Global are likely to thrust the demand for steer-by-wire systems in these regions.

Asia Pacific is likely to offer attractive opportunities to manufacturers of steer-by-wire systems, owing to an increase in the espousal of advanced vehicle solutions coupled with a rise in per capita income in the region. The augmented demand for luxury vehicles owing to boosted average disposable income and the growing purchasing power of consumers are likely to raise the sales for the automotive steer-by-wire system.

Market Segmentation

The Global Automotive Steer-by-Wire System Market is segmented into the following types;

By Component