Automotive Steer-by-Wire System Market Overview:
Automotive Steer-by-Wire System Market is Expected to Grow at a CAGR of 5% from 2023 to 2032 Forecast PeriodThe global automotive steer-by-wire system market to develop at a CAGR of 5% from 2023 to 2032 forecast period.
The steer-by-wire technology in automobiles allows the driver total control over the direction of the car. The method eliminates mechanical linkages close to the steering system to enhance vehicle performance. In an automobile steer-by-wire system, the electric motor controls the direction of the wheels by responding to input from the driver through electronic control units.
The market for automotive steer-by-wire systems is being driven by the rising demand for automobiles with improved steering capabilities. The worldwide market for automotive steer-by-wire systems is anticipated to be driven in terms of value and volume by increasing consumer need for enhanced fuel economy as a consequence of rising fuel prices and significant consumer demand for vehicle comfortability.
Mechanical components and linkages add additional weight to the vehicle, slowing its fuel efficiency even further. The automotive steer-by-wire system reduces weight by eliminating mechanical components, improving the vehicle's fuel efficiency. It opens up new chances for global market participants. in steering responsiveness and a modification in the turning radius, and there is a tremendous demand for the technology in the global market. BMW, Mercedes, and Nissan began spending heavily on the research and implementation of steer-by-wire system technology in their automobiles.
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Key Players
· The prominent players in the global automotive steer-by-wire system market include
· ZF Friedrichshafen AG (Germany),
· Nissan Motor Company Ltd (Japan),
· JTEKT Corporation (Japan), and
· Thyssenkrupp AG (Germany),
· Paravan GmbH (Germany),
· LORD Corporation (US),
· Nexteer Automotive (US),
· Danfoss Power Solutions,
· Inc. (US), SKF (Sweden), and
· Eaton Corporation (Republic of Ireland), among others.
COVID-19 Impact on the Global Automotive Steer-by-Wire System Market
The implementation of a variety of regulations by governments worldwide to deal with the COVID-19 disease, such as a total shutdown of manufacturing units, is anticipated to have an effect on the growth of the global automotive steer-by-wire system industry.
Market Segmentation
The global automotive steer-by-wire system market has been segmented on the basis of component, propulsion type, and vehicle type.
Based on components, the global automotive steer-by-wire system market has been segmented into feedback motors, angular sensors, steering actuators, and others.
Based on propulsion type, the global automotive steer-by-wire system market has been segmented into ICE and electric.
Based on vehicle type, the global automotive steer-by-wire system market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
Regional Analysis
Geographically, the global automotive steer-by-wire system industry has been segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World.
Europe is projected to hold the highest revenue market share throughout the forecast period owing to the presence of key automotive consuming countries like Germany, the UK, Italy, Spain, and Russia. Top automobile manufacturers in Europe are increasing their awareness of new technologies and their availability at a reduced cost, which is predicted to stimulate demand for new vehicle technologies and components such as automotive steer-by-wire systems. Increased demand for luxury vehicles in the Asia Pacific due to rising average disposable income and consumer purchasing power is expected to boost sales of automotive steer-by-wire systems.
Summary
The global automotive steer-by-wire system market is anticipated to develop at a CAGR of 14% from 2018 to 2023 (forecast period). The growing better fuel efficiency, as well as the steady increase in fuel prices, is propelling the growth of the automotive steer-by-wire system market.
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