Wilmington, Delaware, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global drive-by-wire market was estimated at a value of US$ 23.21 billion in 2020. It is anticipated to register a 9.62% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 63.75 billion by 2031.
The use of electro-mechanical systems to control and carry out vehicle operations that were previously handled by mechanical linkages is known as drive-by-wire systems. Drive-by-wire control systems are used in cars to replace parts that require a lot of energy and are mechanical.
The steering and braking systems have also been controlled by electronics in recent years, in addition to the electronic throttle system that was first employed.
Using a drive-by-wire system is one of the requirements for fully and partially autonomous driving. This method reduces the vehicle's noxious emissions and increases fuel efficiency.
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Global Drive-By-Wire Market: Key Players
With the introduction of new technologies and more effective transmission systems, major firms operating on a worldwide scale are extending their reach.
Bosch is strengthening its position in the industry and expanding its autonomous driving capabilities through an acquisition. Atlatec GmbH, a stand-alone business located in Karlsruhe, Germany, is anticipated to merge with the Bosch Cross-Domain Computing Solutions unit.
The following companies are well-known participants in the global drive-by-wire market:
- Robert Bosch GmbH
- SKF Group
- Delphi Automotive PLC
- Mobil Elektronik GmbH
- Denso Corporation
- Hitachi Automotive Systems, Ltd.
- ZF Friedrichshafen AG
- Continental Group
- Curtiss-Wright Corporation
- Infineon Group.
- Other Key Players
Some key developments by the players in this market are:
- In July 2022, ZF Friedrichshafen AG got the first steer-by-wire passenger car system order from a customer.
- ZF Friedrichshafen AG and NIO inked a strategic collaboration agreement in October 2022 to collaborate on the development of SBW products among other things.
- In November 2022, the SAA innovation award went to Nexteer for their steer-by-wire system including a stowable steering column.
- In June 2023, Bosch and Arnold NextG partnered to produce steer-by-wire systems for the commercial market.
Key Findings of Market Report
- The global automobile industry's rapid rise is anticipated to greatly expand the drive-by-wire market.
- Increased mergers and acquisitions in the global automobile industry are also expected to support the drive-by-wire market.
- Growing worldwide concern over automobile performance is driving car sales, which is expected to significantly expand the market.
- The demand for passenger and heavy commercial vehicles, such as cars, trucks, and trailers, is rising due to the expansion of the global a cab industry and the supply chain and logistics sectors.
- These vehicles primarily require drive-by-wire technology for functions like throttle control, braking by wire, steering by wire, and many others.
Market Trends for Drive-By-Wire
- Based on vehicle type, region, and application, the drive-by-wire market has been divided into several segments globally.
- The electronic throttle control, brake-by-wire, steer-by-wire, and shift-by-wire segments of the global drive-by-wire market are separated based on application. The oldest drive-by-wire technology, electronic throttle control, is predicted to grow substantially in terms of revenue over the course of the forecast period.
- The market has been divided into passenger and commercial vehicle segments based on the kind of vehicle. The drive-by-wire business is expected to grow as demand for electric vehicles rises.
- The market is expected to be restrained by the drive-by-wire system's comparatively high cost as well as the possibility of data hacking and malfunction. Major players in the drive-by-wire industry have a lot of potential to benefit from smart city development.
- Vehicle production decreased globally as a result of the pandemic's quick global spread. Major manufacturing enterprises worldwide have been hindered by the COVID-19 epidemic, resulting in the forced halt of manufacturing and production activity and the collapse of most businesses worldwide. This means that the drive-by-wire market will probably face difficulties as a result.
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Global Market for Drive-By-Wire: Regional Outlook
Various reasons are propelling the growth of the drive-by-wire market throughout the region. These are:
- Another significant factor propelling the global drive-by-wire market is the increase in demand for commercial cars in Asia Pacific. Europe lags Asia Pacific in the worldwide drive-by-wire market in terms of market share.
- The region's leading markets include Germany, Spain, the United Kingdom, Sweden, Italy, Belgium, France, and the Netherlands. Germany is one of the most important of them, thanks to its thriving automotive sector.
Global Drive-By-Wire Market Segmentation
Application
● Electronic Throttle Control
● Brake-by-Wire
● Steer-by-Wire
● Shift-by-Wire
Vehicle Type
●Passenger cars
○Hatchback
○Sedan
○Utility Vehicles
●Commercial vehicle
Region
●North America
●Europe
●Asia Pacific
●Middle East & Africa
●South America
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