Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Steer-by-Wire (SBW) System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The automotive industry continues to evolve at a rapid pace with the integration of advanced technologies such as Steer-by-Wire (SBW) systems. A new comprehensive analysis of the Global Automotive Steer-by-Wire System Market reveals that the market size has reached a notable USD 3.52 billion as of 2022 and is expected to grow at a CAGR of 7.64% over the forecast period up to 2028.
The report offers a deep-dive into the market, examining the factors contributing to the growth of the SBW system industry, including the surge in electric vehicle (EV) adoption, increased integration with autonomous driving technologies, and the rising demand for advanced driver-assistance systems (ADAS). With advancements in sensor technologies enhancing the precision and adaptability of SBW systems, the market is poised for significant expansion in the coming years.
SBW technology serves as a cutting-edge replacement for conventional mechanical steering linkages, utilizing electronic controls to connect the steering wheel and the vehicle's wheels. This breakthrough in steering mechanism integrations offers improved fuel efficiency, precise driver control, and supports the larger trend of vehicle electrification and automation.
Key Drivers Influencing the Steer-by-Wire System Market Growth
- Electrification and Autonomous Driving: SBW systems are increasingly being recognized as a critical component for the future of electric and autonomous vehicles, providing seamless integration capabilities and adaptable driving experiences.
- Customizable Driving Experience: Drivers are seeking more personalized experiences, driving the adoption of SBW technologies that allow for the customization of steering responses and haptic feedback.
- Global Expansion: With North America and Europe at the forefront, the SBW market is experiencing significant growth across various geographical regions, including rapid expansion within the Asia-Pacific market.
However, the market also faces challenges such as cybersecurity, regulatory compliance, and system redundancy. Additionally, ensuring consumer acceptance remains a crucial hurdle to widespread adoption.
Regionally, North America leads the charge in SBW adoption, owing to its advanced automotive sector and propensity for technological innovation. Europe follows closely, with a focus on safety and emission standards propelling the integration of SBW systems in luxury and high-performance vehicles. Asia-Pacific holds substantial growth potential, led by China, which is experiencing a boom in automotive production and heightened demand for ADAS features.
Market Segmentation Insights
The study delves into various segments of the market based on propulsion type, vehicle type, and component, offering insights into the influence of these segments on the overall market growth.
Feedback Motors, Angular Sensors, and Steering Actuators are among the primary components analyzed, which are essential for the development and efficient operation of SBW systems. The market segmentation further includes comprehensive regional analysis, covering key areas such as the United States, Canada, Mexico, Germany, United Kingdom, China, Japan, India, South Korea, and the UAE.
The report presents an objective analysis of market dynamics, providing detailed information to stakeholders, industry participants, and investors interested in the SBW system market's trajectory over the coming years.
The Global Automotive Steer-by-Wire System Market study serves as an authoritative source of information, charting the path forward for this innovative technology and providing crucial insights into its expected performance and pivotal trends shaping the industry's future.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3.52 Billion |
| Forecasted Market Value (USD) by 2028 | $5.43 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Nissan Motor Company Ltd
- ZF Friedrichshafen AG
- JTEKT Corporation
- Thyssenkrupp AG
- Paravan GmbH
- Nexteer Automotive
- Danfoss Power Solutions, Inc.
- SKF
- LORD Corporation
- Eaton Corporation
For more information about this report visit https://www.researchandmarkets.com/r/lhbonv
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