Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "X-by-Wire Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global X-by-wire systems market reached a size of US$ 20.4 billion in 2022 and is projected to grow to US$ 29.8 billion by 2028, with an expected compound annual growth rate (CAGR) of 6.4% during the period from 2023 to 2028.
X-by-Wire Systems and Their Significance
X-by-wire systems represent a shift from traditional mechanical or hydraulic control systems to electronic control systems. These systems include various types, such as brake-by-wire, steer-by-wire, shift-by-wire, park-by-wire, and throttle-by-wire. X-by-wire systems replace mechanical linkages with electronically assisted control mechanisms.
One of the key advantages of X-by-wire systems is their ability to eliminate the need for traditional components like intermediate shafts, hoses, pumps, vacuum servos, master cylinders, steering columns, and belts.
This replacement contributes to overall vehicle weight reduction, lower emissions, increased fuel efficiency, enhanced safety, and improved response time. X-by-wire systems achieve this by using human-machine interfaces and electromechanical actuators.
X-by-Wire Systems Market Trends
Several trends are influencing the growth of the X-by-wire systems market:
- Demand for Electric Vehicles (EVs): The global adoption of electric vehicles is driving market growth. EVs offer advantages such as reduced emissions and fuel consumption, and autonomous vehicle manufacturers are introducing electronic control units and sensors, further boosting the market.
- Technological Advancements: Innovations like the lithium-ion capacitor and modular valve, which enhance intelligence and tailor steering performance, are contributing to market expansion.
- Lightweight Vehicle Demand: The increasing demand for lightweight vehicles with improved efficiency is favoring X-by-wire systems adoption.
- Automotive Industry Expansion: The growth of the automotive sector, rising disposable income, and government initiatives to reduce carbon footprints are all positively impacting the market.
Market Segmentation
The market is segmented based on several factors:
By Type:
- Throttle-by-Wire System
- Brake-by-Wire System
- Steer-by-Wire System
- Park-by-Wire System
- Shift-by-Wire System
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape
Key players in the X-by-wire systems market include AB SKF, Continental AG, Curtiss-Wright Corporation, Infineon Technologies AG, JTEKT Corporation, ME Mobil Elektronik GmbH, Nexteer Automotive, Orscheln Products L.L.C, Parker Hannifin Corporation, Robert Bosch GmbH, Tata Motors Limited, Volkswagen AG, and ZF Friedrichshafen AG.
Key Questions Addressed in the Report
- How has the global X-by-wire systems market performed historically, and what is its growth potential in the coming years?
- What impact has COVID-19 had on the global X-by-wire systems market?
- What are the key regional markets for X-by-wire systems?
- What are the primary types of X-by-wire systems?
- Which vehicle types are the primary users of X-by-wire systems?
- What are the major drivers and challenges in the industry?
- Who are the key players in the global X-by-wire systems market, and what is the level of competition in the industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $20.4 Billion |
| Forecasted Market Value (USD) by 2028 | $29.8 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/b2nz4h
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