Automotive Steer-by-Wire System Market Overview:
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.
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.
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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Steer-by-Wire System Market
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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