Automotive Steer By Wire System Market Analysis
The market for Automotive
Steer By Wire System market is expected to
expand at a compound annual growth rate (CAGR) of 5.00% between 2023 and 2032,
from an estimated USD 3.04 billion in 2023 to USD 4.498 billion by 2032.
The Automotive Steer By Wire
System gives the driver entire steering control in the vehicle. The technology
improves vehicle performance by removing mechanical links near the steering
system. The electric motor, which receives input from the driver via electronic
control units, regulates the wheel direction in an Automotive Steer By Wire
System.
The growing demand for greater
steering capabilities in vehicles is driving the global Automotive Steer By
Wire System market. The growing demand for improved fuel efficiency as a result
of rising fuel prices, as well as massive demand for vehicle comfortability,
are expected to drive the global market for Automotive Steer By Wire Systems in
terms of value and volume. 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. Nissan
subsidiary Infiniti introduced the Q50 with steer-by-wire system technology in
2014, which eliminates mechanical components/linkages between the steering
wheel and the vehicle's wheels. Initially, the Automotive Steer By Wire System
had certain software and turning radius issues, prompting the manufacturer to
recall and halt manufacturing.
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Wire System Market
Sales of the Q50 vehicle began
after an improvement 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.
However, a high level of technology is anticipated to limit the worldwide
automobile steer-by-wire system market's growth. Proper technological
development is the primary worry for manufacturers in the early stages of
steer-by-wire technology, as a minor error may result in the recall of
automobiles in the global market.
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.
Automotive Steer By Wire
System 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.
Automotive Steer By Wire
System Market 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.
Automotive Steer By Wire
System Market Key Players
- ZF Friedrichshafen AG (Germany)
- Nissan Motor Company Ltd (Japan)
- JTEKT Corporation (Japan)
- Thyssenkrupp AG (Germany)
- Paravan GmbH (Germany)
- LORD Corporation (US)
- Nexteer Automotive (US)
- Danfoss Power Solutions, Inc. (US)
- SKF (Sweden)
- Eaton Corporation (Republic of Ireland)
Automotive Steer By Wire
System Market 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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