ID: MRFR/AM/4477-HCR | 100 Pages | Published By Sejal Akre on March 2023
Drive By Wire Market is projected to reach around $31.9 billion and is expected to grow at a CAGR of 5.9% during 2020-2027.
Drive-By-Wire Market in 2019 was $24 billion and is projected to reach around $31.9 billion and is expected to grow at a CAGR of 5.9% during the forecast period.
The report for Global Drive By Wire of Market research future report comprises the market overview and the detailed analysis of the qualitative as well as the quantitative aspects by various industry opinions as per the market and the industry performance. This report gave a clear picture of the market scenario, which includes market size in terms of value and volume, technological advancement, economic and governing factors. The report provided detailed information and strategies of the top market players in the industry. The market segmentation and the regional assessment have provided the market overview where the Drive by Wire has propelled in the global market.
The coronavirus outbreak started in China in December 2019 and then quickly spread across the world. Ultimately, there were lockdowns, and it affected the maximum of the population of the entire globe. The WHO declared that it will propagate and can not be treated soon. This forced the government authorities to adopt stringent rules and regulations. This pandemic affected the industries and the manufacturers on a wider scale. It affected the personal behavior as well as the social life of each individual. The import-export trades between the countries had also been restricted, that the supply chain management has been hindered.
Along with it, the automobile industry has also been affected badly. There was a decline in the automobile industry, and many industries have been shut down due to this reason. The investment plans have to be changed to recover the losses and pay more attention to the raw material and other costs. Post-2020, the supply contracts and new product developments are expected to lead the automotive market.
The Global Drive by Wire Market report provided valuable insight into the global market. Some major top players have been propelling in the global market. These market players have developed strategies and provided products with benchmarks and SWOT analysis. The new technologies and the ongoing market trends have been taken care of, and the automobile market has changed the dimensions of the global markets so rapidly.
The introduction of electronic devices and hybrid electric vehicles has triggered a technological revolution in the automotive industry. The demand for hybrid electric vehicles has increased in the past few years. Environmental awareness and technological growth have changed the market trends. The OEMs have developed an electrification process that enhances vehicle efficiency, and this process has changed conventional systems. Due to this technological change, the engine turns off automatically, and the battery power is used to start and stop the system.
Drivers: The adoption of autonomous vehicles is one of the major drivers in the growth of the Drive wire market. The sensors have been used that are immensely advantageous for driverless vehicles, and it enhances passenger safety and reduction in emissions from the vehicle.
Opportunities: The stringent norms from the government and the ruling departments have boosted the market growth. The emission norms on the vehicles have forced the manufacturing industries to increase the usage of lightweight materials and the electronic components that reduced the fuel consumption, and the vehicle has been manufactured lighter than before also the energy consumption is less.
Restraints: The most common retraining factor in the growth of the market for drive-by-wire production is the cost of the electronic components. The process of installation and manufacturing is highly expensive, and designing the technology adds up to the overall cost of the vehicle.
Challenges: The electronic systems that are used in most vehicular designs are highly sensitive as well. So the risk of failure of these electronic components in situations like extreme rainfall is a major challenge in the production and manufacturing of the completed product.
The segmentation of the Drive-By-Wire Market is done based on Application, Vehicle Type, Component, Sensor Type, and Region. By Application, among all the variants, the highest expected CAGR during the forecast period is taken by steer-by-wire type. The steer by wire system is an embedded software system that is integrated with an electronic control unit and the control area network bus interface. This whole system reduces the need for the maintenance of the vehicle, and during the life of the drive-by-wire system, the service is not frequently required. In this system, the steering wheel movement is tracked by the electronic encoders that have sensors.
Below is the segmentation listed with the bifurcation according to the different sectors.
By Vehicle Type
By Sensor Type
Based on geography, the Drive by Wire market is majorly divided into four regions of North America, Asia Pacific, Europe, and the rest of the world. Europe is one of the dominating regions in the global drive-by-wire market growth market. The countries like Spain, Germany, the UK, France, Italy, Belgium, and the Netherlands have the maximum contribution to the market shares and are driving the market shares over the forecast period. Germany is expected to project the highest market share and will dominate the market with the highest quality production and manufacturing in the automotive industry.
With the change in the market trends, the developing countries in the APAC region are emerging as an automotive hub for consumer goods production as per the preference and economy for the overall population. There are advantages for the growth in production due to the higher population. The availability of low-cost raw materials and cheap labor has made the market propel at a higher level. China is the major contributor to the automobile market in the APAC region; the growing popularity of luxury cars has boosted the market on a global level. Automatic transmission is one of the biggest factors that has been considered by each manufacturer. The changed mindsets and the government regulations had made it more stringent to develop vehicles that do not affect the environment with vehicular emissions.
Drive-By-Wire is a semi-automatic device that is a computer-controlled technology prominently used in cars. It refers to a technology that is using an electronic system to get vehicle control. Sensors and actuators are the electronic components that are used by Drive by wire technology to efficiently control the vehicular system that includes brake, acceleration, steering, handling, and fueling the engine. The application of such technologies and the advancement of the device have eliminated the usage of drive-belts, vacuum-boosters, pumps, driveshafts, and others.
Drive-by-wire technology is one of the emerging factors in the automotive industry. So, the elimination of mechanical systems has been replaced. This is an advantage and gives a higher scope to the automotive sectors. It has resulted in the development of vehicles and the automobile industry with better quality that weigh less and fuel-efficient automobiles.
|Market Size||2019: USD 24 Billion|
|CAGR||5.9% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vehicle type, By End Market,|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany), Continental AG (Germany), Curtiss Wright Corp. (U.S.), TRW Automotive (U.S.), Nissan Motor Corporation (Japan), S.A Citroen (France), SKF Group (Sweden), Mobil Elektronik GmbH (Germany), Hitachi Automotive Systems, Ltd. (Japan), Continental Group (Germany), Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Curtiss-Wright Corporation (U.S.), Infineon Group (Germany),|
|Key Market Opportunities||
|Key Market Drivers||
The global drive by wire market is maturing at a moderate 5.9% CAGR over the review period of 2020 to 2027.
A few significant players of the global drive by wire market are Denso Corporation (Japan), ZF Friedrichshafen AG (Germany), Curtiss-Wright Corporation (U.S.), and Infineon Group (Germany), among others.
The steer by wire segment is expected to drive market growth over the review period.
The passenger segment is likely to witness the highest demand in the drive by wire market.
The north American region is expected to witness the highest growth.