The Global Automotive Steer-by-Wire System Market to Post 5% CAGR by 2023
Europe to Rule the Global Automotive Steer-by-Wire System Market
Increasing Demand for Greater Steering Capabilities in Vehicles Drives the Global Automotive Steer-by-Wire System Market
Automotive Steer-by-Wire System Market Analysis
The global automotive steer-by-wire system market to develop at a CAGR of 5% from 2023 to 2032(forecast period).
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. 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.
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.
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.
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.
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.