What are the Historical Developments and Current Growth Metrics of the Drive By Wire Market?
The drive by wire market has seen considerable growth due to a variety of factors.
• There has been a solid expansion in the size of the drive by wire market in the past few years. This market is poised for robust growth, expecting to surge from $25.07 billion in 2024 to $26.34 billion in 2025, marking a compound annual growth rate (CAGR) of 5.1%. The driving forces behind this growth during the historic period have been the rising demand for enhanced vehicle performance, safety, driver assistance systems, regulatory standards and requirements, simplified mechanical complexity, as well as improved fuel efficiency and emission reduction.
What Is The Projected Growth Of The Drive By Wire Market?
The Drive By Wire market is expected to maintain its strong growth trajectory in upcoming years.
• The market for drive by wire is anticipated to experience significant expansion in the upcoming years, with an estimated worth of $33.44 billion by 2029 and a 6.1%.
compound annual growth rate (CAGR). This expected surge during the forecast period is a result of advancements in aerospace and defense sectors, growing consumer desires for cutting-edge functions, an increase in electric and hybrid vehicles, the inclusion of self-driving elements, and a focus on fuel efficiency and lowering emissions. The cresting trends within this forecast period incorporate the merge of autonomous and electric vehicles, innovative safety and driver support features, ameliorated vehicle performance and efficiency, meeting regulation and standards, and the minimizing of mechanical intricacies.
What Are The Key Drivers Fueling Growth In The Drive By Wire Market?
The growth of the drive-by-wire market is anticipated to be fueled by the rising demand for electric vehicles (EVs). Electric vehicles are defined as vehicles equipped with a motor powered directly by electrical energy stored in batteries. These vehicles run on electric motors and employ electricity to recharge their batteries, eschewing fossil fuels like gasoline or diesel. In EVs, drive-by-wire technology employs electronic systems to engage brakes, manipulate steering, and fuel the engine. For instance, a report by the U.S. Department of Energy in January 2023 disclosed that sales of new plug-in electric cars (PEVs), comprising both EVs and plug-in hybrid electric vehicles (PHEVs), hit a record of 7.4% of total car sales, surpassing 7% for the first time in September 2022, with PHEVs accounting for 1.2% of this figure. Consequently, the escalating demand for electric vehicles is bolstering the expansion of the drive-by-wire market.
What Are The Principal Market Segments In The Global Drive By Wire Industry?
The drive by wire market covered in this report is segmented –
1) By Vehicle Type: Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles
2) By Component: Vehicle Electronic Control Unit, Actuator, Engine Control Module, Electronic Transmission Control Unit, Feedback Motor, Sensors, Other Components
3) By Application Type: Throttle-By-Wire, Steer-By-Wire, Shift-By-Wire, Brake-By-Wire, Park-By-Wire
Subsegments:
1) By Passenger Car: Sedan, SUV, Hatchback, Coupe
2) By Commercial Vehicle: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses
3) By Electric Vehicle: Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs)
4) By Off-Highway Vehicles: Agricultural Vehicles, Construction Vehicles, Mining Vehicles, Forestry Vehicles
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Which Emerging Market Trends Are Altering The Drive By Wire Industry?
Steer-by-wire (SBW) products and other areas are being developed through strategic partnership approaches, a trend that major companies in the drive-by-wire market are embracing. Strategic partnerships let companies capitalize each other's strengths and resources to secure mutual benefits and excel together. For example, in October 2022, Germany's ZF Friedrichshafen AG, an engineering company, joined forces with Nio Inc., an automobile manufacturer from China. The objective of this alliance is to create an immediate information exchange system, reinforcing enhanced two-way communication and frequent technical discussions. The partnership's intention is to encourage joint participation in top-tier industrial procedures and to set superior quality benchmarks. ZF and NIO are not only focusing on technological collaboration but are also plotting to expand their partnership into aspects like brand enhancement, product promotion, technological progression, quality improvement, and a special emphasis on customer service enhancement. This alliance is noteworthy as it symbolizes the ZF Group's inaugural steer-by-wire collaboration with an Asia-Pacific client. Both companies also plan to collaboratively further technological progress and growth in several arenas, such as self-driving and electrification.
Who Are the Key Players In The Drive By Wire Market?
Major companies operating in the drive by wire market include:
• Continental AG
• Robert Bosch GmbH
• Zahnradfabrik Friedrichshafen AG
• Nissan Motor Co. Ltd.
• Nexteer Automotive
• Kongsberg Automotive Holding ASA
• Curtiss-Wright Corporation
• Hitachi Astemo Ltd.
• Nippon Denso Co.Ltd
• Ficosa Corporation
• Daimler Truck
• ME Mobil Elektronik GmbH
• Mobil Elektronik GmbH
• Infineon Technologies AG
• Orscheln Products LLC
• KSR International Co.
• Stoneridge Inc.
• Dura Automotive Systems LLC
• Kostal Automotive Electrical Systems
• Schaeffler AG
• Mando Corporation
• JTEKT Corporation
• Mitsubishi Electric Corporation
• General Motors Company
• Jaguar Land Rover Limited
What Are The Regional Insights Into The Drive By Wire Market?
Asia-Pacific was the largest region in the drive by wire market in 2024. Asia-Pacific is expected to be the fastest-growing region in the drive by wire market during the forecast period. The regions covered in the drive by wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
