Global Automotive Steer-by-Wire System Market Growth, Analysis, Trends, Growth, Future Scope: Information by Component (Feedback Motor, Angular Sensor, Steering Actuator), Propulsion (ICE, Electric), Vehicle (Passenger, Light Commercial, Heavy Commercial), Region – Forecast Till 2023
Automotive Steer-by-Wire System Market Highlights
The automotive steer-by-wire system is considered to be different from the electric power steering system. The automotive steer-by-wire system provides control over the system in the vehicle by controlling the wheel direction. This system works based on driver inputs and then the inputs actuated through electronic control units to control the wheel direction. The growing demand for fuel efficiency in vehicles and the growing luxury vehicle sales are the major driving factors for the global automotive steer-by-wire system. The rise in the demand for better steering functionality owing to the increased concern about vehicle noise due to steering mechanical components will enhance the sales for the automotive steer-by-wire system in the global market. In 2014, Nissan luxury brand Infiniti came up first with the steer-by-wire system technology in the model Q50. The technology failed in its initial period and the recall happened. After improvement in the steering responsiveness and change in turning radius, the technology put a mark in the global market. There are many automobile manufacturers such as Nissan, BMW, General Motors, and Mercedes who are investing in the technology and start adopting the same in their signature models. Rapidly growing demand for new steering technology and growing automobile sales will open up new opportunities in the global market for new entrants. However, the high price of the technology will restrain the sales of the automotive steer-by-wire system technology. The adoption of technology in non-luxury vehicles is the major challenge for manufacturers as it increases the cost of the vehicle.
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The prominent players in the global automotive steer-by-wire system market include Nissan Motor Company Ltd (Japan), ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and ThyssenKrupp AG (Germany). Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland), among others.
In terms of region, the global automotive steer-by-wire systems market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to hold the highest revenue market share in the base year and is expected to dominate during the forecast period. The presence of automobile manufacturers in Germany, the UK, Italy, Belgium, Sweden, and Russia is expected to drive the growth of the automotive steer-by-wire systems market in Europe as these regions have a continuous demand for steer-by-wire systems in vehicles to raise the comfort level. In Europe, there are high sales of luxury passenger cars which further boosts the sales of automotive steer-by-wire systems. In North America, stringent government norms and awareness regarding safety vehicles will drive the growth of automotive steer-by-wire systems. Asia-Pacific is estimated to hold the highest growth rate over the forecast period. The increasing demand regarding fuel efficiency is likely to enhance the market size for Asia-Pacific.
Scope of the Report
This study provides an overview of the global automotive steer-by-wire system market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on market opportunities for the next five years for each region. The scope of the study segments the global automotive steer-by-wire system market by component, propulsion type, vehicle type, and region.
- Feedback Motors
- Angular Sensors
- Steering Actuators
By Propulsion Type
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America
- Rest of the World
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