PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174549
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1174549
The Drive by Wire Market size was valued at USD 18,970.1 Million in 2021, expanding at a CAGR of 10.3% from 2022 to 2028.
Drive-by-Wire is a technology that uses electronic systems to control a vehicle. It is a semi-automatic computer-controlled technology that is widely utilized in automobiles. Drive-by-Wire technology uses electronic components such as sensors and actuators to control the vehicle's systems such as braking, steering, acceleration, handling, and engine fueling. Adopting such technology reduces the need for drive belts, drive shafts, pumps, vacuum boosters, and other components.
The global automobile industry's rapid growth and expansion are expected to increase the global drive-by-wire market. An increase in the number of mergers and acquisitions in the automobile sector around the world is propelling the global drive-by-wire market. People are more likely to choose highly efficient self-driving vehicles. The rising demand for passenger automobiles, commercial vehicles, and other vehicles is creating value-added opportunities for worldwide drive-by-wire market participants. Furthermore, rising sales of self-driving cars and expanding supply chain and logistics industries are propelling market expansion. The growing global need for safe, fuel-efficient vehicles is fueling the expansion of the drive-by-wire market.
The coronavirus pandemic is having a severe impact on the global drive-by-wire market. The rapidly increasing COVID-19 cases throughout the world have had a significant impact on the global economy. Many developed countries had enforced harsh lockdowns, travel restrictions, and other limitations. It had led the majority of firms around the world to fail as a result of delayed production and manufacturing activity. All of these factors affected the growth of the drive-by-wire market. As a result, the global drop in car production has impacted market growth. However, as regulations are relaxed, industry players are implementing innovative methods to capitalize on development prospects in the worldwide drive-by-wire market.
The Global Drive by Wire Market is segmented based on Application, Vehicle Type, Component, and Region.
Based on application, the market is segmented into throttle by wire, shift by wire, brake by wire, park by wire, and steer by wire. The shift by the wire application segment is expected to dominate the market during the forecast period. It is a system that changes the gearbox mode with the help of an electronic control device. This helps eliminate the mechanical linkage between the lever and gearbox. Shift by wires offers an effortless shifting of gears with the help of a push button. Proper gear shifting helps to maintain the fuel efficiency of the vehicle. Thus, driving the segmental growth over the forecast period.
Regionally, the Asia Pacific is expected to hold the largest market share during the forecast period. The growth in the region is attributed to the increasing sales of commercial vehicles, especially in the countries like India and China. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), commercial vehicle sales in India is around 716,566 units in the year 2021-2022.
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The scope of this report covers the market by its major segments, which include as follows: