Drive By Wire Market: Current Analysis and Forecast (2021-2027)

Global Drive By Wire is anticipated to display a CAGR of around ~7% over the forecast period (2021-2027). In the automotive business, drive-by-wire is a new technology. Mechanical systems such as intermediate shafts, master cylinders, pumps, steering columns, and other components have been replaced with high-end electronic control systems. Instead of a physical link between the accelerator and the engine, the sensor senses the driver's movement and provides a signal to the actuator, which spins the wheel and actuates the throttle. The creation of lightweight and fuel-efficient automobiles has resulted from the replacement of mechanical components. The accompanying high cost is the main factor limiting the growth of the drive by wire market. As a result, manufacturers have had a hard time accepting the method. Drive by wires employs a slew of sophisticated electronic components, such as sensors and actuators, to carry out tasks that were formerly carried out by mechanical components. All of this is meticulously managed by a series of control units that process data from various sensors and send output signals to the actuator. Along with expensive costs, the drive by wire market is being hampered by a lack of public acceptance or slow uptake. The widespread lack of trust in software coding and the stability of electrical components used in these systems is one of the reasons for the slow adoption of drive by wire. This has had a negative impact on buyers' purchasing decisions. As a result, the market expansion is expected to be hampered by the high cost of technology/systems and component failure.

Insights Presented in the Report

"Amongst Application, Shift segment dominated the market in 2020"

Based on application, the market is segmented into Brake, Park, Shift, Steer, and Throttle. The Shift segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. Over the projected period, the shift-by-wire segment is expected to dominate the market. It's a system that uses an electronic control device to adjust the gearbox mode. The mechanical linkage between the gearbox and the lever is eliminated with this technique. With the use of a push-button, shift-by-wire allows for seamless gear shifting. Proper gear changing aids in maintaining the vehicle's fuel efficiency.

"Amongst vehicle type, Passenger Car segment dominated the market in 2020."

Based on the vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. The Passenger Car segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. The drive-by-wire system is used in the majority of mid-size and luxury car classes. In the future years, the worldwide passenger car drive by wire market will be driven by increased production of mid-size and luxury automobiles. In addition, the passenger car drive by wire market is predicted to benefit from rising demand for higher safety and luxury, as well as improved operational accuracy. Additionally, as more severe pollution standards are enacted around the world, automakers are being forced to use drive-by-wire technology in their automobiles. The dominance of this category in the market is expected to grow as sales and manufacturing of passenger automobiles increase. Over the projection period, the government's various tax incentives for the purchase of hybrid and electric vehicles will stimulate demand for passenger automobiles.

"Amongst Component, Actuator segment dominated the market in 2020"

Based on the component, the market is segmented into Electronic Control Unit, Actuator, Electronic Throttle Control Module, Electronic Transmission Control Unit, and Others. The Actuator segment generated revenue of USD XX billion in 2020 and is expected to grow at a CAGR XX% during the forecasted period. One or more actuators are used in every drive by wire application. For example, a brake-by-wire system has four actuators, one for each wheel. Because electric actuators may be controlled precisely with the brake system ECU, electrically actuated brakes are compatible with technologies like an anti-lock braking system (ABS) and stability control. The pedal linking the gas pedal and the throttle valve is replaced by an electronic system made up of a number of sensors and actuators in throttle-by-wire. In drive-by-wire applications, a variety of actuators are used, including steering actuators, feedback actuators, pinion actuators, motor controlling throttle valve position actuators, and Servomotor/pump actuators. The global market for actuators is likely to be driven by the growing number of automobiles with drive-by-wire applications.

"Asia Pacific represents the largest market."

Due to changing consumer preferences, rising middle-class discretionary income, and cost benefits for OEMs due to the availability of inexpensive labor and raw materials, Asia Pacific has emerged as a hub for automobile production in recent years. Daimler, Volvo, BMW, Volkswagen, and Scania, among others, have production facilities in these countries. Because China is a key automobile market in the Asia Pacific, the market for premium and luxury vehicles are likely to rise. In addition, the drive-by-wire industry is likely to benefit from the implementation of stringent emission standards in the Asia Pacific. However, the region's cost-sensitive characteristics and popular preference for conventional vehicles could stifle market expansion. Some of the major players operating in the market include: Denso Corporation, ZF Friedrichshafen, Curtiss-Wright Corporation, TRW Automotive, Continental AG, Hitachi Automotive Systems, Ltd., Nissan Motor Corporation, Robert Bosch GmbH, Ficosa Corporation and Kongsberg Automotive etc.

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