Categories: Automotive

Drive by Wire Market to Surpassing US$ 49.98 Billion By 2032

The global drive by wire market size reached USD 24.59 billion in 2022 and is expected to expand USD 49.98 billion in2032, exhibiting growth at a CAGR of 7.4% from 2023 to 2032.

Drive-by-wire can be described as an automotive expertise that substitutes the conventional mechanical arrangements of an automobile, such as braking, throttle control, gear shifting, and steering by the use of electronic arrangements. Up surge in the innovative technologies and modernizations in the automotive expertise enables creation of lucrative prospects for the corporations which are operating in the automotive business. The drive-by-wire technology is an innovative vehicle regulator strategy; it is integration of mechanical connections within an automobile. The drive-by-wire technology substitutes conventional mechanical controller systems with electric control arrangements by employing the electromechanical actuators and machine-human interfaces pedal and steering. The apparatuses such as columns, steering pumps, shafts, belts, vacuum servos, and master cylinders are eradicated from the automobile. The protection can be improved by arranging the computer-controlled arrangements like electronic stability control (ESC), adaptive cruise control (ACR), and lane support systems.

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Purely electromechanical equipment’s are enable removal of environmentally dangerous hydraulic solutions. It allows reduced maintenance charge, contraction in the mechanical complication. Drive-by-wire arrangement is becoming immensely popular in the automotive industry. The arrangement comprises of electromagnetic actuators that enable regulation of the measure of fuel to be released into the cylinder. This innovative technology and rapid modernizations have generated new prospects for market players. The international drive-by-wire market is projected to display a significant CAGR along with a strong annual rate of growth over the estimate period.

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Drive by Wire Market Growth Factors:

Implementation of stringent vehicle emission regulations by government authorities, increasing demand for comfort of automobile owners, advantages such as reduction in vehicle weight and higher fuel efficiency, reduced tail-pipe emission, and technological advancements are among major factors boosting growth of the global industry. Additionally, increasing popularity and adoption of autonomous vehicles is fueling growth of the drive-by-wire market worldwide. Moreover, rapidly increasing awareness regarding fuel conservation is having positive impact on the growth of global industry. Further, increased focus on the improvements in automobile functioning in developing regions and growing investment by major market players on research and development are other factors to boost growth of the global market during the forecast time frame.

All major vehicle manufacturers and numeroustier-1 suppliers are making considerable investments in autonomous and connected automobile technology which has led to in increased requirement for the independent vehicles in the forthcoming period. The worldwide demand for autonomous automobile is anticipated to surpass 4 million units by the year 2030. The automotive division faces an extraordinary change with respect to the extensive effects it will bear on the business and its users. This increasing mandate for independent vehicles is also expected to fuel the requirement for the drive-by-wire systems as automobiles will be completely equipped with drive-by-wire arrangement owing to the fact that such automobiles use electronic and electrical intelligence while driving.

Report Highlights:

Based on solution, shift-by-wire reported largest revenue in 2020. This is accredited to features such as effortless gear shift just by a push of a button. Further, advantages such as lower fuel consumption are expected to boost the growth of the segment in the near future.
On the basis of component, electronic transmission control unit accounted for the weighty share in the target industry. This is due to increasing demand for electronic transmission control unit in electric and hybrid vehicles.
Robert Bosch GmbH and Danaher Motion are major companies operating in the global drive-by-wire market.

Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 45%. U.S. represented highest share in the North America region primarily due to well-developed automobile industry, presence of skilled professionals, and availability of latest automobile products. Moreover, growing awareness regarding fuel conservation is expected to have positive impact on the industry growth. Europe is expected to account for the second largest share in the drive-by-wire industry in terms of revenue in 2020. The growth in the European region is attributed to availability of latest automobile infrastructure, presence of leading market players, and increasing adoption of autonomous vehicles. Asia Pacific is anticipated to grow at the highest CAGR during the projected time-duration majorly due to implementation of stringent emission norms. Growth in the research and development activities is a major factor that is projected to have optimistic impact on the growth of the target industry in the Asia Pacific region.

Key Market Players and Strategies:

The major companies functioning in the worldwide drive by wire market are TORC Robotics Inc., Mobil Elektronik GmbH, Danaher Motion, Robert Bosch GmbH, SKF Group, Audi, RLP Engineering, Peugeotm, Nissan, and TRW among others. Huge investment in the technological development of drive by wire along with business-related collaborations are the crucial business strategies started by the major players operating in the global drive by wire market.