Global Automotive Steer-by-Wire Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2019 at a CAGR of 23.3% during a forecast period.
Global Automotive Steer-by-Wire Market Overview
Steer-by-wire technology uses electronic components for steering a vehicle rather than conventional mechanical and hydraulic steering systems. This steer-by-wire technology utilizes an electric motor to apply steering force over the rack and pinion. It also reduces the vehicle weight & enhances vehicle performance, safety, and reliability by eliminating several mechanical components like steering shaft, column, and gear reduction mechanism. Nissan is among the first automobile manufacturers who introduced SBW systems in its cars.
The report covers the detailed analysis of the global automotive Steer-by-wire industry with the classifications of the market based on technology, vehicle type, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
Global Automotive Steer-by-Wire Market
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The report has profiled key players in the market from different regions. However, the report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation of market size. The manufacturing environment in each region is different and focus is given to the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed.
Global Automotive Steer-by-Wire Market Dynamics
Regulatory bodies across several countries have urged vehicle manufacturers to incorporate electronic power-assisted steering technology due to raised concerns about in-vehicle safety, the need for advanced driver assistance systems, and development & integration of advanced vehicle technologies, which in turn is expected to drive the growth of the global automotive steer-by-wire market.
Similarly, factors like safety, reliability, and reduction in vehicle weight to enhance vehicle efficiency are creating demand for automotive steer-by-wire technology globally. The manufacturers like BMW, Mercedes, and Nissan started investing high amounts in the development and adoption of steer-by-wire system technology in their vehicles, which is expected to fuel the automotive steer-by-wire market during the forecast period.
The factors like high chances of malfunction as automotive steer-by-wire technology use a computerized system and electronic sensors and occasionally fatal injuries are expected to hinder the growth of the global automotive steer-by-wire market during the forecast period.
Global Automotive Steer-by-Wire Market Segmentation Analysis
By Technology, the automotive steer-by-wire market is segmented as backup mechanical and pure electronic technology. The backup mechanical segment held the entire market share in 2019, accounting for 100% of the automotive steer-by-wire market. Where pure electronic technology is expected to hold 18% of the total market share by 2026.
Global Automotive Steer-by-Wire Market
By Vehicle Type, the global automotive steer-by-wire market is segmented into passenger vehicles and commercial vehicles. As electric power-assisted steering is expected to become mandatory in passenger cars across several countries the passenger segment is expected to grow during the forecast period.
The rise in the average age of vehicles and demand for autonomous technology in cars like hatchback, sedan, SUV/MUV, sports car, and others are driving the growth of passenger vehicles across the world. Similarly, increase in demand for advanced features, rise in the standard of living, increasing purchasing power capacity, rise in per capita income of individuals, increasing industrialization, changing way of life, and high disposable incomes are some of the factors for the growth of the automotive steer-by-wire market globally.
Global Automotive Steer-by-Wire Market
The Americas was the leading region for the global automotive steer-by-wire system market in 2019, accounting for a market share of nearly 65% and is expected to share the highest growth of nearly 3% by 2026. Growing urbanization, industrialization, and the strong presence of key vehicle manufacturers in countries such as China, Japan, and South Korea of Asia pacific have led the global automotive steer-by-wire market to hold a significant share during the forecast period.
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Similarly, the European region has adopted automotive steer-by-wire due to the rise in the automotive sector, new technologies, and their availability at a lower cost by top automobile manufacturers, which in turn is expected to boost the automotive steer-by-wire market in the region during the forecast period.
Global Automotive Steer-by-Wire Market Scope: Inquire before buying
Global Automotive Steer-by-Wire Market
Global Automotive Steer-by-Wire Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Automotive Steer-by-Wire Market Key Players
• Danfoss
• JTEKT NORTH AMERICA
• ZF Friedrichshafen AG
• LORD Corporation
• Eaton
• KYB Corporation
• NSK Ltd
• Nexteer Automotive Corporation
• Ficosa International S.A.
• Kongsberg Gruppen
• Robert Bosch GmbH
• Thyssenkrupp AG
• Paravan GmbH (Germany)
• SKF (Sweden)
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