automotive steer-by-wire system Market Is Likely Upsurge by , Size,
The global automotive steer-by-wire system market size, as projected by Market Research Future (MRFR), is set to experience a substantial growth rate of 14% from 2018 to 2023 (forecast period).
The automotive steer-by-wire system offers drivers complete control over steering within the vehicle, enhancing vehicle performance by eliminating mechanical connections near the steering mechanism. This technology relies on electronic control units to transmit driver input to an electric motor, which then regulates the wheel's direction in the automotive steer-by-wire system.
The increasing demand for enhanced steering capabilities in vehicles is a major driving force behind the global automotive steer-by-wire system market. The desire for improved fuel efficiency, driven by rising fuel prices, coupled with the strong demand for vehicle comfort, is expected to contribute significantly to the market's growth in terms of both value and volume. Traditional mechanical components and linkages add extra weight to vehicles, adversely affecting fuel efficiency. The automotive steer-by-wire system mitigates this by eliminating mechanical components, thereby enhancing the vehicle's fuel efficiency and creating new opportunities for global market participants.
Infiniti, a subsidiary of Nissan, introduced steer-by-wire system technology in its Q50 model in 2014, removing mechanical components and linkages between the steering wheel and the vehicle's wheels. Initially, this technology faced software and turning radius issues, leading to a product recall and manufacturing halt. However, after improvements in steering responsiveness and turning radius, the Q50 witnessed a surge in demand, signaling substantial interest in this technology within the global market. Major automobile manufacturers such as BMW, Mercedes, and Nissan have also invested significantly in researching and implementing steer-by-wire systems in their vehicles. Nevertheless, the high level of technological complexity presents a potential limitation to the global automotive steer-by-wire system market's growth. Manufacturers are concerned about the need for precise technological development, as even minor errors could result in widespread recalls of vehicles in the global market.
Impact of COVID-19 on the Global Automotive Steer-by-Wire System Market:
The implementation of various government regulations worldwide to combat the COVID-19 pandemic, including the temporary shutdown of manufacturing facilities, is expected to impact the growth of the global automotive steer-by-wire system industry.
Market Segmentation:
The global automotive steer-by-wire system market is segmented based on components, propulsion type, and vehicle type.
Components: The market segments include feedback motors, angular sensors, steering actuators, and others.
Propulsion Type: Segmentation includes Internal Combustion Engine (ICE) and electric.
Vehicle Type: Segmentation comprises passenger cars, light commercial vehicles, and heavy commercial vehicles.
Regional Analysis:
Geographically, the global automotive steer-by-wire system market is divided into four major regions: North America, Europe, Asia Pacific, and the Rest of the World.
Europe is expected to maintain the highest market share in terms of revenue throughout the forecast period. This is attributed to the presence of major automotive markets such as Germany, the UK, Italy, Spain, and Russia. Top automobile manufacturers in Europe are increasingly focusing on adopting new technologies at reduced costs, which is likely to drive demand for advanced vehicle technologies like automotive steer-by-wire systems.
In the Asia Pacific region, the increased demand for luxury vehicles is driven by rising average disposable income and consumer purchasing power. This is expected to boost sales of automotive steer-by-wire systems.
Key Players:
Prominent players in the global automotive steer-by-wire system market include ZF Friedrichshafen AG (Germany), Nissan Motor Company Ltd (Japan), JTEKT Corporation (Japan), Thyssenkrupp AG (Germany), Paravan GmbH (Germany), LORD Corporation (US), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), and Eaton Corporation (Republic of Ireland), among others.
In Summary:
The global automotive steer-by-wire system market is poised to grow at a robust CAGR of 14% from 2018 to 2023. The demand for improved fuel efficiency in the face of rising fuel prices is a key driver behind the market's growth.