The global automotivesteer-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 completecontrol 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 invehicles 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-wiresystem 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-WireSystem Market:
The implementation of various government regulationsworldwide 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 issegmented 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 systemmarket 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 interms 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 luxuryvehicles 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-wiresystem 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 automotivesteer-by-wire system market is poised to grow at a robust CAGR of 14% from2018 to 2023. The demand for improved fuel efficiency in the face of rising
fuel prices is a key driver behind the market's growth.
