Market Synopsis:
Drive-by-wire is an automotive technology which replaces traditional mechanical vehicle systems with electronic systems. Drive-by-wire technology provides enhanced safety and flexibility of automotive systems by facilitating more automated control and simplification of design. market research Future (MRFR) has recently published a report on the global Drive-by-wire Market outing the factors that could impact the market over the forecast period of 2017-2023. In its detailed study, MRFR has indicated a CAGR of 9% in the Drive-by-wire Market .
The Drive-by-wire Market derives much of its growth from the advent of autonomous vehicles. In autonomous vehicles, drive-by-wire systems are extensively used to provide improved fuel economy and enhanced performance to cars. In addition, the automotive industry has made its stark transition from mechanical to electronically controlled systems which favors the adoption of drive-by-wire systems.
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The growing emphasis on fuel conservation and rising stringency of emission norms across the globe has provided fuel for the growth of the Drive-by-wire Market . Drive-by-wire system has gained high acceptance among end users as they provide increased fuel economy and reduce harmful emissions.
Drive-by-wire systems find application in concept and luxury cars. Rising sales of luxury as well as concept cars, especially in the emerging economies, has provided favorable grounds for the expansion of the Drive-by-wire Market .
Other factors contributing to the market growth include rising investment in R&D of the drive-by-wire system by automotive manufacturers and increasing application range of drive-by-wire systems. Drive-by-wire systems are used in various industrial vehicles, forklifts, mowers, utility vehicles, harvesters, mowers, utility vehicles, construction and mining equipment, tractors, and other off-road vehicles which support the growth of the market.
On the flip side, market growth might be hindered by various factors. Higher price and complexity as compared to mechanical systems and risk of software malfunction are factors inhibiting the growth of the market. Despite several safety measures, drive-by-wire systems might fail due which adoption among end users remain low.
Segmentation
The global Drive-by-wire Market has been segmented on the basis of application and vehicle type.
By application, the Drive-by-wire Market has been segmented into throttle by wire, shift-by-wire, steer-by-wire, brake-by-wire, and others. Application-wise, the steer-by-wire segment is likely to exhibit the highest CAGR over the forecast period.
By vehicle type, the Drive-by-wire Market has been segmented into passenger cars and commercial vehicles. The commercial vehicle segment is likely to forsee substantial growth over the forecast period.
Regional Analysis
By region, the Drive-by-wire Market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
Europe is the leading Drive-by-wire Market . Europe is concentrated with car manufacturers in countries such as Russia, Sweden, Germany, Italy, and Belgium. moreover, the sale of luxury cars in the region is considerably high which generates demand for drive-by-wire systems. In addition, the automotive manufacturers in the region are highly inclined towards advanced automotive features and incorporate them into vehicles which contribute to the market growth.
North America is a significant market for drive-by-wire spurred by increased sales of premium cars. Plus, the level of awareness regarding the latest automotive technologies is considerably high in the region which boosts the demand for drive-by-wire systems. Strict regulations pertaining to vehicular emission also support market growth in the region.
The APAC Drive-by-wire Market is anticipated to exhibit noteworthy growth over the forecast period. The thriving automotive industry and increasing sales of luxury cars have provided lucrative opportunities to the Drive-by-wire Market .
Competitive Landscape
SKF Group (Sweden), Hitachi Automotive Systems, Ltd. (Japan), Infineon Group (Germany), Curtiss-Wright Corporation (U.S.), Nissan Motor Corporation (Japan), TRW Automotive (U.S.), Denso Corporation (Japan), Curtiss Wright Corp. (U.S.), P.S.A Citroen (France), Mobil Elektronik GmbH (Germany), Robert Bosch GmbH (Germany), Continental Group (Germany), Continental AG (Germany), and ZF Friedrichshafen AG (Germany) are the notable players in the Drive-by-wire Market .
Industry Updates
May 2019 - Dataspeed Inc., a Michigan-based drive-by-wire provider and autonomous vehicle (AV) solution integrator, announced the expansion of its European footprint by entering into a partnership with Level Five Supplies, a company offering component sales and integration services in Europe. The partnership would facilitate enhanced service and easier access to Dataspeed's advanced by-wire product offering.
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