Market Synopsis
As per the analysis by the Market Research Future Reports, the global drive by wire market is expanding at a moderate CAGR of 9% during the forecast period. The global drive by wire market 2022 is estimated to witness expansion during the forecast period due to the rising sales of electric vehicles and plug-in hybrid electric vehicles across the globe. The usage of drive-by-wire technology in passenger cars also provides improvements in fault recognition and regulation. Therefore, it also reduces the cost of maintenance of the vehicle. The rising demand for off-road vehicles has also resulted in the demand for the drive-by-wire market.
With the rising concern of increasing pollution, various rules and regulations have been implemented by the government of several countries. The usage of drive-by-wire technology in an automotive increases the fuel efficiency of an automotive by lessening the weight of the vehicle. The use of these systems improves the safety of the vehicle by offering computer-controlled systems such as lane assists systems and electronic stability control.
These systems are very efficient and demand low maintenance, which increases their demand across commercial and passenger cars. On the other hand, several authorities believe that mechanical systems are more trustworthy. Besides, the drive-by-wire systems are more complicated, and hence, they are more expensive than mechanical controls. The growth of the market is likely to be restricted due to the low rate of adoption among several vehicle owners.
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Key Players
The major players of the global drive-by-wire market are Continental AG (Germany), Robert Bosch GmbH (Germany), Curtiss Wright Corp. (U.S.), Nissan Motor Corporation (Japan), T.R.W. Automotive (U.S.), P.S.A Citroen (France), and S.K.F. Group (Sweden). Apart from these, there are some other key players which are Hitachi Automotive Systems, Ltd. (Japan), Mobil Elektronik GmbH (Germany), Denso Corporation (Japan), Curtiss-Wright Corporation (U.S.), Z.F. Friedrichshafen AG (Germany), and Infineon Group (Germany).
Market Analysis:
The global market for automotive filters based on region is segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific is predicted to retain its position of holding a major market revenue share during the forecast period. The increasing growth of automotive filters in this region is linked to improved infrastructure, high demand for cars and lower labor cost. In 2016, Asia Pacific had more than 40% of the complete market share and is predicted to grow during the forecast period. Meanwhile, Canada and US are also likely to grow during the forecast period because of growing awareness regarding emission control and more sales of automobiles. In Europe, government regulations are getting stricter every year. It means manufacturers should know the regulatory requirement well.
Market Segmentation
The global drive by wire market can be segregated on the basis of vehicle type, application, and region.
On the basis of vehicle type, the global drive by wire market can be classified into commercial vehicles and passenger cars. Between these two segments, the commercial vehicle segment is estimated to experience considerable growth during the review period.
On the basis of application, the global drive by wire market can be classified into shift by wire, brake by wire, throttle by wire, steer by wire, and others. among all, throttle by wire is estimated to lead the market during the review period.
On the basis of region, the global drive by wire market can be classified into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Regional Analysis
On the basis of region, the global drive by wire market can be segregated into Europe, North America, Asia-Pacific, and the Rest of the World (RoW). As per the analysis by the MRFR, the European market is estimated to lead the global drive-by-wire market. With the presence of countries like Spain, Germany, Italy, Belgium, Netherlands, France, the U.K., the expansion of the market has expanded significantly. In the European region, Germany is estimated to lead the market due to the presence of the large automotive market in the region. The North American market is expanding significantly due to the presence of developed nations like Canada and the U.S. The regions are technically developed and are fast in adopting the latest techniques. The APAC region is estimated to expand significantly during the forecast period due to the presence of the fastest growing economies of the world such as India and China.
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