Automotive Steer-by-Wire System Market Overview
Automotive Steer-by-Wire System Market Size is expected to cross USD $4.7 billion by 2027 at a CAGR of 5% during the forecast period 2020-2027.
The automotive steer-by-wire system is considered to be different from the electric power steering system. The automotive steer-by-wire system provides control over the system in the vehicle by controlling the wheel direction. This system works based on driver inputs and then the inputs actuated through electronic control units to control the wheel direction. The growing demand for fuel efficiency in vehicles and the growing luxury vehicle sales are the major driving factors for the global automotive steer-by-wire system. The rise in the demand for better steering functionality owing to the increased concern about vehicle noise due to steering mechanical components will enhance the sales for the automotive steer-by-wire system in the global market.
Automotive Steer-by-Wire System market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Globally Major key Players accelerates the Automotive Steer-by-Wire System Market are, Nissan Motor Company Ltd (Japan), ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and Thyssenkrupp AG (Germany), Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland).
- Increase in awareness about new technologies and their availability
- Increased average disposable income and growing purchasing power of consumers
- The growing better fuel efficiency, constant increase in fuel prices is subsequently driving
Most important Segments of Automotive Steer-by-Wire System market covered in this report are,
The report also provides a forecast, focusing on market opportunities for the next five years for each region. The scope of the study segments the global automotive steer-by-wire system market by component, propulsion type, vehicle type, and region.
- Feedback Motors
- Angular Sensors
- Steering Actuators
By Propulsion Type
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Steer-by-Wire System Industry Influence of the global market report:
- Comprehensive assessment of all opportunities and risks in the Automotive Steer-by-Wire System Market.
- Automotive Steer-by-Wire System Market recent innovations and major events.
- A detailed study of business strategies for the growth of the Automotive Steer-by-Wire System Market market-leading players.
- Conclusive study about the growth plot of Automotive Steer-by-Wire System Market for forthcoming years.
- In-depth understanding of Automotive Steer-by-Wire System Market, market-particular drivers, constraints, and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Automotive Steer-by-Wire System Market.
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The Automotive Steer-by-Wire System market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
The global Automotive Steer-by-Wire System market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.
Automotive Steer-by-Wire System Market Regional Analysis
Based on region, the global Automotive Steer-by-Wire System market report has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Europe is estimated to hold the highest revenue market share in the base year and is expected to dominate during the forecast period. The presence of automobile manufacturers in Germany, the UK, Italy, Belgium, Sweden, and Russia is expected to drive the growth of the automotive steer-by-wire systems market in Europe as these regions have a continuous demand for steer-by-wire systems in vehicles to raise the comfort level. In Europe, there are high sales of luxury passenger cars which further boosts the sales of automotive steer-by-wire systems. In North America, stringent government norms and awareness regarding safety vehicles will drive the growth of automotive steer-by-wire systems. Asia-Pacific is estimated to hold the highest growth rate over the forecast period. The increasing demand regarding fuel efficiency is likely to enhance the market size for Asia-Pacific.
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