Automotive Steer-by-Wire System Market Research Future Insights
The Global Automotive Steer-by-Wire System Market is estimated to be worth USD 4.7 Billion by 2030, registering a 5% CAGR during the forecast period (2022- 2030).
The automotive steer-by-wire caters complete steering control to the driver in the vehicle. The system eliminates mechanical linkages near the steering system and improves vehicle performance. The automotive steer-by-wire system controls the wheel direction by the electric motor, which gets input through electronic control units from the driver. Steer-by-wire technology is an automated substitute for the conventional mechanical and hydraulic steering system, which uses only electronic components for steering a vehicle.
The steer-by-wire technology eliminates many mechanical components like the steering shaft, column, and gear reduction mechanism, which consecutively reduces the vehicle weight and improves vehicle performance, safety, and reliability. Steer-by-wire technology is an enhancement in electric power steering, which uses an electric motor to apply steering force over the rack.
The global automotive steer-by-wire market is driven by an augmentation in concern among vehicle manufacturers about the reduction in vehicle weight to advance vehicle efficiency. Moreover, regulatory bodies across various nations have prompted vehicle manufacturers to incorporate electronic power-assisted steering, which in turn is likely to boost the global automotive steer-by-wire market.
The culturing demand for better fuel efficiency due to continuous growth in fuel prices and huge demand for vehicle comfort ability is likely to further push the global market in terms of value and volume for the automotive steer-by-wire system.
The Global Automotive Steer-by-Wire System Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Europe is projected to hold the highest revenue market share throughout the forecast period owing to the presence of major automotive-consuming nations such as Germany, the UK, Italy, Spain, and Russia.
Moreover, increased per capita income of individuals, embracement for automated vehicle technologies, and presence of technology suppliers across North America and Europe are likely to thrust the demand for steer-by-wire systems in these regions.
Asia Pacific is likely to offer attractive opportunities to manufacturers of steer-by-wire systems, owing to an increase in the espousal of advanced vehicle solutions coupled with a rise in per capita income in the region. The augmented demand for luxury vehicles owing to boosted average disposable income and the growing purchasing power of consumers are likely to raise the sales for the automotive steer-by-wire system.
The Global Automotive Steer-by-Wire System Market is segmented into the following types;
- Feedback motor
- Angular Sensor
- Steering Actuator
By Propulsion type
By Vehicle type
- Passenger car
- Light commercial vehicle
- Heavy commercial vehicle
The Global Automotive Steer-by-Wire System Market’s prominent key players 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).