DUBLIN, March 29, 2023 /PRNewswire/ -- The "Drive by Wire Market by Application (Brake, Park, Shift, Steer, Throttle), Sensor (Brake Pedal, Throttle Position, Park, Gearshift, Handwheel, Pinion), Vehicle (On & Off-Highway, BEV, PHEV, FCEV, Autonomous), Component & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The automotive drive-by-wire market is projected to grow from USD 20.6 billion in 2022 to reach USD 27.9 billion by 2027 at a CAGR of 6.2% during the forecast period.
Construction and Mining drive-by-wire segment is expected to be the fastest-growing segment
The construction and Mining segment is expected to be the fastest-growing drive-by-wire during the forecast period. Development of infrastructure projects, mining activities, and growth of logistics and freights industry distribution centers are expected to boost off-highway vehicle demand.
Moreover, OEMs are shifting focus to introduce drive-by-wire technologies in off-highway equipment for better operational accuracy and fuel economy.
In many developing countries like China, India, and other African nations, governments have announced major billion-dollar infrastructure projects to boost overall construction and mining vehicle segments. This will allow vehicle manufacturers to build more drive-by-wire-enabled systems.
Drive-by-wire Actuators would showcase the largest market during the forecast period
Actuators will have the largest market share during the forecast period. The actuator is an important component of the drive-by-wire system and is used in all drive-by-wire applications considered in the study. Every drive-by-wire application uses one or more actuators.
Since multiple actuators are employed in a vehicle, the volume of actuators is expected to grow with the increasing popularity of premium vehicles and the adoption of electronic circuits in ICE vehicles.
As there is more innovation towards reducing weight and increasing space, there will be an eventual move towards adopting more and more electromechanical systems, and hence more actuators like hydraulic, electric, pneumatic, and mechanical actuators will find their place inside the vehicles as they are small, efficient, and moderately priced compared to larger mechanical systems.
Asia Pacific is the largest market for the automotive drive-by-wire market
Asia Pacific countries such as China, India, South Korea, and Japan account for a major share of the drive-by-wire market due to the demand for premium vehicles equipped with advanced systems. Many premium vehicles are equipped with drive-by-wire systems. Vehicles like Volvo XC-40, TATA Altroz DCA, and BMWs drive are some examples of vehicles with drive by wire system.
Also, with stringent emission norms in the Asia Pacific, the drive-by-wire market is expected to boost. This is because the use of X-by-wire systems reduces the overall weight and hence makes the vehicle lighter, thereby making the engine function more efficiently. The Chinese market is shifting toward the adoption of advanced technologies, such as automated manual transmission in mid-size and economy-class vehicles.
As a result, manufacturers are investing in deploying advanced technologies like drive by wire systems into their vehicles like throttle by wire, shift by wire etc. Various developments in drive-by-wire technology, particularly in components such as sensors and actuators, are also popularizing drive-by-wire among various automakers. Thus, considering the aforementioned factors, drive-by-wire adoption is expected to grow significantly in the coming years.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.2 Years Considered
5.3 Market Dynamics
5.5 Trends/Disruptions Impacting Customer Businesses
5.6 Drive by Wire Market Scenario
5.6.1 Highly Likely Scenario
5.6.2 Less Likely Scenario
5.6.3 Most Likely Scenario
5.7 Patent Analysis
5.8 Supply Chain Analysis
5.9 Customer Buying Criteria
5.10 Case Study Analysis
5.11 Technological Analysis
5.12 Market Ecosystem
5.13 Average Selling Price Analysis
5.14 Porter's Five Forces
5.14.1 Intensity of Competitive Rivalry
5.14.2 Threat of New Entrants
5.14.3 Threat of Substitutes
5.14.4 Bargaining Power of Suppliers
5.14.5 Bargaining Power of Buyers
5.15 Regulatory Landscape
5.16 Regulatory Bodies, Government Agencies & Other Organizations
5.17 Key Conferences & Events in 2022-2023
6 Drive by Wire Market, by Application
7 Drive by Wire Market, by Sensor Type
8 Drive by Wire Market, by Component
9 Drive by Wire Market, by On-Highway Vehicle
10 Drive by Wire Market Market, by Ev and Hybrid Vehicle Type
11 Drive by Wire Market, by Off-Highway Vehicle Type
12 Autonomous Vehicle Market, by Technology
13 Ev Drive by Wire Market, by Sensor Type
14 Drive by Wire Market, by Region
15 Competitive Landscape
15.2 Drive by Wire - Market Share Analysis, 2021
15.3 Revenue Analysis of Top 5 Players
15.4 Competitive Evaluation Quadrant: Drive by Wire Manufacturers
15.5 Drive by Wire Market: Company Product Footprint, 2021
15.6 Drive by Wire Market: Company Application Footprint, 2021
15.7 Drive by Wire Market: Competitive Benchmarking
15.8 Competitive Scenario
16 Company Profiles
17 Analyst's Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/x76sg0
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