Automotive Steer-by-Wire System Market Growing at CAGR of 5% , Business Statistics, Development Data, Forecast Period 2022-2030
Research Reports
Apr 13, 2022
Automotive Steer-by-Wire System Market Analysis
Market Research Future (MRFR) projects Automotive Steer-by-Wire System Market has seen remarkable growth and is expected to register a CAGR of 5% Forecast by 2027.
The automotive steer-by-wire system gives the driver entire steering control in the vehicle. The technology improves vehicle performance by removing mechanical links near the steering system. The electric motor, which receives input from the driver via electronic control units, regulates the wheel direction in an automotive steer-by-wire system.
The growing demand for greater steering capabilities in vehicles is driving the global automotive steer-by-wire system market. The growing demand for improved fuel efficiency as a result of rising fuel prices, as well as the massive demand for vehicle comfortability, are expected to drive the global market for automotive steer-by-wire systems in terms of value and volume. Mechanical components and linkages add additional weight to the vehicle, slowing its fuel efficiency even further.
The automotive steer-by-wire system reduces weight by eliminating mechanical components, improving the vehicle’s fuel efficiency. It opens up new chances for global market participants. Nissan subsidiary Infiniti introduced the Q50 with steer-by-wire system technology in 2014, which eliminates mechanical components/linkages between the steering wheel and the vehicle’s wheels. Initially, the automotive steer-by-wire system had certain software and turning radius issues, prompting the manufacturer to recall and halt manufacturing. Sales of the Q50 vehicle began after an improvement in steering responsiveness and a modification in the turning radius, and there is a tremendous demand for the technology in the global market.
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BMW, Mercedes, and Nissan began spending heavily on the research and implementation of steer-by-wire system technology in their automobiles. However, a high level of technology is anticipated to limit the worldwide automobile steer-by-wire system market’s growth. Proper technological development is the primary worry for manufacturers in the early stages of steer-by-wire technology, as a minor error may result in the recall of automobiles in the global market.
Automotive Steer-by-Wire System Market Key Players
The prominent players in the global automotive steer-by-wire system market include ZF Friedrichshafen AG (Germany), Nissan Motor Company Ltd (Japan), JTEKT Corporation (Japan), and Thyssenkrupp AG (Germany), Paravan GmbH (Germany), LORD Corporation (US), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), and Eaton Corporation (Republic of Ireland), among others.
Automotive Steer-by-Wire System Market Growth Drivers and Key Barriers
Soaring demand for vehicles and the subsequent growth in the automotive industry has led to the development of the automotive steering system market all over the world. A number of leading manufacturers are striving to develop highly advanced and innovative technologies for steering systems. Various technologies like Steer by Wire or SbW, control technology and others are being used in the automotive steering system to boost the overall quality and performance.
The SbW technology is rising in popularity since it offers a host of benefits, in the form of performance and safety of the vehicle. It has managed to replace the mechanical steering connection between wheel on the roads and wheel in hands by algorithms, actuators and electronics. The technology facilitates quicker and precise steering response, while acting as a vibration restraint, which means that it creates distance between the vibrations of the roads and the driver. Apart from this, it offers lowered maintenance costs, weight reduction, making design of the autonomous car less complex.
The mounting demand for smooth driving in the past couple of years has been the result of the rising use of hybrid loader and construction machinery worldwide. This factor is bound to boost the business growth of automotive steering system for commercial vehicles. The advanced steering system makes use of a variety of assistance systems that helps deliver a comfortable ride along with better feedback. With the surge in the vehicle’s fuel efficiency due to effective steering systems and the subsequent increase in the latter’s demand, the automotive steering system industry can observe substantial growth in the following years.
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Automotive Steer-by-Wire System Market Segmentation
The global automotive steer-by-wire system market has been segmented on the basis of component, propulsion type, and vehicle type.
Based on components, the global automotive steer-by-wire system market has been segmented into feedback motors, angular sensors, steering actuators, and others.
Based on propulsion type, the global automotive steer-by-wire system market has been segmented into ICE and electric.
Based on vehicle type, the global automotive steer-by-wire system market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
Regional Analysis
Geographically, the global automotive steer-by-wire system industry has been segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World.
Europe is projected to hold the highest revenue market share throughout the forecast period owing to the presence of key automotive consuming countries like Germany, the UK, Italy, Spain, and Russia. Top automobile manufacturers in Europe are increasing their awareness of new technologies and their availability at a reduced cost, which is predicted to stimulate demand for new vehicle technologies and components such as automotive steer-by-wire systems.
Increased demand for luxury vehicles in the Asia Pacific due to rising average disposable income and consumer purchasing power is expected to boost sales of automotive steer-by-wire systems.
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