Overview and Scope
Drive-by-wire refers to a range of electrical methods that supplement or replace traditional mechanical controls. Drive-by-wire technology uses electronic devices to activate brakes, control steering, and fuel the engine rather than cables or hydraulic pressure to operate a vehicle.
Sizing and Forecast
The drive by wire market size has grown strongly in recent years. It will grow from $24.07 billion in 2023 to $25.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to demand for improved vehicle performance, safety and driver assistance systems, regulatory requirements and standards, reduction in mechanical complexity, fuel efficiency and emission reduction..
The drive by wire market size is expected to see strong growth in the next few years. It will grow to $31.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to innovations in aerospace and defense industries, consumer demand for advanced features, rise in electric and hybrid vehicles, integration of autonomous driving features, fuel efficiency and emission reduction.. Major trends in the forecast period include autonomous and electric vehicle integration, advanced safety and driver assistance features, enhanced vehicle performance and efficiency, regulatory compliance and standards,reduced mechanical complexity..
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/drive-by-wire-global-market-report
The drive by wire market covered in this report is segmented –
1) By Vehicle Type: Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles
2) By Component: Vehicle Electronic Control Unit, Actuator, Engine Control Module, Electronic Transmission Control Unit, Feedback Motor, Sensors, Other Components
3) By Application Type: Throttle-By-Wire, Steer-By-Wire, Shift-By-Wire, Brake-By-Wire, Park-By-Wire
Asia-Pacific was the largest region in the drive by wire market in 2023. Asia-Pacific is expected to be the fastest-growing region in the drive by wire market during the forecast period. The regions covered in the drive by wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample_request?id=8959&type=smp
Major Driver Impacting Market Growth
The increasing demand for electric vehicles (EVs) is expected to propel the growth of the drive-by-wire market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity rather than using fossil fuels such as gasoline or diesel. In electric vehicles (EV), drive-by-wire technology uses electronic systems to activate brakes, control steering, and fuel the engine. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the increasing demand for electric vehicles is driving the growth of the drive by wire market.
Key Industry Players
Major companies operating in the drive-by-wire market are adopting a strategic partnership approach to combine their development capabilities and expedite the preparation of solutions for market readiness. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Bosch, a Germany-based technology company, partnered with Arnold NextG, a Germany-based technology company. In a collaborative effort, the technology and services provider, alongside startup Arnold NextG, is embarking on the next phase. This partnership aims to synergize their development capabilities and expedite the preparation of solutions for market readiness.
The drive by wire market report table of contents includes:
1. Executive Summary
2. Drive By Wire Characteristics
3. Drive By Wire Trends And Strategies
4. Drive By Wire – Macro Economic Scenario
5. Global Drive By Wire Size and Growth
…..
32. Global Drive By Wire Competitive Benchmarking
33. Global Drive By Wire Competitive Dashboard
34. Key Mergers And Acquisitions In The Drive By Wire
35. Drive By Wire Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
