Drive By Wire Market
The Drive By Wire by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Drive By Wire, 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..
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.
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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
Major companies operating in the drive-by-wire market are adopting a strategic partnership approach to develop steer-by-wire (SBW) products and other fields. 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 October 2022, ZF Friedrichshafen AG, a Germany-based engineering company, partnered with Nio Inc., a China-based automobile manufacturer. The partnership between the two companies aims to establish an instantaneous information-sharing mechanism, fostering enhanced communication and regular technical exchanges. This partnership seeks to facilitate joint engagement in industry-leading processes and the establishment of high-quality standards. Beyond technical collaboration, ZF and NIO have outlined plans to extend their cooperation into areas such as brand promotion, product marketing, technology advancements, and quality enhancements, along with a focus on improving customer service. This agreement signifies a significant milestone as it marks ZF Group’s first venture into steer-by-wire collaboration with a customer in the Asia-Pacific region. Furthermore, both companies intend to work together to promote technological evolution and development across various fields, including autonomous driving and electrification.
The drive by wire market report table of contents includes:
1. Executive Summary
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