Global Automotive Steer-by-Wire System Market is expected to witness a significant growth during the forecast period
The automotive steer-by-wire system is used to eliminate mechanical components and linkages as well as give complete control over the steering system inside the vehicle. The steer-by-wire system is actuated by electronic control units to control the wheel direction through driver inputs. The steer-by-wire system is the advanced form of the steering system in the vehicle.
Key Players:
The prominent players in the global automotive steer-by-wire system market include 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), among others.
Access Report Details @ https://www.marketresearchfuture.com/reports/automotive-steer-by-wire-system-market-6389
Market Overview:
The growing demand for fuel-efficient vehicles and growing sales of luxury vehicles are the major driving factors for the global automotive steer-by-wire system market. The rise in demand for better steering functionality in the vehicle will further boost the sales of the global automotive steer-by-wire system in the global market. According to various automotive association reports, there is a continuous increase in fuel prices which will enhance the demand for fuel-efficient vehicle components such as automotive steer-by-wire systems. Furthermore, the hydraulic steering system increases the weight of the vehicle which increases the fuel consumption of the vehicle. This is the primary factor for the increasing demand for advanced automotive steer-by-wire systems in vehicles.
The automotive steer-by-wire system eliminates the use of mechanical components between the steering wheel and wheels of the vehicle. The Nissan luxury brand Infiniti launched Q50 and debut steer-by-wire technology in the passenger car. The technology was not successful in the initial period of launching but increased its demand by the improvement in system design and change in the turning radius. However, the high price of the automotive steer-by-wire system will restrain the growth of the global market. Designing of the effective steer-by-wire system for automobiles is the major concern for manufacturers in the global automotive steer-by-wire system market.
The global automotive steer-by-wire system market is estimated to witness a ~14% CAGR during the period from 2019 to 2023.
The global automotive steer-by-wire system market is segmented on the basis of component, propulsion type, vehicle type, and region.
On the basis of component, the market has been segmented into feedback motors, angular sensors, steering actuators, and others. Feedback motor is expected to hold the highest market share in terms of value and volume. Feedback motor is the key component in automotive steer-by-wire systems which influences the demand for feedback motors in automotive steer-by-wire systems.
On the basis of propulsion type, the market has been segmented into ICE and electric. The ICE propulsion type is estimated to hold the highest revenue market share throughout the forecast period owing to increased sales for ICE vehicles in the global market.
On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. Passenger cars are estimated to hold the highest market share in terms of value and volume during the forecast period owing to the increased demand for luxury vehicles in developing countries such as China and India.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of competitive scenarios and strategies in the global automotive steer-by-wire system market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both historical market values and pricing and cost analysis.
