The global automotive steer-by-wire system market, according to a report by Market Research Future (MRFR), has seen remarkable growth and is expected to register a CAGR of 14%.
Drivers and Restraints
The growth in demand for better steering functionality in the vehicle is the primary driver for the global automotive steer-by-wire system market. The rising demand for better fuel efficiency due to a continuous increase in fuel prices and massive demand for vehicle comfortability is likely to further drive the global market in terms of both value and volume for the automotive steer-by-wire system.
On the other hand, a high amount of technology is slated to limit the growth of the global automotive steer-by-wire system market. In the preliminary phase of the steer-by-wire technology, appropriate technological development is the primary concern for manufacturers as a small mistake is likely to lead to the recall of automobiles in the global market over the review period.
The global market for automotive steer-by-wire system is segmented on the basis of fuel type, vehicle type, component, and region. Based on the component, the automotive steer-by-wire system market has been segmented into steering actuators, feedback motors, and angular sensors, others. Based on the propulsion type, the market has been bifurcated into electric and ICE. On the basis of vehicle type, the market for the automotive steer-by-wire system has been segmented into light commercial vehicles, heavy commercial vehicles, and passenger cars.
Geographically, the global market for automotive steer-by-wire systems has been studied in four major regions, namely, Europe, North America, Asia-Pacific, and the Rest of the World (RoW). Europe is touted to hold the highest revenue market share through the review period owing to the presence of crucial automotive consuming countries such as Germany, the UK, Italy, Spain, and Russia. There is a constant increase in awareness about new technologies and their availability at a lower cost by top automobile market players in Europe, which is slated to increase the demand for the latest vehicle components and technologies such as automotive steer-by-wire systems. In Asia-Pacific, the augmented demand for luxury vehicles owing to increased average disposable income and growing purchasing power of consumers are likely to improve the sales for the automotive steer-by-wire system.
The Asia Pacific market for automotive steer-by-wire systems is poised to expand substantially over the review period, owing to the established automotive industry in the region. The steady rise in sales across emerging economies in the region, such as India, China, Japan, South Korea, among others, is expected to drive the demand for automotive steer-by-wire systems across the region.
North America is also one of the significant regions for automotive steer-by-wire systems and is slated to reach a substantial market share over the review period. The established automotive industry is likely to contribute towards the market growth in the region.
The major market players in the global automotive steer-by-wire system market include Nissan Motor Company Ltd (Japan), JTEKT Corporation (Japan), ZF Friedrichshafen AG (Germany), and Thyssenkrupp AG (Germany), Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (the US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland), among others.
The market players operating in the global insurance market are expected to increase the investments towards research and development activities and expand the competitive dynamics of the global automotive steer-by-wire system market with business strategies such as mergers, acquisitions, joint ventures, and partnerships, among others. These factors, along with the increasing technological integration and advancements being developed by market players are anticipated to create growth opportunities in the market over the review period.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
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