Automotive Steer-by-Wire System Market Analysis
An automotive steer-by-wire system provides total steering control to the driver by eliminating the mechanical connection between the vehicle's steering wheel and steering system. It offers the advantages of improved refinement and barring of vibrations from being transmitted to the steering wheel from the road. The global automotive steer-by-wire system market is perceived to post an impressive CAGR of 14% and reach high growth revenue over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed study.
Heightened demand for better steering functionality and increased concerns about vehicle noise due to steering mechanical components enhance the growth of the global steer by wire system market. The technology was first brought to the market in 2014 by Nissan luxury brand Infiniti in the model Q50. Even the technology failed initially; it has garnered many accolades recently after improvements in the steering responsiveness and change in turning radius. The technology has already proved its mettle in the market, and various automakers such as Nissan, BMW, General Motors, and Mercedes are investing heavily in the technology. The technology has found adoption in different high-end cars which have boosted the growth of the market. The rise in sales of vehicles, especially luxury cars across the globe has further accelerated the growth of the global automotive steer by wire system market. Conversely, the growth of the market might be met with few bottlenecks. Being in its initial phase, technology development remains a major hurdle to the growth of the market. Moreover, the incorporation of the steer by wire system in non-luxury vehicles is limited since it raises the cost of the vehicle.
Segmentation
The global automotive steer by wire system market has been segmented based on component, propulsion type, and vehicle type.
By component, the global automotive steer by wire market has been segmented into feedback motors, angular sensors, steering actuators, and others.
By propulsion type, the global automotive steer by wire market has been segmented into ICE and electric.
By vehicle type, the global automotive steer by wire system market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
Regional Analysis
Geographically, the global automotive steer by wire system market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Europe is the largest market for automotive steer by wire system market and is likely to maintain its dominance over the forecast period. The presence of various automotive manufacturers in the region in countries such as the UK, Germany, Russia, Sweden, Belgium, and Italy can be credited for the growth of the Europe market. The sale of luxury cars in the region is also considerably high which generates high demand for automotive steer by wire system. Also, the automobile manufacturers in the region are highly inclined towards the latest technologies which are a contributing factor.
North America automotive steer by wire system market is driven by high sales of premium range cars and strict regulations regarding vehicular emission. There is high awareness in the region regarding new automotive technologies which spur the demand for automotive components such as steer by wire system.
APAC is poised to showcase remarkable growth and generate the highest CAGR over the forecast period. The flourishing automotive industry, growing sales of luxury cars purveyed by rising disposable income and growing awareness augur the growth of the APAC automotive steer by wire system market.
Competitive Landscape
The notable players in the global automotive steer-by-wire system market include ThyssenKrupp AG (Germany), JTEKT Corporation (Japan), Danfoss Power Solutions, Inc. (the US), ZF Friedrichshafen AG (Germany), Paravan GmbH (Germany), Eaton Corporation (Republic of Ireland), LORD Corporation (US), Nexteer Automotive (US), Nissan Motor Company Ltd (Japan), and SKF (Sweden).