Global Automotive Steer-by-Wire System Market Size, Share, Forecast Report, 2020-2027
The automotive steer-by-wire provides complete steering control to the driver in the vehicle. The system eliminates mechanical linkages near the steering system and enhances vehicle performance. The automotive steer-by-wire system controls the wheel direction through the electric motor, which receives input through electronic control units from the driver.
The global automotive steer-by-wire system market has seen a remarkable growth and is expected to register a CAGR of ~14%. The increase in demand for better steering functionality in the vehicle is the major driver for the global automotive steer-by-wire system market. The growing demand for better fuel efficiency due to a continuous increase in fuel prices and massive demand for vehicle comfortability are likely to further drive the global market in terms of value and volume for the automotive steer-by-wire system. Mechanical components and linkages add-up additional weights in the vehicle which further slow-down the fuel efficiency of the vehicle. The automotive steer-by-wire system reduces the weight by eliminating mechanical components which enhance the fuel efficiency of the vehicle. It creates opportunities for new entrants in the global market. In 2014, Nissan subsidiary Infiniti launched Q50 with the steer-by-wire system technology which eliminates mechanical components/linkages between the steering wheel and the wheels of the vehicle. Initially, the automotive steer-by-wire system faced some issues with the software and turning radius, which led the company to recall and stop the production. After an improvement in steering responsiveness and change in the turning radius, the sales of the Q50 vehicle started and there is a massive demand for the technology in the global market. BMW, Mercedes, and Nissan started investing high amounts in the development and adopting of steer-by-wire system technology in their vehicles. However, a high amount of technology is likely to restrain the growth of the global automotive steer-by-wire system market. In the initial phase of the steer-by-wire technology, proper technological development is the major concern for manufacturers as a small mistake may lead to the recall of automobiles in the global market.
Segmentation: Automotive Steer-by-Wire System Market
The global automotive steer-by-wire system market is segmented on the basis of component, fuel type, vehicle type, and region. On the basis of component, the market has been segmented into feedback motors, angular sensors, steering actuators, and others. On the basis of propulsion type, the market has been segmented into ICE and electric. On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
Geographically, the global automotive steer-by-wire system market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to hold the highest revenue market share throughout the forecast period owing to the presence of key automotive consuming countries such as Germany, the UK, Italy, Spain, and Russia. There is a continuous increase in awareness about new technologies and their availability at a lower cost by top automobile manufacturers in Europe which is expected to grow the demand for new vehicle technologies and components such as automotive steer-by-wire systems. In Asia-Pacific, the increased demand for luxury vehicles owing to increased average disposable income and growing purchasing power of consumers are likely to grow the sales for the automotive steer-by-wire system.
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.