Global Automotive Steer-By-Wire Market Is Likely to Expand At 14% CAGR. Automotive Steer-by-Wire System Market Research Report: Information by Component (Feedback Motor, Angular Sensor, Steering Actuator), Propulsion (ICE, Electric), Vehicle (Passenger, Light Commercial, Heavy Commercial), Region – Forecast Till 2023
Automotive Steer-By-Wire Market Key Players
The global automotive steer-by-wire system market has been dominated by key players such as ZF Friedrichshafen AG (Germany), Nissan Motor Company Ltd (Japan), Thyssenkrupp AG (Germany), JTEKT Corporation (Japan), Paravan GmbH (Germany), Danfoss Power Solutions, Inc. (US), Nexteer Automotive (US), SKF (Sweden), Eaton Corporation (Republic of Ireland), and LORD Corporation (US).
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Global Automotive Steer-By-Wire Market Overview
The driver of a vehicle achieves complete control over the steering with the help of automotive steer-by-wire. Vehicle performance improves with the application of automotive steer-by-wire. Additionally, mechanical linkages are eliminated with its integration. Wheel direction is controlled by automotive steer-by-wire system with the application of electric motor, which accepts input via electronic control units from the driver. The worldwide automotive steer-by-wire system market has witnessed a notable development and is estimated to register a CAGR of 14%. Surge in demand for better steering functionality in the vehicle is the major driver for the global automotive steer-by-wire system market. The increasing demand for better fuel efficiency owing to a consistent upsurge in fuel prices and huge demand for vehicle comfortability are expected to further propel the worldwide market in terms of volume and value for the automotive steer-by-wire system. Mechanical linkages and components add-up additional weights in the vehicle which additionally slow-down the fuel efficiency of the automobile. The automotive steer-by-wire system decreases the weight by eliminating mechanical elements which improve the fuel efficiency of the car. It opens up avenues for new entrants in the worldwide market. Nissan subsidiary Infiniti launched Q50 in 2014, with the steer-by-wire system technology that curtails mechanical linkages/components between the wheels of the vehicle and the steering wheel. In the beginning, the automotive steer-by-wire system experienced certain bugs with the turning radius and software, which made the company to stop the production and recall. Following some upgradation in the turning radius and steering responsiveness, the sales of the Q50 vehicle reached new heights witnessing an outstanding demand for the technology in the international market. Nissan, BMW, and Mercedes initiated large investments in the adopting and development of steer-by-wire system technology in their automotive. However, extensive upgradation of technology is expected to restrict the growth of the worldwide automotive steer-by-wire system market. An all-round technological development is necessary in the steer-by-wire technology which has become a key concern for manufacturers. Any negligible error might lead to the recall of vehicles in the global market.
Automotive Steer-By-Wire Market Segmentation
The worldwide automotive steer-by-wire system market has been segmented based on vehicle type, fuel type, component, and region. Based on component, the market has been segmented into steering actuators, angular sensors, feedback motors, and others. Based on propulsion type, the market has been segmented into electric and ICE. Based on vehicle type, the market has been segmented into heavy commercial vehicle, light commercial vehicle, and passenger car.
Automotive Steer-By-Wire Market Regional Analysis
As per the reports published by Market Research Future, the automotive steer-by-wire system market has been geographically segmented into four key regions such as Europe, North America, Asia-Pacific, and the Rest of the World. Europe has been anticipated to represent the largest revenue market share during the forecast period. The growth is due to the prevalence of key automotive consuming economies such as the UK, Germany, Italy, Russia, and Spain. In Europe, the awareness about novel technologies is continuously growing. Their availability at an affordable price provided by top automobile manufacturers is likely to expand the demand for new vehicle components and technologies such as automotive steer-by-wire systems. The APAC region has been witnessing a surged demand for luxury vehicles owing to increasing purchasing power of customers collectively with rising average disposable income. All these factors are estimated to drive the growth of the automotive steer-by-wire system.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Automotive Steer-By-Wire System Market, By Component
5.1 Introduction
5.2 Feedback Motor
5.2.1 Market Estimates & Forecast, 2018–2023
5.2.2 Market Estimates & Forecast, By Region, 2018–2023
5.3 Angular Sensors
5.3.1 Market Estimates & Forecast, 2018–2023
5.3.2 Market Estimates & Forecast, By Region, 2018–2023
5.4 Steering Actuator
5.4.1 Market Estimates & Forecast, 2018–2023
5.4.2 Market Estimates & Forecast, By Region, 2018–2023
5.5 Others
5.5.1 Market Estimates & Forecast, 2018–2023
5.5.2 Market Estimates & Forecast, By Region, 2018–2023
6 Global Automotive Steer-By-Wire System Market, By Propulsion Type
6.1 Introduction
6.2 ICE
6.2.1 Market Estimates & Forecast, 2018–2023
6.2.2 Market Estimates & Forecast, By Region, 2018–2023
6.3 Electric
6.3.1 Market Estimates & Forecast, 2018–2023
6.3.2 Market Estimates & Forecast, By Region, 2018–2023
Continued…….
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