Drive-by-wire Market to Hit US$ 59.5 Bn by 2025-end With Surging Popularity of Electric Vehicles, States TMR
ALBANY, New York, Feb. 4, 2019 /PRNewswire/ -- Transparency Market Research (TMR) notes that the global drive-by-wire market is categorized by the presence of several large and small players operating in it. The rivalry between the potential players is likely to increase as they aim at adopting various strategies in developing advanced drive-by-wire technology systems.
Among multiple strategies adopted by players in the global drive-by-wire market to stay ahead of the competitors, electric powertrain development with the help of advanced technology has paid off the most. The global drive-by-wire market is expected to grow steadily due to the existence of potential large players who are heavily investing in developing electromechanical actuators. Some of the leading players in the global drive-by-wire market are SKF Group, Denso Corporation, Continental Group, Infineon Group, Hitachi Automotive Systems, and Mobil Elektronik.
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The TMR report projects the global drive-by-wire market to register an impressive CAGR of 15.0% from 2017 to 2025. By the end of 2025, the market will be worth US$59.5 bn, predicts the report.
Out of the various applications of drive-by-wire system, the demand for electronic throttle control is expected to remain high in the next few years as this is the oldest form of drive-by-wire technology. Region wise, Asia Pacific is expected to lead the global drive-by-wire market in the coming years. This is attributed to increased automotive industry and growing demand for electric vehicles in the region.
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Growing Demand for Autonomous Vehicles to Fuel Global Drive-By-Wire Market
A drive-by-war technology system replaces and controls mechanical components through sensor technologies. Such sensor technologies pass the recorded information to a series of computers which convert vehicle's electrical energy to mechanical motion. Drive-by-wire system reduces the need of using conventional components such as pumps, master cylinders, drive-belts, vacuum boosters, and drive-shafts. Rising awareness about vehicular polluting emissions control, growing number of legislations and mandates by government, and increasing demand for off-road vehicles are factors driving the global drive-by wire market. A trend in using lightweight and fuel-efficient vehicles is also expected to boost the global drive-by-wire market.
Furthermore, drive-by-wire technology is widely applicable in harvesters, forklifts, construction and mining equipment, tractors, mowers, industrial electric vehicles, off-road vehicles, and utility vehicles. This technology is comprised of various automotive electronic components such as actuators, electronic control unit, sensors, and electric motors. Such components are extensively used in autonomous vehicles. Thus, rising demand for autonomous vehicles, growing automotive industry worldwide, and increasing adoption of 48-volt system over the conventional 12-volt system is also projected to propel the global drive-by-wire market.
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Risk of Software Malfunctioning in Electronics Vehicles Hinders Market Growth
A few challenges hindering the growth in the global drive-by-wire market are huge incremental cost, lack of public acceptance about electric vehicles, and also the risk associated with electronics components to be failed anytime. Nonetheless, growing regulations aimed at curbing fuel emissions and vehicular emissions is expected to help overcome some of these challenges.
The information presented in this review is based on a TMR report, titled "Drive-By-Wire Market (Application - Electronic Throttle Control, Brake-By-Wire, Steer-By-Wire and Shift-By-Wire; Vehicle Type - Passenger Vehicles and Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025".
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The Global Drive-by-wire Market has been segmented based on:
Global Drive-by-wire Market, by Application
- Electronic Throttle Control (ETC)
- Brake-By-Wire
- Steer-By-Wire
- Shift-By-Wire
Global Drive-by-wire Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Drive-by-wire Market, by Region
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- U.K
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia Pacific
Middle East and Africa (MEA)
- Iran
- Turkey
- Saudi Arabia
- South Africa
- Rest of MEA
Latin America
- Brazil
- Argentina
- Rest of Latin America
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