As per the current market research conducted by CMI Team, the global Automotive Steer-By-Wire System Market size is expected to record a CAGR of 7.8% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 3.1 billion. By 2032, the valuation is anticipated to reach USD 6.2 billion.
Automotive Steer-By-Wire System Market: Growth Factors and Dynamics
- Enhanced Vehicle Control and Safety: Steer-by-wire systems offer precise control and responsiveness, leading to enhanced vehicle handling and safety. By eliminating mechanical components like steering columns and linkages, these systems enable advanced driver assistance systems (ADAS) integration, such as lane-keeping assist and automated parking, enhancing overall vehicle safety.
- Weight and Fuel Efficiency Advantages: Steer-by-wire systems eliminate the need for traditional heavy steering components, reducing the overall vehicle weight. This weight reduction improves fuel efficiency and allows for more design flexibility, making steer-by-wire systems attractive for automakers aiming to enhance fuel economy and meet stringent emission regulations.
- Integration with Vehicle Connectivity and Electronics: Steer-by-wire systems align with the increasing trend of vehicle connectivity and electronics integration. These systems can be seamlessly integrated into the vehicle’s electronic architecture, enabling enhanced communication and coordination with other vehicle systems, including ADAS, infotainment, and telematics systems.
- Growing Focus on Ride Comfort and Customization: Steer-by-wire systems offer the potential for customizable steering settings and improved ride comfort. With adjustable steering characteristics and haptic feedback customization, drivers can tailor their driving experience according to their preferences, leading to increased customer satisfaction and loyalty.
- Simplified Vehicle Architecture and Space Optimization: Steer-by-wire systems simplify the vehicle’s mechanical architecture by eliminating the need for traditional steering components. This simplification allows for better space utilization within the vehicle, enabling automakers to design more compact and efficient vehicle layouts. The reduced space requirements and simplified architecture create opportunities for innovative vehicle designs and improved packaging efficiency.
- Advancements in Electric Power Steering (EPS) Technology: Steer-by-wire systems are closely related to this technology. EPS systems, which use electric motors to assist steering, form the foundation of steer-by-wire systems. Ongoing advancements in EPS technology, including the development of more efficient and responsive electric motor systems and control algorithms, contribute to the growth and performance of steer-by-wire systems.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=26410
Automotive Steer-By-Wire System Market: Partnership and Acquisitions
- Robert Bosch GmbH and ZF Friedrichshafen AG: In 2020, Robert Bosch GmbH and ZF Friedrichshafen AG announced a collaboration to develop and manufacture next-generation steer-by-wire systems. This partnership leverages the strengths of both companies in automotive technology and system integration.
- Danfoss Power Solutions and Poclain Hydraulics: In 2020, Danfoss Power Solutions and Poclain Hydraulics formed a partnership to develop steer-by-wire solutions for off-highway vehicles. This collaboration aimed to bring advanced steer-by-wire technology to the construction and agricultural equipment sectors.
- ZF Friedrichshafen AG acquiring Wolong Electric Group Co., Ltd.: In 2021, ZF Friedrichshafen AG completed the acquisition of Wolong Electric Group Co., Ltd.’s Industrial Drives business. This acquisition strengthened ZF’s capabilities in electric drivetrains, including steer-by-wire systems for electric vehicles.
- Dana Incorporated acquiring Nordresa: In 2021, Dana Incorporated completed the acquisition of Nordresa, a leading provider of electric drivetrain solutions for commercial vehicles. This acquisition expanded Dana’s capabilities in electrification technologies, including steer-by-wire systems for electric commercial vehicles.
Automotive Steer-By-Wire System Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Automotive Steer-By-Wire System Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic caused disruptions in global supply chains, including the automotive industry. The steer-by-wire system market relies on a complex network of suppliers, and disruptions in the availability of components and raw materials hampered production and led to delays in the market.
- Slowdown in Automotive Production: The pandemic led to a significant slowdown in automotive production due to lockdown measures, supply chain disruptions, and reduced consumer demand. As a result, automakers scaled back production, affecting the demand for automotive steer-by-wire systems as well.
- Resumption of Automotive Production: As lockdown measures eased and the automotive industry gradually recovered, there has been a resumption of production. This recovery in automotive manufacturing positively impacts the demand for automotive steer-by-wire systems as automakers strive to meet market demand.
- Increasing Focus on Electric and Autonomous Vehicles: The automotive industry’s recovery is accompanied by a growing focus on electric and autonomous vehicles. Steer-by-wire systems play a vital role in enabling the advanced features and capabilities required for electric and autonomous vehicles. The increasing emphasis on these vehicle segments creates opportunities for the adoption of steer-by-wire systems.
- Growing Emphasis on Vehicle Safety and Advanced Driver Assistance Systems (ADAS): There is a growing emphasis on vehicle safety, Steer-by-wire systems play a crucial role in enabling ADAS functionalities such as lane-keeping assist, adaptive cruise control, and automated parking. The focus on vehicle safety and ADAS features drives the demand for automotive steer-by-wire systems as automakers strive to enhance vehicle safety standards and offer advanced driver assistance features to customers.
- Shift towards Contactless and Connected Solutions: The COVID-19 pandemic has accelerated the industry’s shift towards contactless and connected solutions. Steer-by-wire systems align with this trend as they offer seamless integration with vehicle connectivity and electronics. The demand for connected and technologically advanced vehicles provides an opportunity for the recovery and growth of the automotive steer-by-wire system market.
- Government Support and Incentives for Electric Vehicles: Governments worldwide are providing support and incentives to promote the adoption of electric vehicles (EVs) as part of their green initiatives. This support includes financial incentives, subsidies, and infrastructure development for EVs. The increased adoption of EVs creates a favourable market environment for automotive steer-by-wire systems, as these systems are well-suited for electric vehicle platforms.
List of the prominent players in the Automotive Steer-By-Wire System Market:
- Robert Bosch GmbH
- JTEKT Corporation
- Nexteer Automotive
- ZF Friedrichshafen AG
- Danfoss Power Solutions
- Thyssenkrupp AG
- NSK Ltd.
- LORD Corporation
- GKN Automotive Limited
- Infineon Technologies AG
- Others
Table of Contents: https://www.custommarketinsights.com/report/automotive-steer-by-wire-system-market/#table-of-contents
About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales Support +1 801 639 9061
Email : support@custommarketinsights.com
Website : https://www.custommarketinsights.com/
