Drive-by-wire market to hit $59.5 billion by end of 2025
The drive-by-wire market is projected to register a CAGR of 15.0% from 2017 to 2025 and, by the end of 2025, to be worth $59.5 billion, according to a report by Transparency Market Research (TMR).
The global drive-by-wire market is categorized by the presence of several large and small players. The competition between the potential players is likely to increase as they aim at adopting 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.
Among the various applications of drive-by-wire systems, 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. In terms of regions, Asia Pacific is expected to lead the global drive-by-wire market in the coming years. This is attributed to the growth of the automotive industry and the increasing demand for electric vehicles in the region.
A drive-by-wire technology system replaces and controls mechanical components through sensor technologies. Such sensor technologies pass the recorded information to a series of computers that convert the vehicle's electrical energy to mechanical motion. A drive-by-wire system reduces the need for using conventional components such as pumps, master cylinders, drive-belts, vacuum boosters, and driveshafts. Rising awareness about vehicular pollution and emissions control, growing number of legislations and mandates by governments, 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 market.
Drive-by-wire technology incorporates automotive electronic components such as actuators, electronic control units, sensors, and electric motors. Such components are extensively used in autonomous vehicles. Thus, rising demand for autonomous vehicles and increasing adoption of the 48-volt system over the conventional 12-volt system is also projected to propel the global drive-by-wire market.
A few challenges hindering the growth of the global drive-by-wire market are huge incremental cost, lack of public acceptance of electric vehicles, and the risk associated with potential failure of electronic components. Nonetheless, growing regulations aimed at curbing vehicular emissions are expected to help overcome some of these challenges.
Request a sample of the report at: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=25601.