by The drive by wire technology replaces the conventional mechanical and hydraulic systems used for controlling vehicle systems like brakes, throttle and steering with electrical systems and electronic control units. It helps in improved vehicle safety, drivability and environmental friendliness. The system aids in functions such as anti-lock braking, electronic brake force distribution, electronic stability control and traction control. The market is being driven by onset of autonomous vehicles and mandates for vehicle safety by regulatory bodies. Drive by wire systems enable several ADAS technologies which are pivotal for self-driving vehicles. With growing awareness towards safety and crash avoidance, adoption of these systems have surged in passenger cars.
The global Drive by Wire Market is estimated to be valued at US$ 24 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing automation in vehicles is one of the key drivers propelling the growth of this market. The drive by wire technology enables development of autonomous vehicles which require advanced driver assistance features. It allows for integration of technologies such as adaptive cruise control, self-parking systems, collision avoidance systems and blind spot detection among others. The global push for vehicle automation and mandates by regulatory bodies for implementation of active safety systems in new vehicles has compelled automakers to invest in these technologies.
Another driver for the market is stringent safety and emission norms imposed by governments. Regulatory bodies have stipulated mandates for installation of safety systems like anti-lock braking systems, electronic stability control and tire pressure monitoring in all new vehicles. Drive by wire technology aids in integration of such systems while helping automakers comply with stringent emission standards.
Segment Analysis
The drive by wire market can be segmented by component, design, vehicle type, and region. The actuator sub-segment dominates the component segment owing to the increase in electronic components used in vehicles. With regards to design, the electronic throttle control sub-segment holds a larger share as it provides better vehicle acceleration control and fuel efficiency. The passenger vehicles sub-segment leads the vehicle type segment due to higher demand for comfortable and connected driving experience.
PEST Analysis
Political: Government regulations regarding vehicle safety and emission control have increased the adoption of drive by wire systems.
Economic: Rising disposable income and demand for premium vehicles have boosted market growth.
Social: Growing consumer preference for comfort, connectivity, and autonomous driving features are fueling the demand.
Technological: Advancements in autonomous driving technologies and integration of IoT are expanding application areas.
Key Takeaways
The Global Drive By Wire Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the market and is expected to grow at the fastest rate owing to increasing vehicle production and sales in major economies like China and India.
Key players operating in the drive by wire market are Bosch, ZF, Nissan, Audi, Infineon, CTS, Continental, Kongsberg automotive, Danaher Motion, Hitachi, Mobil Elektronik. Key players Bosch, ZF, Nissan, Audi, Infineon, CTS, Continental, Kongsberg automotive, Danaher Motion, Hitachi, Mobil Elektronik.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
