Automotive Steer-by-Wire System (SbW) Market Size, Share & Industry Analysis, By Vehicle Type (Passenger cars, Light Commercial Vehicles, High Commercial Vehicles), By Component Type (Steering Actuator, Feedback Motor, Angular Sensors), By Drive Type (ICE, Electric) and Regional Forecast, 2024-2032

The stringent government emission regulations have led automakers to make vehicle fuel-efficient and also compile with the rules. Owing to this, many automobile manufacturers are downsizing the vehicle to make it fuel-efficient by adopting advanced technologies. The steer-by-wire system replaces mechanical steering connection linkage with electronics, algorithms, and actuators between road wheels and handwheels. Thus resulting in lowering the overall weight of the steering system. The steer-by-wire also provides enhanced maneuverability with a variable steering ratio for the wide range of driving performance and comfort. Growing demand for the superior ride and driving comfort among the consumers is also expected to drive the automotive steer-by-wire system market over the forecast period.

Key Market Driver -

The increasing adoption of vehicle downsizing among automakers and also increased adoption of advanced technology within vehicles is expected to drive the market over the forecast period.

Key Market Restraint -

The high cost of this system is likely be restraint for the growth of the steer-by-wire market.

The increasing awareness among the people about advanced technologies is also expected to propel the growth of the market. The high malfunction chances of the steer-by-wire are likely to hamper the growth of the steer-by-wire market. The high cost of this system is also expected to restrain the growth of the market over the forecast period.

Key Players Covered in the Automotive Steer-by-Wire System Market:

Some of the major companies that are present in the automotive steer-by-wire system market include Nexteer Automotive Group Limited, Infiniti, Robert Bosch GmbH, ZF Friedrichshafen AG, and Nissan, among others.

The automotive steer-by-wire system market is segmented into vehicle type, component type, drive type, and region. By vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period. The increasing sales of passenger cars with advanced technologies and also a rising demand for fuel-efficient vehicles is likely to drive the segment’s growth in the market. The light commercial vehicle segment is also expected to show steady growth in the market.

By component type, further, the market has been segmented into steering actuator, feedback motor, and angular sensors. The steering actuator segment accounts for the largest market share and is also expected to dominate the steer-by-wire market owing to its use in every type of vehicle. The feedback motor segment is also expected to show good growth in the market over the forecast period.

By drive type, further, the market has been segmented into ICE and electric. The ICE segment is expected to dominate the market owing to large scale usage of steer-by-wire in the ICE segment. The electric segment is also expected to show good growth in the market owing to the growing adoption of the steer-by-wire in the electric vehicles.

Regional Analysis:

Geographically, the global market has been segmented into the four major regions of North America, Europe, Asia Pacific, and Rest of the world. Europe is expected to dominate the market over the forecast owing to the growing adoption of advanced technologies in this region. The increasing awareness among the consumers regarding advanced technologies is also expected to drive the growth of the market in this region. 

Asia-Pacific is also anticipated to show good growth in the market over the forecast period. The growing demand for luxury vehicles in this region, owing to the rising disposable income of the individuals, is likely to boost the market’s growth in this region.

Key Market Driver -

The increasing adoption of vehicle downsizing among automakers and also increased adoption of advanced technology within vehicles is expected to drive the market over the forecast period.

Key Market Restraint -

The high cost of this system is likely be restraint for the growth of the steer-by-wire market.

North America is also expected to show good growth in the automotive steer-by-wire system market over the forecast period. The stringent government regulations have led to an increase in demand for fuel-efficient vehicles in this region. This factor is likely to drive the automotive steer-by-wire system market’s growth in this region.

Segmentation

Key Industry Developments:

• January 2018:  Nexteer Automotive Group Limited has launched a new manufacturing system- Digital Trace Manufacturing. This system uses the latest data analytics and technologies for the most advanced & integrated approach to design and manufacture system. This will help to provide consumers high-quality product performance.