Drive by Wire Market to Exhibit Steady 6.5% CAGR from 2023 to 2030; Revolutionary Shift from Mechanical to Electronic Control to Shape the Future of the Automotive Industry

The global Drive by Wire Market size was valued at USD 13.79 billion in 2022. The market is projected to grow from USD 14.57 billion in 2023 to USD 22.59 billion by 2030, exhibiting a CAGR of 6.5% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Drive by Wire Market Size, Share & COVID-19 Impact Analysis, By Type (Throttle-By-Wire, Brake-By-Wire, Shift-By-Wire, Steer-By-Wire), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecasts, 2023-2030”.

Drive-by-wire is an emerging technology in the automotive industry that replaces mechanical systems with electronic control systems. Sensors detect driver inputs and send signals to actuators to control vehicle functions. This advancement enables the development of lightweight and fuel-efficient vehicles, driving the growth of the market. Moreover, the introduction of hybrid electric vehicles has sparked a technological revolution in the automotive industry driven by factors such as tax benefits and increasing environmental awareness.

Disruptions and Global Lockdowns Hindered the Market During Pandemic

The outbreak of the COVID-19 pandemic led to the implementation of stringent policies, such as global lockdowns, which had a severe impact on economic activities. The manufacturing and service industries were temporarily closed, affecting trade and supply chain management. The pandemic also affected personal behaviors, travel patterns, and consumer preferences. For example, in India, the sale of passenger cars and commercial vehicles experienced significant declines during the lockdown period.

Leveraging Expertise and Partnership to Drive Innovation and Commercialization

By eliminating the physical connection between a vehicle's steering wheel and its wheels, steer-by-wire applications present significant opportunities for vehicle interior design, dynamics, and safety. To achieve this goal, Bosch, a leading technology and service provider, has partnered with Arnold NextG. This alliance aims to combine their respective development capabilities and expedite the preparation of these innovative solutions for large-scale commercial production. Their shared objective is to introduce steer-by-wire systems to the market by the mid-2020s.

Lightweight Materials and Electronic Components Drive Growth in the Automotive Industry

Global regulatory bodies and governments have implemented strict emission standards for automotive manufacturers, leading to increased utilization of lightweight materials and electronic components in vehicle construction. Lightweight materials, such as composites, plastics, and lightweight metals, along with electronic systems, replace traditional mechanical linkages, resulting in reduced fuel consumption during acceleration, further contributing to the market growth.

However, the Drive by Wire Market growth is restricted by substantial expenses associated with replacing and maintaining electronic components.

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Organizations Embrace Strategies to Gain Competitive Edge and Expand Market Presence

This industry is poised for rapid growth, driven by ongoing technological advancements. Key players in the industry are implementing strategies such as product differentiation, development, strategic partnerships, mergers, and expanding their sales and distribution networks to gain a competitive edge. These players are also making significant investments in research & development activities to establish a strong market presence.

Notable Industry Development

• June 2023: Chassis Autonomy, a company specializing in software design and hardware development for steer-by-wire and brake-by-wire systems in highly automated and fully autonomous vehicles, entered into a non-binding agreement with Kongsberg Automotive to acquire 20% equity stake in the company.

List of Companies Profiled in the Report:

• ZF Friedrichshafen AG (Germany)
• Nexteer (U.S.)
• Robert Bosch GmbH (Germany)
• Danfoss (Denmark)
• Ficosa International S.A. (Spain)
• The Curtiss-Wright Corporation (U.S.)
• Continental AG (Germany)
• Nissan Motor Co., Ltd. (Japan)
• Kongsberg Automotive (Switzerland)
• Hitachi, Ltd. (Japan)

Further Report Findings:

• Asia Pacific accounted for USD 7.74 billion in 2022. The region is set to dominate the Drive by Wire Market share during the forecast period due to rising consumer demand for safer and fuel-efficient vehicles as well as stringent emission regulations driving the adoption of electric vehicles and drive-by-wire technology.
• Meanwhile, Europe's substantial market share is attributed to early technology adoption, presence of major manufacturers, and strict emission norms, ensuring continued robust growth in the region.
• Throttle-by-wire is the dominant segment due to its prevalent use in the automotive industry. This technology replaces mechanical cables with electronic sensors and actuators, offering a fail-safe design with improved accuracy and reliability.
• Passenger cars segment is leading owing to increasing sales, government incentives for hybrid and electric vehicles, and mandatory integration of safety features such as traction control and airbags across all vehicle segments.

Table of Segmentation