The global Drive by Wire Market is estimated to be valued at US$ 24.0 Bn or billion in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
This allows transmission of command signals from various controls like accelerator, brake and steering with high responsiveness and accuracy. Such systems provide advantages like fuel efficiency, safety and comfort.
Market key trends:
One of the major trends driving the growth of the drive by wire market is increasing adoption of artificial intelligence. Manufacturers are increasingly integrating AI in drive by wire systems to provide advanced driver assist features. AI helps in processing data from multiple sensors to gauge driver behavior and intention and assist driving. It also enables features like self parking, blind spot monitoring which improves safety. Automakers are also exploring use of AI and machine learning to continuously upgrade electronic control modules over-the-air, adding new functionalities without requiring hardware changes. This is set to further fuel the demand.
Segment Analysis
The Global Drive By Wire Market Size is segmented by application into electronic throttle control, electronic braking system, electronic shift system, and others. The electronic throttle control segment currently accounts for the largest market share. This is because electronic throttle control systems provide safer and more reliable throttle response compared to conventional cable-operated systems. Electronic throttle control also enhances engine performance and fuel efficiency while reducing emissions.
Key Takeaways
The global drive by wire market is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing vehicle autonomy and electrification. Drive by wire systems are integral to autonomous vehicle technologies as they eliminate mechanical linkage in vehicles.
Regional analysis
Europe accounts for the largest share of the global drive by wire market currently due to stringent emission norms in the region. German automakers like BMW, Mercedes and Volkswagen are focusing on electrification and advanced driver assistance systems, boosting demand for drive by wire technologies. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising vehicle production and sales in China and India.
Key players
Key players operating in the drive by wire market are Continental AG, Robert Bosch GmBH, ZF Friedrichshafen AG, Nissan Motor Co., Ltd., Kongsberg Automotive, Ficosa Internacional SA, Curtiss-Wright Corporation, Hitachi Ltd. and Others. Continental AG and Robert Bosch GmBH currently dominate the market with their wide product portfolio and presence across all major vehicle segments. Nissan Motor Co. is a leader in electronic braking and electronic shift systems for commercial vehicles.
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