According to Fortune Business Insights, the global drive by wire market size is projected to reach USD 4.27 billion in 2027, at CAGR of 5.0% during forecast period; Introduction to Hybrid Electric Vehicles and Urgent Need to reduce vehicular Emissions to Propel Global Drive by Wire Market Growth.
/EIN News/ — Pune, India, April 20, 2022 (GLOBE NEWSWIRE) — The global Drive by Wire market is projected to surpass around USD 4.27 Billion by 2027, and is expanding growth at a CAGR of 5.0% from 2020 to 2027. The global drive-by-wire market is anticipated to gain traction from the emergence of hybrid electric vehicles. Hence, several original equipment manufacturers (OEMs) are trying to develop novel electrification processes to improve the vehicle’s efficiency. This information is provided by Fortune Business Insights in a new study, titled, “Drive by Wire Market, 2020-2027.”
Key Players Focus on Delivering Their In-house Products to Reputed Organizations
The market for drive-by-wire consists of multiple companies that are persistently striving to bag new orders for their in-house products from the other renowned firms. Some of the others are trying to design supercars in innovative ways. Below are two vital industry developments:
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|Forecast Period 2020 to 2027 CAGR||5.0%|
|2027 Value Projection||USD USD 4.27 billion|
|Market Size in 2019||USD 4.99 billion|
|Historical Data for||2016-2018|
|No. of Pages||200|
|Segments covered||Throttle by Wire, Steer by Wire, Shift by Wire, Brake by Wire and Park by Wire|
|Growth Drivers||Increasing Demand for Autonomous Vehicles to Aid Growth|
|Europe to Dominate: Stringent Emission Norms by Governments will Accelerate Growth|
Drivers & Restraints:
Increasing Demand for Autonomous Vehicles to Aid Growth
The rising adoption of autonomous vehicles globally is set to boost the drive-by-wire market growth in the coming years. These vehicles are driverless, reduce vehicular emissions, and deliver enhanced passenger safety. They are also equipped with drive-by-wire systems, RADAR, cameras, LiDAR, and GPS. These sensors not only help the drivers to avoid obstacles, but also lower the chance of road accidents. However, drive-by-wire technology involves high installation, designing, and manufacturing costs. This factor may hinder growth.
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Market Segment Analysis:
Drive by Wire Market is mainly segmented by Application Type, Component Type, Vehicle Type, and Region
- By Applications the market is further segmented into Throttle by Wire, Steer by Wire, Shift by Wire, Brake by Wire and Park by Wire. Shift-by-Wire Segment to Lead Owing to High Demand for Effortless Shifting of Gears. The shift-by-wire segment is expected to dominate in the near future by earning the largest drive-by-wire market share. This growth is attributable to their ability to provide an effortless shifting of gears by utilizing a push button.
- By Component its divided into Electronic Control Unit, Actuator, Electronic Throttle Control Module, Electronic Transmission Control Unit
- By Vehicle Type its categorized by Passenger Cars and Commercial Vehicles.
- By Geography the market divided in to regions: North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific), and Rest of the World.
Europe to Dominate: Stringent Emission Norms by Governments will Accelerate Growth
Regionally, in 2019, Europe procured USD 2.06 billion in terms of revenue. The region is likely to lead in the coming years backed by the presence of prominent companies in the region. Also, the implementation of stringent emission norms by the governments, as well as the adoption of innovative technologies would propel growth in this region.
Asia Pacific, on the other hand, is estimated to be the fastest-growing region because of the rising shift of the consumers towards fuel-efficient vehicles equipped with improved safety features. The rising investments in research & development activities would bolster the demand for drive-by-wire systems in North America.
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COVID-19 is Severely Affecting Automotive Industry Worldwide
The automobile industry is severely affected because of the COVID-19 pandemic. Owing to the complete lockdown measures, various manufacturers have shut down their facilities. This is further causing a decline in the production of vehicles. Besides, people are nowadays focusing more on spending on essential goods rather than purchasing luxury products. Hence, the demand for drive-by-wire (DbW) is likely to reduce in 2020. We are providing extensive analysis of every aspect of the market. Our analysts have handpicked the best strategies for you to implement for generating more sales.
September 2020: The Gen3 supercar will consist of a drive-by-wire throttle system instead of the conventional cable system. Currently, it is not being used by any of the teams for this season.
February 2020: Summit Racing is providing drive-by-wire throttle bodies to Granatelli Motor Sports. They are specifically designed for surging airflow across the engine’s revolutions per minute (RPM) range for more acceleration and horsepower.
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Drive-by-wire manufacturers present in the global market mentioned in report are:
- Curtiss Wright Corp. (North Carolina, United States)
- TRW Automotive (Michigan, United States)
- Nissan Motor Corporation (Yokohama, Japan)
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
- P.S.A Citroen (Rueil-Malmaison, France)
- SKF Group (Gothenburg, Sweden)
- Denso Corporation (Aichi, japan)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Peugeot (Paris, France)
Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
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The post Drive by Wire Market Size to Hit USD 4.27 Billion by 2027 first appeared on Reality Syndicate Viewers.
This news story originally appeared at Books - Reality Syndicate Viewers on 23 April 2022