Automotive Steer-by-Wire System Market Size, Trends, Key Players, Analysis, Growth Factors, Industry Share, Revenue, Regional Forecast To 2023
Automotive Steer-by-Wire System Market expected to gain 14% CAGR growth forecast period 2019-2023, Automotive Steer-by-Wire System Market Categorizes in Component, Vehicle, Application and Region
Pune, India – February 27, 2019 /MarketersMedia/ —
Automotive Steer-by-Wire System Market Overview:
The automotive steer-by-wire system is considered to be different from the electric power steering system. The automotive steer-by-wire system provides control over the system in the vehicle by controlling the wheel direction. This system works based on driver inputs and then the inputs actuated through electronic control units to control the wheel direction. The growing demand for fuel efficiency in vehicles and the growing luxury vehicle sales are the major driving factors for the global automotive steer-by-wire system. The rise in the demand for better steering functionality owing to the increased concern about vehicle noise due to steering mechanical components will enhance the sales for the automotive steer-by-wire system in the global market.
Automotive Steer-by-wire System market is projected to witness a ~14% CAGR by 2023
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Key Players:
The prominent players in the global automotive steer-by-wire system market include Nissan Motor Company Ltd (Japan), ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and Thyssenkrupp AG (Germany), Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland), among others.
Market Research Analysis:
In 2014, Nissan luxury brand Infiniti came up first with the steer-by-wire system technology in the model Q50. The technology failed in its initial period and the recall happened. After improvement in the steering responsiveness and change in turning radius, the technology put a mark in the global market. There are many automobile manufacturers such as Nissan, BMW, General Motors, and Mercedes who are investing in the technology and start adopting the same in their signature models.
Rapidly growing demand for new steering technology and growing automobile sales will open up new opportunities in the global market for new entrants. However, the high price of the technology will restrain the sales of the automotive steer-by-wire system technology. The adoption of technology in non-luxury vehicles is the major challenge for manufacturers as it increases the cost of the vehicle.
In terms of region, the global market for automotive steer-by-wire systems is divided into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to hold the highest revenue market share in the base year and is expected to dominate during the forecast period. The presence of automobile manufacturers in Germany, the UK, Italy, Belgium, Sweden, and Russia is expected to drive the growth of the automotive steer-by-wire systems market in Europe as these regions have a continuous demand for steer-by-wire systems in vehicles to raise the comfort level.
In Europe, there are high sales of luxury passenger cars which further boosts the sales of automotive steer-by-wire systems. In North America, stringent government norms and awareness regarding safety vehicles will drive the growth of automotive steer-by-wire systems. Asia-Pacific is estimated to hold the highest growth rate over the forecast period. The increasing demand regarding fuel efficiency is likely to enhance the market size for Asia-Pacific.
Automotive Steer-by-Wire System Market Segmentation:
The global automotive steer-by-wire system market is segmented on the basis of component, fuel type, vehicle type, and region.
On the basis of component, the market has been segmented into feedback motors, angular sensors, steering actuators, and others.
On the basis of propulsion type, the market has been segmented into ICE and electric.
On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.
Table Of Contents
1.Executive Summary
2.Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3.Market Landscape
3.1. Porter s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power of Buyers
3.2. Value Chain/Supply Chain Analysis
Continued
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