X-by-Wire Systems Market Anticipated to Reach $234 Million by 2026

X-By-Wire Systems Market is anticipated to reach $234 million by 2026 growing at a CAGR of 10.2%. X-by-wire system replaces the conventional mechanical control systems with electronic throttle control systems by using electro-mechanical actuators and human-machine interfaces such as steering feel emulators and pedals. With the use of this system, the use of traditional components in vehicle such as the pumps, steering column, belts, intermediate shafts, belts, hoses, coolers and vacuum servos and master cylinders are eliminated. Hence the demand for the market is expected to rise. The transition in automotive industry is greatly attributed to factors such as increasing push for fuel efficiency, safety, reduced emissions and others. In addition to this, highly precise and accurate motion control is also in great demand in the automotive industry. These factors are set to propel the X-by-Wire systems demand.

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X-By-Wire Systems Market Segment Analysis - System Type

The X-By-Wire Systems market is segmented into Shift-By-Wire Systems Market, Throttle-By-Wire Systems, Suspension-By-Wire Systems, Park-By-Wire Systems among Others by system type. Throttle-by-wire technology held the major share accounting for around 49% in 2020. Throttle-by-wire technology has already witnessed widespread adoption in mid and high end cars and in the future it is expected to see an increasing adoption in entry-level cars as well. The deployment of throttle-by-wire systems in construction equipment and military vehicles is expected to bode well for the market in the long run. The investment of manufacturers in the research and development of advanced technologies and in the testing of advanced technologies is expected to open a plethora of opportunities for the market in the years ahead.

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X-By-Wire Systems Market Segment Analysis - By Geography

North America held the prominent share of 39% of global X-By-Wire Systems market in 2020. In North America, the U.S. market contributes the largest share of X-by-wire system and growing technological advancements further helps to increase the market at higher pace. Growing automotive exports in Mexico helps in the growth of X-by-wire system market. The use of these systems is also growing significantly in the Asia-Pacific regions, due to the increase in the consumer purchasing power and their preference for better safety measures and the need for higher fuel efficiency of the vehicle. China, Germany, U.S. and Japan, are expected to be the largest markets for these by-Wire systems. Developing countries such as Mexico and others are expected to show a high growth rate in the demand for these technologies by the automobile manufactures which can also be seen with the increasing production of X-by-Wire systems during the years 2014 to 2019.

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X-By-Wire Systems market Drivers

Increase in sales of electric vehicles (EVs)

EVs deliver several advantages such as reduced fuel consumption (petrol, diesel, and gas) and reduced emissions from tailpipes, which significantly boost their demand across the globe. It in turn is expected to accelerate the need for advanced technology in electric vehicles during the forecast period for x-by wire systems market. The adoption rate of electric vehicles is increasing across the globe and the sales of electric and hybrid vehicles will show a significant growth during the forecast period. This growth can be attributed to the stringent emission norms and increased battery density. The ADAS features, which were earlier offered only in the high-end luxury cars are now being offered in entry level models.

Stringent regulations for emissions for vehicles

Emission Standards (EURO I, EURO II, EURO III, EURO IV and EURO V), Corporate Average Fuel Economy (CAFE) and Federal Motor Vehicle Safety Standards (FMVSS) are few of the most common emission standards followed in the global regions. Governments in different countries are creating awareness towards low emission by vehicles through these regulations and standards which is thereby boosting the x-by wire system market during the forecast period 2021 – 2026.

X-By-Wire Systems market Challenges

Increase in raw material prices

One of the main challenges for the x-by wire systems market is rising costs of raw materials. In recent years, iron, steel and plastics costs have risen to high levels that have resulted in rise in passenger vehicle costs for customers. This is set to hinder the market growth during the forecast period 2021 – 2026.

X-By-Wire Systems Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the X-By-Wire Systems market. X-By-Wire Systems market is expected to be dominated by major companies such as Robert Bosch GmbH (Germany), Continental AG (Germany), Curtiss Wright Corp. (U.S.), TRW Automotive (U.S.), Nissan Motor Corporation (Japan), and P.S.A Citroen (France) among others.

Acquisitions/Product Launches/Partnerships

In June 2020 Eaton announced the production launch of its SBX advanced steering valve, a fail-operational steer-by-wire valve for off-highway machinery.

The compact, modular SBX valve increases machine flexibility and intelligence by enabling machine designers to tailor steering performance to the operator’s preferences and operating conditions.

JTEKT displayed its steering systems, driveline components, and bearing solutions in the AUTOMOBILI-D hall at the 2019 North American International Auto Show. The company has showcased its technological achievements, such as recently developed lithium-ion capacitor, which can operate in extremely high and low temperatures, as well JTEKT’s advanced driver assist system (ADAS) and steer-by-wire technologies.

Key Takeaways

North America held the prominent share of 39% of global X-By-Wire Systems market in 2020 due to the growing technological advancements which further helps to increase the market at higher pace.

Governments in different countries are creating awareness towards low emission by vehicles through these regulations and standards which is thereby boosting the x-by wire system market during the forecast period 2021 – 2026.

One of the main challenges for the x-by wire systems market is rising costs of raw materials.

Related Reports :

A. Torque Converter Market
https://www.industryarc.com/Research/Torque-Converter-Market-Research-501034

B. Automotive Electronic Throttle Market
https://www.industryarc.com/Report/19240/automotive-electronic-throttle-market.html

For more Automotive Market Reports @ https://www.industryarc.com/Domain/3/automotive-market-research.html

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This release was published on openPR.