Drive By Wire Global Market Report 2024 Market Size, Share, Trends And Strategies By 2024-2033

The drive by wire market size has grown strongly in recent years. It will grow from $24.07 billion in 2023 to $25.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to demand for improved vehicle performance, safety and driver assistance systems, regulatory requirements and standards, reduction in mechanical complexity, fuel efficiency and emission reduction..

The drive by wire market size is expected to see strong growth in the next few years. It will grow to $31.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to innovations in aerospace and defense industries, consumer demand for advanced features, rise in electric and hybrid vehicles, integration of autonomous driving features, fuel efficiency and emission reduction.. Major trends in the forecast period include autonomous and electric vehicle integration, advanced safety and driver assistance features, enhanced vehicle performance and efficiency, regulatory compliance and standards,reduced mechanical complexity..

Market Overview -
Drive-by-wire refers to a range of electrical methods that supplement or replace traditional mechanical controls. Drive-by-wire technology uses electronic devices to activate brakes, control steering, and fuel the engine rather than cables or hydraulic pressure to operate a vehicle.

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Drive-By-Wire Market Accelerated By Surging Demand For Electric Vehicles (EVS)

The increasing demand for electric vehicles (EVs) is expected to propel the growth of the drive-by-wire market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity rather than using fossil fuels such as gasoline or diesel. In electric vehicles (EV), drive-by-wire technology uses electronic systems to activate brakes, control steering, and fuel the engine. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the increasing demand for electric vehicles is driving the growth of the drive by wire market.

Competitive Landscape -
Major companies operating in the drive by wire market report are Continental AG, Robert Bosch GmbH, Zahnradfabrik Friedrichshafen AG, Nissan Motor Co. Ltd., Nexteer Automotive, Kongsberg Automotive Holding ASA, Curtiss-Wright Corporation, Hitachi Astemo Ltd., Nippon Denso Co.Ltd, Ficosa Corporation, Daimler Truck, ME Mobil Elektronik GmbH, Danaher Motion, Delphi Automotive PLC, Mobil Elektronik GmbH, Infineon Technologies AG, Chicago Telephone Supply, Orscheln Products LLC, KSR International Co., Stoneridge Inc., Dura Automotive Systems LLC, Kostal Automotive Electrical Systems, Schaeffler AG, Mando Corporation, JTEKT Corporation, Nippon Seiko Kabushiki Kaisha, Mitsubishi Electric Corporation, General Motors Company, Jaguar Land Rover Limited, Infineon .

Driving Innovation Through Strategic Partnership In Drive By Wire Market
Major companies operating in the drive-by-wire market are adopting a strategic partnership approach to develop steer-by-wire (SBW) products and other fields. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in October 2022, ZF Friedrichshafen AG, a Germany-based engineering company, partnered with Nio Inc., a China-based automobile manufacturer. The partnership between the two companies aims to establish an instantaneous information-sharing mechanism, fostering enhanced communication and regular technical exchanges. This partnership seeks to facilitate joint engagement in industry-leading processes and the establishment of high-quality standards. Beyond technical collaboration, ZF and NIO have outlined plans to extend their cooperation into areas such as brand promotion, product marketing, technology advancements, and quality enhancements, along with a focus on improving customer service. This agreement signifies a significant milestone as it marks ZF Group's first venture into steer-by-wire collaboration with a customer in the Asia-Pacific region. Furthermore, both companies intend to work together to promote technological evolution and development across various fields, including autonomous driving and electrification.

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Key Segments -

The drive by wire market covered in this report is segmented -

1) By Vehicle Type: Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles
2) By Component: Vehicle Electronic Control Unit, Actuator, Engine Control Module, Electronic Transmission Control Unit, Feedback Motor, Sensors, Other Components
3) By Application Type: Throttle-By-Wire, Steer-By-Wire, Shift-By-Wire, Brake-By-Wire, Park-By-Wire

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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"Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps"

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