Press release
Automotive Steer-by-Wire Market to Reach USD 42.48 Billion by 2030, Growing at a CAGR of 5.9%
Automotive Steer-by-Wire Market
The global automotive steer-by-wire market is poised for significant growth, with projections indicating a rise from USD 0.46 billion in 2023 to USD 2.81 billion by 2030. This growth is expected at a robust CAGR of 23.2% over the forecast period from 2024 to 2030. The growing demand for lightweight vehicles, technological advancements, and increasing consumer preference for enhanced driving experiences are the key drivers for this market's expansion.
Steer-by-wire technology eliminates the traditional mechanical link between the steering wheel and the wheels, offering greater flexibility in vehicle design and improving driving comfort and safety. As the global automotive industry shifts towards electric vehicles (EVs) and autonomous driving, steer-by-wire systems are expected to play a pivotal role in revolutionizing vehicle dynamics.
๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ ๐๐ง๐ ๐๐๐ฒ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐๐ฅ ๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ : The automotive industry is undergoing a transformation with the advent of electric and autonomous vehicles. Steer-by-wire systems offer improved design flexibility, reduced vehicle weight, and enhanced safety features.
๐๐๐ก๐ข๐๐ฅ๐ ๐๐ข๐ ๐ก๐ญ๐ฐ๐๐ข๐ ๐ก๐ญ๐ข๐ง๐ : With the increasing focus on electric vehicles, the reduction in vehicle weight is a key objective. Steer-by-wire technology eliminates the need for heavy mechanical components like the steering column, significantly reducing the overall weight of the vehicle.
๐๐ง๐ก๐๐ง๐๐๐ ๐๐ซ๐ข๐ฏ๐๐ซ ๐๐ฑ๐ฉ๐๐ซ๐ข๐๐ง๐๐ : Steer-by-wire systems provide a customizable steering experience, allowing manufacturers to design vehicles with more spacious cabins and greater freedom in interior configurations.
๐ ๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ ๐๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐ซ๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ซ ๐ข๐ง๐ช๐ฎ๐ข๐ซ๐ ๐ญ๐จ๐๐๐ฒ : https://www.maximizemarketresearch.com/request-sample/97394/
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ
๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐
The United States is leading the adoption of steer-by-wire systems, driven by the demand for electric and autonomous vehicles. With major automotive manufacturers such as Ford, General Motors, and Tesla investing in next-generation technologies, the US is at the forefront of integrating steer-by-wire into vehicles.
Recent Developments: Ford and General Motors have been exploring steer-by-wire systems for their upcoming EVs, with Tesla actively working on integrating the technology in its future models. These advancements aim to provide enhanced driving experiences and improved cabin space for passengers.
๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐
Europe is another prominent region for the development and deployment of steer-by-wire systems, particularly with the increasing number of EVs and autonomous vehicle projects. Leading manufacturers in countries like Germany, France, and Italy are making significant investments in the technology.
๐๐๐ซ๐ ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ : Volkswagen and Bosch recently entered into a strategic collaboration to develop and commercialize steer-by-wire systems for next-generation vehicles, signaling a significant move towards integrating the technology in mainstream cars.
๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐๐ฉ๐๐ง
Japan, a global leader in automotive technology, is embracing steer-by-wire solutions as part of its push toward autonomous driving and EV innovations. Companies like Toyota, Honda, and Nissan are actively testing and implementing this technology.
Key Developments : Toyota has been at the forefront, experimenting with steer-by-wire technology in its LQ Concept Car. The company aims to improve driving comfort and safety while aligning with its vision for future mobility solutions.
๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐๐จ๐ฎ๐ญ๐ก ๐๐จ๐ซ๐๐'๐ฌ ๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ
South Korea has seen substantial progress in the adoption of advanced automotive technologies. Major players such as Hyundai and Kia are focusing on integrating steer-by-wire systems in their upcoming electric and autonomous models.
Recent Developments: Hyundai has announced plans to integrate steer-by-wire technology in its upcoming EV models. The company is working on innovative solutions for steer-by-wire to enhance driver control and safety features in its vehicles.
๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐๐ก๐ข๐ง๐
As one of the largest automotive markets in the world, China is positioning itself as a major adopter of electric and autonomous vehicles, which is driving demand for steer-by-wire technology. Leading manufacturers like BYD, Geely, and SAIC Motor are keen to implement this technology in their electric models.
๐๐๐ซ๐ ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ : BYD recently entered into a partnership with Bosch to develop steer-by-wire systems for its electric vehicles. This collaboration marks an important step towards integrating this technology into the Chinese market.
๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ข๐ง ๐๐ข๐๐ญ๐ง๐๐ฆ
In Vietnam, the automotive sector is expanding rapidly with the rise of local electric vehicle manufacturers. Companies like VinFast are investing in innovative technologies, including steer-by-wire, to offer enhanced performance and driving experiences in their electric vehicles.
Recent Developments: VinFast has announced that it will introduce advanced steering systems, including steer-by-wire, in its upcoming models, marking a significant shift towards adopting next-generation automotive technologies.
๐๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ ๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐ข๐ง ๐๐ก๐๐ข๐ฅ๐๐ง๐
Thailand is becoming a key manufacturing hub for the Southeast Asian automotive industry. As demand for electric vehicles increases, local manufacturers are exploring steer-by-wire systems to offer more customizable vehicle designs.
Key Developments: Thai automotive company Tata Motors is exploring partnerships with technology providers to integrate steer-by-wire systems into its upcoming electric vehicles, catering to both domestic and international markets.
๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค ๐๐ง๐ ๐๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐จ๐ง๐ฌ
The automotive steer-by-wire market is set for rapid growth as manufacturers move towards integrating this innovative technology into both electric and autonomous vehicles. The flexibility, safety, and weight-saving benefits offered by steer-by-wire systems make them an ideal solution for the evolving automotive landscape.
Technological Innovation: Companies are continuing to innovate with steer-by-wire, integrating it with other vehicle systems such as electronic control units (ECUs), autonomous driving systems, and AI-driven driving experiences.
Strategic Partnerships and Collaborations: The growing number of partnerships between automotive manufacturers and technology companies is accelerating the adoption of steer-by-wire solutions, ensuring widespread commercial use in future vehicles.
๐ ๐จ๐ซ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ ๐๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐ซ๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ซ ๐ข๐ง๐ช๐ฎ๐ข๐ซ๐ ๐ญ๐จ๐๐๐ฒ :https://www.maximizemarketresearch.com/request-sample/97394/
๐๐ข๐ฌ๐๐จ๐ฏ๐๐ซ ๐ค๐๐ฒ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ญ๐ก๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ :
๐๐ฒ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ
Backup mechanical technology
Pure electronic technology
The vehicle steer-by-wire market is divided into two segments based on technology: pure electronic and backup mechanical. In 2019, 100% of the vehicle steer-by-wire market was accounted for by the backup mechanical segment. By 2030, pure electronic technology is predicted to account for 18% of the market.
๐๐ฒ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฒ๐ฉ๐
Commercial vehicles
Passenger vehicles
The worldwide automotive steer-by-wire market is divided into two segments based on vehicle type: passenger cars and commercial cars. The passenger segment is anticipated to expand over the forecast period as electric power-assisted steering is anticipated to become standard in passenger automobiles in a number of countries.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ญ๐ ๐๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ฒ ๐ฏ๐ข๐๐ฐ๐ข๐ง๐ ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ : @https://www.maximizemarketresearch.com/market-report/global-automotive-steer-by-wire-market/97394/
๐๐๐๐ซ๐ง ๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐ญ๐จ๐ฉ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ข๐ง๐ง๐จ๐ฏ๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ :
1. Danfoss
2. JTEKT NORTH AMERICA
3. ZF Friedrichshafen AG
4. LORD Corporation
5. Eaton
6. KYB Corporation
7. NSK Ltd
8. Nexteer Automotive Corporation
9. Ficosa International S.A.
10.Kongsberg Gruppen
11.Robert Bosch GmbH
12.Thyssenkrupp AG
13.Paravan GmbH (Germany)
14.SKF (Sweden)
15.Sona Koyo Steering Systems Ltd
๐๐๐ญ ๐๐ง๐ฌ๐ฐ๐๐ซ๐ฌ ๐ญ๐จ ๐๐ซ๐ข๐ญ๐ข๐๐๐ฅ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐ฌ๐ก๐๐ฉ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ญ๐๐๐ซ-๐๐ฒ-๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ :
What is Automotive Steer-by-Wire ?
What is the growth rate of the Automotive Steer-by-Wire Market?
Which are the factors expected to drive the Automotive Steer-by-Wire market growth?
What is the CAGR at which the Automotive Steer-by-Wire market will grow during the forecast period?
What are the different segments of the Automotive Steer-by-Wire Market?
Which is the fastest growing region in the Automotive Steer-by-Wire market?
What growth strategies are the players considering to increase their presence in Automotive Steer-by-Wire ?
What are the upcoming opportunities and trends for the Automotive Steer-by-Wire Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Automotive Steer-by-Wire Market?
Who are the leading companies and what are their portfolios in Automotive Steer-by-Wire Market?
What segments are covered in the Automotive Steer-by-Wire Market?
Who are the key players in the Automotive Steer-by-Wire market?
๐๐๐ข๐ง ๐๐๐๐๐ฌ๐ฌ ๐ญ๐จ ๐ฏ๐๐ฅ๐ฎ๐๐๐ฅ๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ฅ๐ข๐ง๐ค @https://www.maximizemarketresearch.com/request-sample/97394/
๐๐๐ญ ๐ ๐๐ฅ๐จ๐ฌ๐๐ซ ๐ฅ๐จ๐จ๐ค ๐๐ญ ๐ญ๐ก๐ ๐ ๐๐ฆ๐-๐๐ก๐๐ง๐ ๐ข๐ง๐ ๐ฉ๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ฌ๐ฎ๐๐๐๐ฌ๐ฌ.
Past Size and Competitive Landscape
โข Past Pricing and price curve by region
โข Size, Share, Size Forecast by different segment
โข Dynamics Growth Drivers, Restraints, Opportunities, and Key Trends by Region
โข Segmentation A detailed analysis by segment with their sub-segments and Region
โข Competitive Landscape Profiles of selected key players by region from a strategic perspective
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐จ๐ฎ๐ซ ๐ญ๐ซ๐๐ง๐๐ข๐ง๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ญ๐จ ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ฌ๐ก๐ข๐๐ญ๐ฌ :
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๐๐๐๐๐ก ๐๐ฎ๐ญ ๐ญ๐จ ๐๐๐ฑ๐ข๐ฆ๐ข๐ณ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐จ๐ซ ๐๐ง-๐๐๐ฉ๐ญ๐ก ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ :
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