Automotive Steer-By-Wire System Market Poised for Significant Growth, Reaching $5.8 Billion by 2031

The global Automotive Steer-By-Wire System Market is experiencing growth due to several factors, such as a rise in concerns about vehicle safety and efficiency, the surge in demand for advanced driver assistance systems (ADAS), and the increase in adoption of electric & autonomous vehicles. However, high maintenance costs and reluctance in adoption are hampering the automotive steer-by-wire system market growth. On the contrary, the increase in demand for more advanced & efficient steering systems in the automotive industry and the advantage for disabled & elderly people are expected to offer remunerative opportunities for the expansion of the automotive steer-by-wire system market during the forecast period.

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Automotive steer-by-wire is a specially designed technology which is designed for its application in new & advanced vehicles which has the capability to increase the performance of the vehicle. Automotive SbW system installed in a vehicle eliminates the mechanical steering column installed in a vehicle & introduces the sensor & module based steering system within the vehicle thus increasing the efficiency of the vehicle. Numerous companies such as JTEKT Corporation, HL Mando Corp., Nexteer Automotive & others have been introducing SbW system to their vehicles which reduces the overall weight of the vehicle & at the same time increases the efficiency of the vehicle.

Based on component, the steering actuator segment held the highest market share in 2021, accounting for around one-third of the global automotive steer-by-wire system market revenue. This is due to the fact that, steering actuator have an increased application in vehicle steering system. However, the angular sensors segment is expected to dominate the market in terms of revenue and projected to manifest the highest CAGR of 10.0% from 2022 to 2031. The angular sensor is a critical component in automotive steer-by-wire systems, providing the necessary feedback to the electric control unit (ECU) to control the steering actuator and ensure safe and efficient steering.

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The rising concerns about vehicle safety & efficiency, increase in the need for ADAS, and rise in adoption in electric & autonomous vehicles supplements the growth of the automotive steer-by-wire market across the globe. However, high maintenance costs and hesitation towards the adoption of SbW system hinder the market growth. Conversely, superior driving experience, increase in demand for more advanced & efficient steering systems in the automotive industry, and assistance offered by steer-by-wire systems to disabled & elderly people are anticipated to provide lucrative opportunities for the growth of the market across the globe.

Based on propulsion type, the internal combustion engine (ICE) segment held the highest market share in 2021, accounting for more than half of the global automotive steer-by-wire system market revenue. This is due to the fact that ICE vehicles require a power steering pump to provide the necessary hydraulic pressure for the steering system. However, the electric segment is expected to rule the roost throughout the forecast period and is projected to manifest the highest CAGR of 10.7% from 2022 to 2031. The growth is attributed to the increased inclination of electric vehicles equipped with advanced components across the globe.

The key players profiled in this report include

The key market players analyzed in the global automotive steer-by-wire system market include Continental AG, Danfoss A/S, Hitachi Astemo, JTEKT Corporation, Mando Corporation, Nexteer Automotive Corporation, Robert Bosch GmbH, Schaeffler AG, Thyssenkrupp AG, and ZF Friedrichshafen. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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For instance, in September 2019, Canoo, the Los Angeles-based company, launched its first model, Canoo autonomous vehicles. It is equipped with a combination of steer-by-wire and advanced driving assistance system (ADAS) that reduces the overall weight of the vehicle as well as offering more responsive & smoother driving experience and more interior space for the vehicle. Similarly, in October 2021, Toyota introduced its first electric car, the bZ4X. This car features new steer-by-wire system, which enables lock-to-lock angle set approximately 150°, thus eliminating the need to change the grip when operating the steering wheel and reducing the burden on the driver when turning, in parking lots and on winding roads.

The integration of steer-by-wire systems has resulted in significant improvements in vehicle safety and efficiency. For instance, in July 2022, ZF introduced its advanced steer-by-wire technology for the front axle. According to the company, this new, advanced steer-by-wire technology provides comfort and safety features, such as autonomous emergency evasive parking or maneuvers in confined spaces. Furthermore, these systems can be used to enable features such as lane departure warning and collision avoidance, which can help prevent accidents and improve vehicle safety.

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Based on vehicle type, the passenger cars segment accounted for the largest share in 2021, contributing to more than two-thirds of the global automotive steer-by-wire system market revenue and is projected to maintain its lead position during the forecast period. This is because, passenger cars find a wider application of automotive steer-by-wire systems. However, the commercial vehicles segment is expected to portray the largest CAGR of 9.8% from 2022 to 2031. This is due to an increased demand for the installation of advanced features in vehicles which ensure smoother & safer driving as well as help in reducing the weight of the vehicle to a much larger extent.

Based on the component, the steering actuator segment holds majority of mrket share I the global market. This is due to the fact that steering actuator in a steer-by-wire system uses electrical or hydraulic signals to turn the wheels. Steer-by-wire enables standardization of the cockpit module and chassis across entire platforms, thus making a significant contribution to reducing complexity and costs. In addition, the system offers a wide range of technical features for more safety, comfort, and agility as compared to conventional steering systems.

Regional Analysis:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global automotive steer-by-wire system market revenue, and is likely to dominate the market during the forecast period. The growth is attributed to an increase in demand for more advanced & efficient steering systems in the automotive industry. However, the Europe region is expected to witness the fastest CAGR of 10.0% from 2022 to 2031, owing to surge in the adoption of automotive steer-by-wire system in new vehicles has launched in this region.

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