Rise In Electric Vehicle Adoption Fueling The Growth Of The Market Due To Demand For Advanced Vehicle Architecture Integration: Strengthening the Growth Trajectory of the Automotive Steer-By-Wire System Market

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What Is the Expected CAGR for the Automotive Steer-By-Wire System Market Through 2025?
The market size of the automotive steer-by-wire system has seen significant expansion in the past few years. The market's worth is projected to escalate from $2.73 billion in 2024 to $2.96 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.3%. This incremental growth during the historical period can be credited to factors such as governmental backing for electric vehicle infrastructure, the emergence of automotive startups, an escalating consciousness of vehicular safety, the progression of shared mobility models, and an increased demand for an improved driving experience.

What's the Projected Size of the Global Automotive Steer-By-Wire System Market by 2029?
In the coming years, the market size of the steer-by-wire system in the automotive industry is projected to witness significant growth. By 2029, it's anticipated to reach a valuation of $4.02 billion, growing at a compound annual growth rate (CAGR) of 7.9%. The expected growth in this period can be credited to factors such as the rise of electric vehicles, heightened focus on reducing vehicle weight, the development of urban transportation systems, sped up vehicle advancements, and increased electrification of corporate fleets. Major trends for the forecast period encompass the integration of ADAS and autonomous driving, the incorporation of cutting-edge sensors, the construction of a redundant system architecture, improved vehicle dynamic control, and the creation of fail-operational systems.

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Top Growth Drivers in the Automotive Steer-By-Wire System Industry: What's Accelerating the Market?
The expected rise in the use of electric cars is likely to stimulate the expansion of the automotive steer-by-wire system market. As opposed to gasoline or diesel-fuelled internal combustion engines, electric vehicles draw power from rechargeable batteries, either partially or entirely. The shift towards these vehicles is primarily attributed to heightened environmental consciousness, given that they don't emit harmful tailpipe gases, hence aiding in the reduction of air pollution and the fight against global warming. Automotive steer-by-wire systems are essential in electric cars, as they aid in the elimination of mechanical linkages, thus offering improved design flexibility and smooth incorporation with autonomous driving technologies. As reported by the Energy Information Administration, a government agency in the US, in November 2023, the share of new light-duty vehicle sales that were battery-electric vehicles (BEVs) rose to 17.7%. BEVs constituted 16.0% of all new vehicle sales in 2023, which is an increase from 12.5% in 2022 and 9.0% in 2021. Hence, the escalating adoption of electric cars will propel the expansion of the automotive steer-by-wire system market.

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What Trends Will Shape the Automotive Steer-By-Wire System Market Through 2029 and Beyond?
Leading entities within the automotive steer-by-wire system industry are concentrating on creating technologically sophisticated solutions, such as cutting-edge steering systems. These systems aim to diminish vehicle degradation and subsequent upkeep costs, thereby enhancing overall vehicle durability. Cutting-edge steering systems imply the incorporation of groundbreaking, innovative steering technologies that improve precision, responsiveness, and safety by integrating groundbreaking components and features. For instance, Titan Motorsport and Automotive Engineering, a UK-based automotive corporation, introduced a sophisticated steer-by-wire system in September 2023. This next-generation system, tailored for bespoke and smaller-volume manufacturers, assimilates a tailor-made electric motor and an electronic control system, tuned for 48 volts. Such systems assure superior performance and limitless tunability, while the adaptable design caters to demanding packaging necessities. Titan utilizes its precision manufacturing competency to customize systems from the initial prototype stage to full-scale production, delivering remarkable quality even in smaller volumes. Titan's proven ability in designing and producing advanced electric steering systems positions it as the perfect partner for future vehicle manufacturers looking for flexible and inventive solutions.

What Are the Main Segments in the Automotive Steer-By-Wire System Market?
The automotive steer-by-wire system market covered in this report is segmented -

1) By Component: Electronic Control Units (ECUs), Steering Actuators, Feedback Motors, Angular Sensors, Other Components
2) By Technology: Backup Mechanical, Pure Electronic
3) By Vehicle Type: Passenger Cars, Commercial Vehicles, Electric Vehicles
4) By End-User: Original Equipment Manufacturers, Aftermarket

Subsegments:
1) By Electronic Control Units (Ecus): Powertrain Control Modules, Steering Control Modules, Safety And Stability Control Modules, Integrated Chassis Control Units
2) By Steering Actuators: Electromechanical Actuators, Hydraulic Actuators, Electrohydraulic Actuators
3) By Feedback Motors: Brushed DC Motors, Brushless DC Motors (BLDC), Stepper Motors
4) By Angular Sensors: Optical Sensors, Magnetic Sensors, Inductive Sensors, Hall-Effect Sensors
5) By Other Components: Wiring Harnesses, Connectors, Power Supply Units, Software And Algorithms

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Which Top Companies are Driving Growth in the Automotive Steer-By-Wire System Market?
Major companies operating in the automotive steer-by-wire system market are Nissan Motor Corporation, BYD Auto Co. Ltd., Denso Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, Continental AG, Hyundai Mobis Co. Ltd., Aptiv PLC, Schaeffler Group, Analog Devices Inc., JTEKT Corporation, Hella GmbH & Co. KGaA, NSK Ltd., Mando Corporation, Nexteer Automotive Group Limited, Robert Bosch GmbH, Hitachi Astemo Ltd., Canoo Inc., Delphi Technologies PLC, REE Automotive Ltd.

Which Regions Will Dominate the Automotive Steer-By-Wire System Market Through 2029?
Europe was the largest region in the automotive steer-by-wire system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steer-by-wire system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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