Press release
Drive-By-Wire Market to Record an Exponential CAGR by 2025
In order to stay ahead of competition in the global drive-by-wire market, automotive component manufactures are pouring money into development of advanced drive-by-wire technology systems. They are also focusing on electric powertrain development. Robert Bosch GmbH, for instance, has developed an e-axle drive system that combines transmission, electric motors, and power electronics in one unit to implement drive-by-wire technology. SKF Group has developed electromechanical actuators which are an integral part of drive-by-wire systems.
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Other strategies leveraged by savvy companies in the drive-by-wire market to bolster their positions are carefully-considered acquisitions, partnerships, and divestments.
As per a report by Transparency Market Research, the global drive-by-wire market will likely become worth US$59.5 bn vis-à-vis revenue by 2025 from US$18.22 bn in 2016 by clocking a robust 15.0% CAGR during the period between 2017 and 2025.
Powered by China and Japan, Asia Pacific to Grow at Maximum Pace
Based on applications, the global drive-by-wire market can be segmented into brake-by-wire, electronic throttle control, steer-by-wire, and shift-by-wire. Of them, electronic throttle control segment, which is the oldest form of drive-by-wire technology, is predicted to be the most lucrative segment.
Depending upon geography, the global drive-by-wire market can be divided into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific, at present, leads the market. The growth in the region is primarily being driven by Japan, China, Australia, South Korea, and India. Expanding at a good clip, the region is slated to grow its market share to 42.6% by 2025.
Emergence of Autonomous Vehicles to Catalyze Market Growth
Drive-by-wire or x-by-wire technologies, which is comprised of different automotive electronic components such as sensors, electronic control unit, actuators, electric motors, etc., is primed to play a crucial part in future autonomous vehicles. “Drive-by-wire vehicles need more power than conventional vehicles. While conventional vehicles run on 12-volt system, drive-by-wire requires 48-volt system. Rising adoption from 12-volt system to 48-volt system presents an opportunity to increase adoption of drive-by-wire in global automotive market,” explains the lead analyst of the report.
Rules against Vehicular Emissions Stoke Demand in Market
Besides, growing demand for fuel-efficient vehicles and regulations aimed at curbing emissions have also resulted in higher uptake of drive-by-wire or x-by-wire technologies. This is particularly evident in the developed U.S. and other European countries, where authorities have framed rules supporting fuel efficiency and discouraging vehicular emissions. This has caused increased uptake of drive-by-wire technology in vehicles, which helps to up fuel efficiency by reducing the weight of the vehicle and brings down vehicular emissions due to gradual conversion to a 48-volt electrical system.
Rising demand of off-road vehicles is also serving to catalyze demand for drive-by-wire systems. Drive-by-wire application is increasing in forklifts, harvesters, tractors, construction and mining equipment, industrial electric vehicles, mowers, utility vehicles, and other off-road vehicles.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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