Global Drive By Wire Market to Hit USD 32.9 Billion by 2028; Drive By Wire Industry CAGR of 5.5% between 2022-2028; Exclusive Insight Report by Vantage Market Research

WASHINGTON, June 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Drive By Wire Market finds that rising electrification demand and increasing demand for premium and luxury vehicles are accelerating the growth of the Drive By Wire Market in coming years. However, the high cost of electrified components is the major obstacle in the growth of the Drive By Wire Market.

The Global Market revenue stood at a value USD 23.9 Billion in the year 2021.

The Global Drive By Wire Market size is forecasted to reach USD 32.9 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period; states Vantage Market Research, in a report, titled “Drive By Wire Market Size, Share & Trends Analysis Report by Application (Throttle By Wire, Shift By Wire, Brake By Wire, Park By Wire), by Vehicle Type (Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles), by Component (Actuator, Electronic Control Unit (ECU), Engine Control Module (ECM), Electronic Throttle Control Module (ETCM), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Driver:

Development in Autonomous Vehicle

Autonomous vehicles have various advantages over traditional automobiles, including increased safety, reduced fuel consumption, and reduced pollution. A number of sensors are fitted in an autonomous vehicle, including LiDAR, RADAR, camera, GPS, and a Drive By Wire Market system. Short-range sensors (which provide details of moving things near the vehicle) and long-range sensors (which provide details of high-speed oncoming vehicles) are used to assist the vehicle in detecting any object or barrier in its path and reducing the risk of an accident. Instead of traditional mechanical linkages, drive by systems are employed to electronically control the functions of the vehicle. Autonomous vehicles can also improve in traffic congestion reduction. Hence, high technology adoption is expected to bolster the growth of the Drive By Wire Market.

Restraint:

High Manufacturing Cost Hampers the Market Growth

The cost of designing, manufacturing, and installing Drive By Wire Market systems is high, which adds to the overall cost of the vehicle. Thus, the high cost associated with these components is the major factor hindering the growth of the Drive By Wire Market. As a result, manufacturers have been hesitant to adopt the system. Drive By Wire Markets employs a multitude of complex electronic components, such as sensors and actuators, to perform actions previously performed by mechanical components. All of this is strictly regulated by the use of several control units that process inputs from various sensors and provide output signals to the actuator. Thus, the high price associated with the Drive By Wire Market system is anticipated to hinder the growth of the Drive By Wire Market over projected years.

Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Drive By Wire market is predicted to grow at a CAGR of roughly 5.5% during the forecast period.
• The Drive By Wire market was estimated to be worth roughly USD 23.9 Billion in 2021 and is expected to reach USD 32.9 Billion by 2028; based on primary research.   
• On the basis of region, Europe is projected to dominate the worldwide Drive By Wire market.
  

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Segmentation of the Global Drive By Wire Market:

• Application
  • Throttle By Wire
  • Shift By Wire
  • Brake By Wire
  • Park By Wire
  • Steer By Wire
• Vehicle Type
  • Passenger Car
  • Commercial Vehicle
  • Electric Vehicle
  • Off-Highway Vehicles
• Component
  • Actuator
  • Electronic Control Unit (ECU)
  • Engine Control Module (ECM)
  • Electronic Throttle Control Module (ETCM)
  • Electronic Transmission Control Unit (ETCU)
  • Feedback Motor
  • Parking Pawl
  • Sensors
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The Report on Drive By Wire Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Regional Analysis:

Europe Holds Largest Market Share

Europe anticipated to have the largest growth in the Drive By Wire Market during the forecast period. This growth is accounted for owing to the potential advantages of OEMs. Factors such as availability of cheap labour & raw materials, changing consumer preferences, and rising disposable income of the middle-class population are augmenting the growth of the Drive By Wire Market in coming years.

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Drive By Wire Market Size, Share & Trends Analysis Report by Application (Throttle By Wire, Shift By Wire, Brake By Wire, Park By Wire), by Vehicle Type (Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles), by Component (Actuator, Electronic Control Unit (ECU), Engine Control Module (ECM), Electronic Throttle Control Module (ETCM), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in the Drive By Wire Market:

• Continental AG.
• Robert Bosch GmbH
• ZF Friedrichshafen
• Nissan Motor Corporation
• DENSO Corporation
• NEXTEER AUTOMOTIVE GROUP LIMITED
• Kongsberg Automotive
• FICOSA Corporation (Panasonic Corporation)
• Curtiss-Wright Corporation
• Hitachi Automotive Systems Ltd.

Recent Developments:

June 2021: Leading automotive and industrial supplier Schaeffler is set to introduce the steer-by-wire technology Space Drive to the starting grid. The technology will be integrated into three DTM cars including the Audi R8 LMS GT3 driven by Schaeffler brand ambassador Sophia Flörsch, Mercedes-AMG driven by Gary Paffett, as well as the BMW M6 GT3 which is to be driven by Timo Glock.

May 2021: thyssenkrupp steers innovative path in development. The first production models relying exclusively on steer-by-wire are expected from 2023. Initially, they will probably not be produced by traditional OEMs but by start-ups and other newcomers to the automotive industry. According to conservative estimates, there will be around one million steer-by-wire vehicles on the roads worldwide by 2030.

March 2021: Israeli EV start-up REE Automotive, just unveiled its new approach to drive components and platforms. Named REE corners, these proprietary systems fuse all of the vital parts of an EV together between the chassis and wheel. Combined with its modular EV platforms, REE Automotive sees its technology as a cornerstone for the future of electrified mobility.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Drive By Wire Market?
• How will the Drive By Wire Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Drive By Wire Market?
• What is the Drive By Wire market drivers and restrictions?
• What will be the CAGR and size of the Drive By Wire Market throughout the forecast period?   

This market titled “Drive By Wire Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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