[Latest] Global Automotive Steer-By-Wire System Market

Austin, TX, USA, July 25, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Automotive Steer-By-Wire System Market Size, Trends and Insights By Component (Steering Actuator, Feedback Motor, Angular Sensors, Others), By Propulsion Type (ICE, Electric), By Vehicle Type (Passenger Cars, Commercial Vehicles), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Automotive Steer-By-Wire System Market size & share was valued at approximately USD 3.1 Billion in 2022 and is expected to reach USD 3.4 Billion in 2023 and is expected to reach a value of around USD 6.2 Billion by 2032, at a compound annual growth rate (CAGR) of about 7.8% during the forecast period 2023 to 2032.”

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Automotive Steer-By-Wire System Market: Growth Factors and Dynamics

Enhanced Vehicle Control and Safety: Steer-by-wire systems offer precise control and responsiveness, leading to enhanced vehicle handling and safety. By eliminating mechanical components like steering columns and linkages, these systems enable advanced driver assistance systems (ADAS) integration, such as lane-keeping assist and automated parking, enhancing overall vehicle safety.

Weight and Fuel Efficiency Advantages: Steer-by-wire systems eliminate the need for traditional heavy steering components, reducing the overall vehicle weight. This weight reduction improves fuel efficiency and allows for more design flexibility, making steer-by-wire systems attractive for automakers aiming to enhance fuel economy and meet stringent emission regulations.

Integration with Vehicle Connectivity and Electronics: Steer-by-wire systems align with the increasing trend of vehicle connectivity and electronics integration. These systems can be seamlessly integrated into the vehicle’s electronic architecture, enabling enhanced communication and coordination with other vehicle systems, including ADAS, infotainment, and telematics systems.

Growing Focus on Ride Comfort and Customization: Steer-by-wire systems offer the potential for customizable steering settings and improved ride comfort. With adjustable steering characteristics and haptic feedback customization, drivers can tailor their driving experience according to their preferences, leading to increased customer satisfaction and loyalty.

Simplified Vehicle Architecture and Space Optimization: Steer-by-wire systems simplify the vehicle’s mechanical architecture by eliminating the need for traditional steering components. This simplification allows for better space utilization within the vehicle, enabling automakers to design more compact and efficient vehicle layouts. The reduced space requirements and simplified architecture create opportunities for innovative vehicle designs and improved packaging efficiency.

Advancements in Electric Power Steering (EPS) Technology: Steer-by-wire systems are closely related to this technology. EPS systems, which use electric motors to assist steering, form the foundation of steer-by-wire systems. Ongoing advancements in EPS technology, including the development of more efficient and responsive electric motor systems and control algorithms, contribute to the growth and performance of steer-by-wire systems.

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Automotive Steer-By-Wire System Market: Partnership and Acquisitions

Robert Bosch GmbH and ZF Friedrichshafen AG: In 2020, Robert Bosch GmbH and ZF Friedrichshafen AG announced a collaboration to develop and manufacture next-generation steer-by-wire systems. This partnership leverages the strengths of both companies in automotive technology and system integration.

Danfoss Power Solutions and Poclain Hydraulics: In 2020, Danfoss Power Solutions and Poclain Hydraulics formed a partnership to develop steer-by-wire solutions for off-highway vehicles. This collaboration aimed to bring advanced steer-by-wire technology to the construction and agricultural equipment sectors.

ZF Friedrichshafen AG acquiring Wolong Electric Group Co., Ltd.: In 2021, ZF Friedrichshafen AG completed the acquisition of Wolong Electric Group Co., Ltd.’s Industrial Drives business. This acquisition strengthened ZF’s capabilities in electric drivetrains, including steer-by-wire systems for electric vehicles.

Dana Incorporated acquiring Nordresa: In 2021, Dana Incorporated completed the acquisition of Nordresa, a leading provider of electric drivetrain solutions for commercial vehicles. This acquisition expanded Dana’s capabilities in electrification technologies, including steer-by-wire systems for electric commercial vehicles.

(A free sample of the Automotive Steer-By-Wire System report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Automotive Steer-By-Wire System report has been modified to include the COVID-19 impact study prior to delivery.)

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Report Scope

Feature of the Report	Details
Market Size in 2023	USD 3.4 Billion
Projected Market Size in 2032	USD 6.2 Billion
Market Size in 2022	USD 3.1 Billion
CAGR Growth Rate	7.8% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Component, Propulsion Type, Vehicle Type and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

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Key questions answered in this report:

What is the size of the Automotive Steer-By-Wire System market and what is its expected growth rate?
What are the primary driving factors that push the Automotive Steer-By-Wire System market forward?
What are the Automotive Steer-By-Wire System Industry's top companies?
What are the different categories that the Automotive Steer-By-Wire System Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Automotive Steer-By-Wire System market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Automotive Steer-By-Wire System Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Automotive Steer-By-Wire System Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Supply Chain Disruptions: The COVID-19 pandemic caused disruptions in global supply chains, including the automotive industry. The steer-by-wire system market relies on a complex network of suppliers, and disruptions in the availability of components and raw materials hampered production and led to delays in the market.

Slowdown in Automotive Production: The pandemic led to a significant slowdown in automotive production due to lockdown measures, supply chain disruptions, and reduced consumer demand. As a result, automakers scaled back production, affecting the demand for automotive steer-by-wire systems as well.

Resumption of Automotive Production: As lockdown measures eased and the automotive industry gradually recovered, there has been a resumption of production. This recovery in automotive manufacturing positively impacts the demand for automotive steer-by-wire systems as automakers strive to meet market demand.

Increasing Focus on Electric and Autonomous Vehicles: The automotive industry’s recovery is accompanied by a growing focus on electric and autonomous vehicles. Steer-by-wire systems play a vital role in enabling the advanced features and capabilities required for electric and autonomous vehicles. The increasing emphasis on these vehicle segments creates opportunities for the adoption of steer-by-wire systems.

Growing Emphasis on Vehicle Safety and Advanced Driver Assistance Systems (ADAS): There is a growing emphasis on vehicle safety, Steer-by-wire systems play a crucial role in enabling ADAS functionalities such as lane-keeping assist, adaptive cruise control, and automated parking. The focus on vehicle safety and ADAS features drives the demand for automotive steer-by-wire systems as automakers strive to enhance vehicle safety standards and offer advanced driver assistance features to customers.

Shift towards Contactless and Connected Solutions: The COVID-19 pandemic has accelerated the industry’s shift towards contactless and connected solutions. Steer-by-wire systems align with this trend as they offer seamless integration with vehicle connectivity and electronics. The demand for connected and technologically advanced vehicles provides an opportunity for the recovery and growth of the automotive steer-by-wire system market.

Government Support and Incentives for Electric Vehicles: Governments worldwide are providing support and incentives to promote the adoption of electric vehicles (EVs) as part of their green initiatives. This support includes financial incentives, subsidies, and infrastructure development for EVs. The increased adoption of EVs creates a favourable market environment for automotive steer-by-wire systems, as these systems are well-suited for electric vehicle platforms.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Automotive Steer-By-Wire System Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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List of the prominent players in the Automotive Steer-By-Wire System Market:

Robert Bosch GmbH
JTEKT Corporation
Nexteer Automotive
ZF Friedrichshafen AG
Danfoss Power Solutions
Thyssenkrupp AG
NSK Ltd.
LORD Corporation
GKN Automotive Limited
Infineon Technologies AG
Others

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Automotive Steer-By-Wire System Market – Regional Analysis

The Automotive Steer-By-Wire System Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In the North American region, a key trend in the automotive steer-by-wire system market is the focus on advanced driver assistance systems (ADAS) integration. Steer-by-wire systems are being developed to seamlessly integrate with ADAS features such as lane-keeping assist and automated parking. Dominating market players in North America include Nexteer Automotive, JTEKT Corporation, and Robert Bosch GmbH.

Europe: In Europe, a prominent trend is the emphasis on electric and autonomous vehicles. Steer-by-wire systems are being designed to cater to the specific needs of electric and autonomous vehicle platforms, providing enhanced control and integration capabilities. Leading market players in Europe include ZF Friedrichshafen AG, Thyssenkrupp AG, and Danfoss Power Solutions.

Asia-Pacific: The Asia-Pacific region is witnessing a trend towards lightweight and design flexibility in the automotive steer-by-wire system market. Steer-by-wire systems are being developed to enable lightweight vehicle design and improve fuel efficiency, addressing the region’s focus on sustainability. Dominating market players in Asia-Pacific include JTEKT Corporation, NSK Ltd., and Infineon Technologies AG.

LAMEA (Latin America, Middle East, and Africa): A significant trend is the adoption of advanced safety features in commercial vehicles. Steer-by-wire systems are being integrated with advanced safety technologies to enhance vehicle control and optimize safety in challenging operating conditions. Dominating market players in LAMEA include Nexteer Automotive, JTEKT Corporation, and Robert Bosch GmbH.

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The Automotive Steer-By-Wire System Market is segmented as follows:

By Component

Steering Actuator
Feedback Motor
Angular Sensors
Others

By Propulsion Type

ICE
Electric

By Vehicle Type

Passenger Cars
Commercial Vehicles

Click Here to Get a Free Sample Report of the Global Automotive Steer-By-Wire System Market @ https://www.custommarketinsights.com/report/automotive-steer-by-wire-system-market/

By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Automotive Steer-By-Wire System Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Automotive Steer-By-Wire System Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Automotive Steer-By-Wire System Market? What Was the Capacity, Production Value, Cost and PROFIT of the Automotive Steer-By-Wire System Market?
What Is the Current Market Status of the Automotive Steer-By-Wire System Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Automotive Steer-By-Wire System Market by Considering Applications and Types?
What Are Projections of the Global Automotive Steer-By-Wire System Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Automotive Steer-By-Wire System Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Automotive Steer-By-Wire System Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Automotive Steer-By-Wire System Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Automotive Steer-By-Wire System Industry?

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Reasons to Purchase Automotive Steer-By-Wire System Market Report

Automotive Steer-By-Wire System Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Automotive Steer-By-Wire System Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Automotive Steer-By-Wire System Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Automotive Steer-By-Wire System Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Automotive Steer-By-Wire System market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Automotive Steer-By-Wire System market analysis.

The competitive environment of current and potential participants in the Automotive Steer-By-Wire System market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Automotive Steer-By-Wire System market should find this report useful. The research will be useful to all market participants in the Automotive Steer-By-Wire System industry.
Managers in the Automotive Steer-By-Wire System sector are interested in publishing up-to-date and projected data about the worldwide Automotive Steer-By-Wire System market.
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Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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