Global Drive-by-wire Market: Snapshot
To bolster their positions, keen automotive component manufactures are focusing hard on developing technologically superior drive-by-wire technology systems. German multinational, Robert Bosch GmbH, for example, has launched an e-axle drive system that combines transmission, electric motors, and power electronics in one unit to implement drive-by-wire technology. SKF Group, again, has developed electromechanical actuators which are an integral part of drive-by-wire systems. Similarly, ZF Group has developed a clutch-by-wire system for passenger vehicles.
Besides product development, main players in the global drive-by-wire market are also charging ahead through strategic acquisitions, partnerships, and divestments.
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Majorly fuelling the market is the increasing number of legislations and mandates by governments, especially in developed nations of Europe and the U.S., seeking to control polluting vehicular emissions. Drive-by-wire technology helps in achieving just that by increasing fuel efficiency by reducing the weight of the vehicle. Rising demand of off-road vehicles is also serving to catalyze demand for drive-by-wire systems. Drive-by-wire or x-by-wire application is increasing in forklifts, harvesters, tractors, construction and mining equipment, industrial electric vehicles, mowers, utility vehicles, and other off-road vehicles.
A report by Transparency Market Research forecasts the global drive-by-wire market to 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.
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Shift-by-wire Loses Market Share to Electronic Throttle Control System on account of Crashes Caused by it
The global drive-by-wire market can be segmented depending upon applications 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.
The electronic throttle control segment is predicted to be trailed by shift-by-wire, brake-by-wire, and steer-by-wire technologies market. The shift-by-wire enjoys lesser market share than electronic control system on account of the fact that it caused 121 crashes and 41 injuries which led to vehicle recall in the U.S.
Surging Popularity of Electric Vehicles Makes North America Clock Maximum Growth
From a geographical standpoint, the global drive-by-wire market is led by Asia Pacific, which at present has maximum share in the market. The growth in the region is primarily being led by Japan, China, Australia, South Korea, and India. Expanding at a CAGR of 15.8% from 2017 to 2025, the region is slated to grow its market share to 42.6% by 2025.
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Europe follows Asia Pacific, in terms of market share, in the global drive-by-wire market. Germany, Spain, the U.K, Sweden, Italy, Belgium, France, and Netherlands are said to be powering the growth in the region. Among them, Germany is a leading market on account of having a large automotive market. By rising at 13.5% CAGR, the region is predicted to grow its share to 26.7% by 2025.
Vis-à-vis growth rate, on the other hand, the North America market is slated to overtake all others on the back of the U.S. and Canada, both of which are seeing significant sales in electric vehicles. The region, which currently comes in third, in terms of market share, will likely register a CAGR of 16.0% between 2017 and 2025.
Some of the key players in the global drive-by-wire market are Robert Bosch GmbH, SKF Group, Delphi Automotive PLC, Mobil Elektronik GmbH, Denso Corporation, Hitachi Automotive Systems, Ltd., ZF Friedrichshafen AG, Continental Group, Curtiss-Wright Corporation, and Infineon Group.
