Drive By Wire Market worth $31.9 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 2, 2020 /PRNewswire/ -- According to the new market research report "Drive By Wire Market by Application (Brake, Park, Shift, Steer, Throttle), Sensor (Brake Pedal, Throttle Position & Pedal, Park, Gearshift, Handwheel, Pinion), Vehicle (On & Off-Highway, BEV, PHEV, FCEV, Autonomous), Component & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Drive By Wire Market is projected to reach USD 31.9 billion by 2025 from an estimated USD 24.0 billion in 2020 at a CAGR of 5.9% during the forecast period.
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The Drive By Wire Market is primarily driven by the increasing demand for vehicle safety, comfort, and performance with lower emissions. Increasing popularity of premium vehicles particularly in growing economies is a major factor driving the Drive By Wire Market. Various developments in drive by wire components such as control units, sensors with enhanced performance is expected to propel automakers to adopt drive by wire in their models. Advancements in autonomous vehicles and increasing popularity of electric vehicles is expected to give a boost to the Drive By Wire Market.
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Shift-by-wire is estimated to be the fastest growing application in the Drive By Wire Market
Shift-by-wire is a widely used technology among advanced automotive shifters. Shift-by-wire finds higher installation in light-duty vehicles. A lot of light-duty economic vehicles that run on automated manual transmission use this technology as a gear actuation system. This system helps improve the operation of the start-stop and regenerative braking systems. This, in turn, helps save energy and makes the vehicle more efficient. The installation of the shift-by-wire system also helps reduce the space and weight compared to the conventional transmission systems, resulting in considerable weight reduction. This system also diminishes the intensity of engine noise and provides high operational accuracy. Thus, the adoption of this technology will show tremendous growth in all vehicle types in the coming years.
Gear Shift position sensor is expected to hold the largest market in drive by wire sensor segment
Gear shift position sensor is expected to have the largest market mainly due to the benefits offered by them. As the gear shift position sensor is non-contacting, there are no contacting parts, which enhances the lifespan of the component and improves credibility. Thus, benefits like better operational accuracy and increased lifespan of the vehicle are expected to drive its adoption. The shift-by-wire system employs a gear shift position sensor as a standard component. Hence, with the increasing demand for shift-by-wire systems, the market for gear shift position sensors is expected to increase.
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North America region is expected to lead the Drive By Wire Market during the forecast period.
North America is expected to lead the Drive By Wire Market during the forecast period. This is mainly due to the US as most of the vehicles produced are equipped with drive by wire. The changing consumer preference toward SUVs and pickup trucks with advanced technologies is expected to drive significant growth of drive by wire in the future. Also, regulations concerning emissions would influence manufacturers to shift focus toward weight reduction in heavy vehicles, such as LCVs, using drive by wire system. Hence, the market for drive by wire is anticipated to witness significant growth in the US market. The implementation of free trade agreements between the US, Canada and Mexico is expected to further drive imports of automobiles, thus driving the North America Drive By Wire Market. For instance, the US renegotiated the North American Free Trade Agreement, replacing it with an updated and rebalanced agreement that works much better for North America, the United States-Mexico-Canada Agreement (USMCA), which entered into force on July 1, 2020. Thus, considering the above-mentioned factors, North American Drive By Wire Market is expected to grow significantly.
The Drive By Wire Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers of the Drive By Wire Market are Bosch (Germany), Continental (Germany), ZF (Germany), Infineon (Germany), Nexteer (US), CTS (US), Ficosa (Spain), Kongsberg (Switzerland), Hitachi Automotive (Japan), and Curtiss-Wright (US).
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