Drive-by-wire Market: Introduction
According to the report, the global drive-by-wire market is projected to surpass US$ 63.75 Bn by 2031, expanding at a CAGR of 9.62% during the forecast period. Rise in expansion of electric and autonomous vehicle sector across the globe is likely to propel the drive-by-wire market, as the logistics sector needs a large number of commercial trucks to carry goods from one place to another.
Drive-by-wire is an emerging technology in the automobile sector, which has replaced the mechanical system such as master cylinders, intermediate shaft, steering columns, and pumps. Drive-by-wire systems are gaining popularity, as the demand for off-road vehicles increases. Forklifts, harvesters, tractors, construction and mining equipment, industrial electric vehicles, mowers, utility vehicles, and other off-road vehicles are all using drive-by-wire or x-by-wire technology. In these vehicles, brake-by-wire and steer-by-wire technologies are often employed for parking.
Expansion of Drive-by-wire Market
The emergence of smart cities in which new home security systems integrating IoT and wireless technologies are being introduced by top home security manufacturers, enabling users to remotely access home protection. The incorporation of such technologies into home security systems has fueled the emergence of a new variety of smarter home security systems with increased intrusion detection quality. The use of AI and deep learning in security systems, on the other hand, is intended to provide customers with a higher level of security and comfort. Consequently, the inclusion of deep learning and AI in home security systems is expected to offer significant opportunities for competitors in the drive-by-wire market.
Based on application, the throttle-by-wire segment dominated the drive-by-wire market, in terms of volume and revenue, in 2020. The rise in emergence of electric vehicles is boosting the transportation sector across the globe. Followed to throttle-by-wire, the brake-by-wire and steer-by-wire segments also held notable share of the global market. They are projected to expand during the forecast period.
In terms of vehicle type, the global drive-by-wire market has been bifurcated into passenger vehicle and commercial vehicle. The passenger vehicle segment dominated the drive-by-wire market, in terms of volume and revenue, in 2020. The high demand for two wheelers and cars is further fueling the drive-by-wire market globally.
Regional Analysis of Drive-by-wire Market
In terms of region, the global drive-by-wire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The increased demand for commercial cars in Asia Pacific is also a major driver of the global drive-by-wire market. Europe trails Asia Pacific in terms of share of the global drive-by-wire market. Germany, Spain, the U.K., Sweden, Italy, Belgium, France, and the Netherlands are driving the market in the region. Germany, with its prominent automobile industry, is a vital market in Europe.
Drive-by-wire Market Players
Prominent players operating in the global drive-by-wire market include 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.
Global Drive-by-wire Market: Segmentation
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