The Global Drive by Wire Market was worth US$ 23.74 billion in 2022 and is anticipated to reach a valuation of US$ 38.09 billion by 2028 and is predicted to register a CAGR of 8.46% during 2023-2028.
Market Drivers:
Factors like rising in the development of autonomous vehicles are driving the expansion of the global drive by wire market. Additionally, an increase in connected infrastructure is anticipated to spice up the expansion of the market. Moreover, the high cost of the drive-by-wire system and the threat of knowledge hacking and malfunctioning are predicted to hinder the expansion of the market. Furthermore, the development of smart cities presents remarkable growth opportunities for the key players operating within the drive by wire market.
Market Restraints:
Adoption of drive by wire systems began about two decades ago, first in the military, later in commercial aircraft, and now in ground transportation. Conventional vehicles use hydraulic pressure, cables, and others to supply the driver with direct and physical control over the speed and direction of the car. However, drive by wire technology uses electronic control to hold out the functioning of brakes, and steering, and operate other systems. Additionally, the value of designing, manufacturing, and installing drive by wire systems is high and adds up to the number of vehicles. Moreover, the high price associated with driving by wire system is anticipated to hinder the expansion of the global drive by wire market.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
8.46% |
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Segments Covered |
By Application, Sensor, Component, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Robert Bosch (Germany), Continental AG (Germany), ZF Friedrichshafen (Germany), Infineon (Germany), Nexteer (US), CTS (US), Ficosa (Spain), Kongsberg (Switzerland), Hitachi Automotive (Japan), and Curtiss-Wright (US), and Others. |
Market Segmentation:
Brake pedal sensor is likely to be the fastest-growing segment for drive by wire market, by sensor type, during the forecast period. This sensor is placed within the brake-by-wire system that gives vehicle safety compensation for driver errors or delayed reaction times. Moreover, with the increasing demand for drive by wire, the marketplace for the pedal sensor is predicted to extend.
The electronic control unit (ECU) is estimated to be the most crucial marketplace for drive by wire, by component, due to its usage in every drive by wire application and its cost compared to other elements makes it the best market.
On the idea of vehicle type, the passenger car segment accounts for the largest in terms of volume and value. This is often attributed to the increasing demand for passenger cars with advanced systems in developed and developing countries. The segment is witnessing the best sales of premium and luxury vehicles equipped with a drive-by-wire system offering high performance along with safety and luxury features.
Autonomous vehicles have several advantages over traditional cars from improved safety to a reduction in fuel and traffic jams and emissions. An autonomous vehicle is installed with a variety of sensors including LiDAR, RADAR, a camera, GPS, and drive by wire system. These sensors are short-range (providing details of moving objects near the vehicle) also as long-range (providing details of high-speed oncoming vehicles) to assist the vehicle sense any purpose or obstacle in its way, thus eliminating the probability of accidents. Whereas, the drive-by system is employed to electronically control the functions of the auto instead of traditional mechanical linkages. Autonomous vehicles also can help reduce traffic jams, supported by a study by the University of Illinois, it had been proved that one autonomous car stuck during a traffic jam with 20 other human-driven cars, can ease congestion by controlling its pace and hence the speed of all the different vehicles within the jelly. However, the rise focused on the development of autonomous vehicles is anticipated to propel the expansion of the drive by wire system market in the future.
Market Reginal Analysis:
The Global Drive By Wire Market Report includes the segmentation of regions:
North America is anticipated to possess a maximum market share in a global drive by wire market thanks to increased awareness among the people within the countries like US and Canada. The European region is predicted to witness a big contribution to the global drive-by-wire market. The regional market is anticipated to account for significant CAGR and also a lucrative opportunity for businesses over the foreseen period. Asia-Pacific, in terms of market share, is expanding in the global drive-by-wire market due to the drastic change in Asian countries' economies and automotive industries in Japan, India, and China.
Market Key Players:
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