Automotive Steer-by-Wire Market Set to Expand with a 5.9% CAGR, Reaching USD 42.48 Billion

Automotive Steer-by-Wire Market Report Overview

The global automotive steer-by-wire market is poised for significant growth, with projections indicating a compound annual growth rate (CAGR) of 5.9% during the forecast period, ultimately reaching a market value of USD 42.48 billion by 2030. Steer-by-wire (SBW) technology is revolutionizing the automotive industry by replacing traditional mechanical and hydraulic steering systems with advanced electronic components. This innovation relies on an electric motor to control steering, thereby eliminating conventional mechanical parts such as the steering shaft, column, and gear reduction mechanisms. By doing so, it not only reduces vehicle weight but also enhances performance, safety, and reliability. Nissan has been a pioneer in adopting this cutting-edge technology, setting the stage for its broader implementation across the industry.

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Automotive Steer-by-Wire Market Report Scope and Research Methodology

The report’s aim is to uncover opportunities, constraints, challenges, and drivers within the global Automotive Steer-by-Wire market. To compile the Automotive Steer-by-Wire market report, a combination of primary and secondary research methods was employed, ensuring data accuracy and validity. The Stellar Market Research Analyst conducted primary research surveys with identified Automotive Steer-by-Wire companies, also inquiring about their competitors during interviews. Additionally, through secondary research, the analyst compiled a list of companies in the industry and conducted a thorough examination of macroeconomic and microeconomic factors that have shaped the Automotive Steer-by-Wire industry landscape.

Market Dynamics: Driving Forces Behind the Growth

The automotive steer-by-wire market is experiencing robust growth due to several key factors. Regulatory bodies in various countries are increasingly mandating the integration of electronic power-assisted steering systems, driven by growing concerns over vehicle safety and the rising demand for advanced driver assistance systems (ADAS). Additionally, the global push towards the development and integration of advanced vehicle technologies is further propelling the adoption of SBW systems.

Automobile manufacturers, including industry giants like BMW, Mercedes, and Nissan, are heavily investing in the research, development, and adoption of steer-by-wire technology. This trend is expected to significantly drive market expansion throughout the forecast period. The focus on reducing vehicle weight to improve efficiency, coupled with the need for enhanced safety and reliability, is also contributing to the growing demand for SBW systems worldwide.

However, the market faces challenges, particularly concerning the potential for system malfunctions due to the reliance on computerized systems and electronic sensors. The risk of such malfunctions, which could lead to fatal accidents, is a significant concern that may hinder market growth in the coming years.

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Automotive Steer-by-Wire Market Regional Analysis

The regional analysis in the report helps to understand the Automotive Steer-by-Wire market in various countries by providing different factors such as political, geographic, buying behavior, etc. which are affecting the Automotive Steer-by-Wire market. Various regions, and countries have legal barriers, geographic advantages, distinct buying behavior, etc are provided in the report help to develop market strategies that are suitable and appropriately applicable according to specific countries and regions. The report includes a detailed explanation of all the factors, market size, growth rate, and import and export all the regions.

Automotive Steer-by-Wire Market Segmentation:

by Technology

Backup mechanical technology
Pure electronic technology

The automotive steer-by-wire market can be segmented into two key technologies: backup mechanical systems and pure electronic systems. In 2019, the backup mechanical segment dominated the market, accounting for 100% of the market share. However, by 2030, the pure electronic technology segment is expected to capture approximately 18% of the total market share. This shift reflects the increasing adoption of fully electronic systems as technology advances and as manufacturers gain confidence in the reliability of these systems.

by Vehicle Type

Commercial vehicles
Passenger vehicles

The market is further segmented by vehicle type into passenger vehicles and commercial vehicles. The passenger vehicle segment is anticipated to witness significant growth during the forecast period, driven by the increasing adoption of electric power-assisted steering systems, which are expected to become mandatory in passenger cars across several regions.

The rising average age of vehicles, coupled with the growing demand for autonomous technologies in various car types such as hatchbacks, sedans, SUVs/MUVs, and sports cars, is fueling the expansion of the passenger vehicle segment globally. Additionally, factors such as improving living standards, higher disposable incomes, and increased industrialization are contributing to the growing demand for automotive steer-by-wire systems.

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Automotive Steer-by-Wire Market Key Players

1. Danfoss
2. JTEKT NORTH AMERICA
3. ZF Friedrichshafen AG
4. LORD Corporation
5. Eaton
6. KYB Corporation
7. NSK Ltd
8. Nexteer Automotive Corporation
9. Ficosa International S.A.
10.Kongsberg Gruppen
11.Robert Bosch GmbH
12.Thyssenkrupp AG
13.Paravan GmbH (Germany)
14.SKF (Sweden)
15.Sona Koyo Steering Systems Ltd

𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠, 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/market-report/global-automotive-steer-by-wire-market/97394/

Key Questions answered in the Automotive Steer-by-Wire Market Report are:

What will be the CAGR of the Automotive Steer-by-Wire market during the forecast period?
What are the opportunities for the Automotive Steer-by-Wire Market?
What factors are hampering the Automotive Steer-by-Wire market growth?
Which company held the largest share in the Automotive Steer-by-Wire market?
What key trends are likely to emerge in the Automotive Steer-by-Wire market in the coming years?
What growth strategies are the players considering to increase their presence in the Automotive Steer-by-Wire Market?

Key offerings:

Market Share, Size, and Forecast by Revenue
Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation- A detailed analysis of each segment and their segments
Competitive Landscape – Leading key players and other prominent key players.

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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