The Drive by Wire Market is estimated to be valued at US$ 24.0 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Drive by wire systems are automotive systems that provide electrical signals to control functions like braking, steering, throttle and transmission instead of using conventional mechanical linkages for these functions. These electronic control units (ECUs) receives input signals from sensors and transmits output signals to actuators such as motors or relays that perform braking, steering and throttle operations. Drive by wire systems helps in improving fuel efficiency through regenerative braking, making vehicles lighter and reducing emissions by turning engines off at traffic lights. It also enables additional vehicle features like autonomous braking, drive modes and park-assist functions.
Market Dynamics:
The drive by wire market is primarily driven by increasing vehicle automation and active safety features in cars. Automakers are focusing on developing autonomous or self-driving vehicles which requires reliable drive by wire technology for braking, steering and throttle actuations instead of conventional mechanical linkages. For instance, Tesla uses integrated electric motor, steering and braking systems for its autonomous driving capabilities. In addition, stringent emission and fuel economy norms in major automotive markets necessitates adoption of more efficient vehicle control systems like drive by wire technology. However, high costs associated with designing, development and integration of these advanced systems in existing vehicle architectures poses a challenge for comprehensive adoption of drive by wire technology.
Segment Analysis
Global Drive By Wire Market Size is segmented into throttle, brake, suspension and steer by wire. Among these, the throttle by wire segment dominated the market and accounted for over 50% share in 2021. This is because throttle by wire technology helps improve fuel efficiency through electronic throttle control system and also enhances driving experience.
PEST Analysis
Political: The stringent emission regulations in regions such as Europe and China favor the adoption of drive by wire technology. The governments are promoting electric vehicles to reduce carbon emissions.
Economic: The growing automobile production and sales globally is propelling the drive by wire market. Higher disposable income has increased demand for advanced safety and convenience features.
Social: With increasing lifestyle changes and preference for self-driving technologies among consumers, drive by wire systems are gaining popularity. The rising road safety concerns is also driving their adoption.
Technological: Continuous innovation is helping miniaturize drive by wire components. The integration of sensors, Electronic Control Units and wired communication networks has made the technology more efficient and reliable.
Key Takeaways
The global drive by wire market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing vehicle electrification and autonomy. The market size for 2023 is estimated at US$ 24.0 Bn.
Regional analysis: Asia Pacific dominated the global market and is expected to grow at fastest pace owing to rising vehicle production in China and India. Government initiatives to promote electric vehicles in these countries will accelerate the adoption of drive by wire systems.
Key players operating in the drive by wire market are Continental AG, Robert Bosch GmBH, ZF Friedrichshafen AG, Nissan Motor Co., Ltd., Kongsberg Automotive, Ficosa Internacional SA, Curtiss-Wright Corporation, Hitachi Ltd. and Others. Key players are focusing on developing more advanced electric and autonomous drive technologies through R&D investments and partnerships.