CHICAGO, October 9, 2018 /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-Highway, OHV, BEV/HEV/PHEV, Autonomous), Component & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Drive by Wire Market is primarily driven by the increasing demand for vehicle safety, comfort, and performance with lower emissions. The Drive by Wire Market is projected to grow at a CAGR of 8.86% from 2018 to 2025. From a market size of USD 19.12 billion in 2018, it is projected to reach USD 34.63 billion by 2025.
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Shift-by-wire is estimated to be the largest segment in the Drive by Wire Market
Shift-by-wire is a widely used technology among advanced automatic transmission. A lot of light-duty economic vehicles run with this technology in the gear actuation system. Moreover, this technology is most suited for hybrid electric vehicles and helps improve the operation of the start-stop and regenerative braking systems. The installation of the shift-by-wire system 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. Thus, the adoption of this technology will show tremendous growth in all vehicle types. The application of the park-by-wire system eliminates the mechanical handbrakes, increasing the space in the interior of the vehicle. The elimination of mechanical linkages reduces the wear and tear of the moving parts, thereby increasing the lifespan of the system. The benefits and safety features offered by the park-by-wire system makes it one of the most frequently adopted technology in today's vehicles and is slated to show tremendous growth in the future.
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Brake pedal sensor is estimated to have the fastest growth in the Drive by Wire Market
Brake pedal sensor is estimated to be the fastest growing market during the forecast period. This sensor is placed in the brake-by-wire system that offers great vehicle safety compensating for driver errors or delayed reaction times. The increasing focus towards vehicle safety has increased the adoption of advanced braking systems such as autonomous emergency braking with ABS and EBD being standard would drive the installation rate of brake-by-wire systems in the coming years. Therefore, with the increasing demand for brake-by-wire, the market for brake pedal sensor is expected to increase. Also, it helps improve the overall fuel efficiency and thus, fulfills several stringent emission norms which make it the major factor leading to the adoption of such components integrated in the vehicles.
Asia Pacific is estimated to be the leading market for the Drive by Wire Market
The study considers China, Japan, India, South Korea, and Thailand in the Asia Pacific region. The Asia Pacific region is estimated to dominate the Drive by Wire Market during the forecast period. Consumers in the Asia Pacific region are increasingly demanding advanced technologies such as automatic and automated manual transmission in mid-size and economy class vehicles. The growing safety concerns among consumers, government mandates for vehicle safety, performance, and decreasing tail-pipe emission limits are the key factors driving the demand for drive by wire systems in the region.
North America and Europe are the largest markets for passenger cars, particularly for premium cars (C segment and above). The demand for premium cars has accentuated the need for lower emission and vehicle weight, which can be achieved with the help of drive by wire systems. With the increase in the sale of premium cars, the demand for efficient drive by wire systems is increasing to improve the vehicle performance and comfort, and this is further driving the Drive by Wire Market in these regions.
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Bosch (Germany), Continental (Germany), ZF (Germany), Infineon (Germany), Nexteer (US), CTS (US), Ficosa (Spain), Kongsberg (Switzerland), Hitachi Automotive (Japan), and Curtiss-Wright (US). are among a few major players in the Drive by Wire Market.
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