The global drive by wire market accounted for a value of 21.6 billion in 2019 and is projected to register growth at a CAGR of 5.4% during forecast period.
COVID-19 has impacted the low carbon propulsion market. The automotive industry is adversely affected due to this ongoing pandemic. The manufacturing of vehicles is on halt due to lockdown and supply chain got disrupted due to travel restriction. The sales of vehicle are immensely declined across the globe. The drive by wire growth is directly dependent on vehicle production. The growth of drive by wire market is likely to decline during COVID-19.
For more details, visit: Global Drive by Wire Market By Component (Actuator, Parking Pawl, Others), By Electric & Hybrid Vehicle Type (BEV, FCEV, Others), By Vehicle Type (PC, Trucks, Others), By Application, By Region, Forecast & Opportunities to 2026
The tail-pipe emission limits are decreasing which increases trend for light weight vehicle. Passenger cars, LCVs and HCVs are widely adopting drive by wire systems to provide enhanced features to consumers. Many countries are focusing on reducing emissions and to implement stringent emission norms. This makes OEMs adopts technologies that helps in vehicle weight reduction. The electrification of vehicle helps in weight reduction and this increases adoption of drive by wire systems. Thus, drives growth in drive by wire market during forecast period.
On the basis of electric & hybrid vehicle type, the drive by wire market is segmented into BEV, FCEV and PHEV. The BEV segment is estimated to be the fastest growing market during forecast period. The trend for drive by wire systems is increasing in BEVs. It uses high voltage batteries. The adoption of drive by wire system enhances the driving performance of BEVs and it consumes less electrical energy from battery. The application of drive by wire systems are increasing in BEVs. This drives growth in BEV segment during forecast period.
On the basis of component, the drive by wire market is segmented into actuator, electronic control unit, engine control module, feedback motor, parking pawl, electronic transmission control unit and electronic throttle control module. The actuator segment is expected to hold largest market share during forecast period. Drive by wire segment used one or more actuators for example brake by wire uses four actuators one at each wheel. Actuator is considered as one the important component used in drive by wire. Various types of actuators are used in drive by wire such as feedback actuator, pinion actuator, pump actuator and steering actuator etc. The drive by wire application is increasing in vehicles which drive growth in actuator segment during forecast period.
On the basis of vehicle type, the drive by wire market is segmented into passenger car, light commercial vehicle, trucks and buses. The passenger car segment is estimated to hold largest market share during forecast period. The mid-sized car and luxury car widely use drive by wire technology. The production and sales of passenger car is increasing which adopts the drive by wire technology and this increases the demand for drive by wire in the market. The demand for safety and luxury is increasing across the world. This drives growth in drive by wire market during forecast period.
Asia-Pacific region is estimated to be the fastest growing market during forecast period. The consumer preference is changing and the demand for advanced features is increasing and the disposable income of population is increasing. The cheap labor and raw materials are available in this region which provides cost advantages to OEMs. China is considered to have largest market for automobile in Asia-Pacific region. The adoption of premium and luxury cars is increasing which boost the drive by wire market in this region. This region has implemented the stringent emission norms which increases the growth of drive by wire market. Thus, drives growth in Asia-pacific region during forecast period.
The key market players in drive by wire industry are Continental AG, Robert Bosch GMBH, ZF Friedrichshafen AG, Infineon Technologies AG, Nexteer Automotive, CTS Corporation, Ficosa International, Kongsberg Automotive, Hitachi Automotive Systems, Curtiss-Wright Corporation, Orscheln, Aptiv, SKF, Denso Corporation, Nissan Corporation and Mobil Electronik GmbH.
- What are the expected industry trends over the next three to five years?
- Which of the drive by wire vehicle type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?