by The global Drive by Wire Market is estimated to be valued at US$ 24.0 Bn or Billion 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:
The drive by wire market consists of systems which replace the mechanical linkages in vehicles with an electrical interface or system. These systems provide advantages such as reduced weight, enhanced design flexibility, improved vehicle control and safety. The drive by wire technology helps to reduce the overall weight of the vehicle by eliminating mechanical cables and linkages. It also allows integration of electronic controls for better vehicle maneuvrability and safety features.
Market key trends:
The increasing demand for vehicle autonomy and automation is one of the major trends being witnessed in the drive by wire market. Auto manufacturers are focusing on developing autonomous vehicles which will significantly reduce road accidents. The drive by wire technology is a crucial enabler for autonomous driving as it allows integrated control of braking, steering and throttle operations through electrical interfaces. This is supporting the adoption of drive by wire systems across different vehicle classes.
Porter’s Analysis
Threat of new entrants: The high initial investment requirement and stringent regulations act as a barrier for new players to enter into the market.
Bargaining power of buyers: Large automakers have significant bargaining power over suppliers due to their high purchasing volume.
Bargaining power of suppliers: Presence of several key players limits the bargaining power of suppliers in the market.
Threat of new substitutes: Alternatives such as manual transmissions pose limited threat due to rigid emission norms and driver safety regulations.
Competitive rivalry: Intense competition exists among the major players to gain greater market share through innovations and expanded product portfolio.
Key Takeaways
The Global Drive By Wire Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing adoption of electrified and autonomous vehicles across the globe.
Regional analysis: Asia Pacific dominates the global drive by wire market and is expected to continue its dominance over the forecast period, owing to presence of key automotive manufacturing countries such as China, Japan and South Korea in the region. Europe stands as the second largest market for drive by wire globally.
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. Continental AG and Robert Bosch GmBH captured major share of the global market owing to their vast product portfolio and global expansion strategies in various countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
