2032 [Latest Report] Global Automotive Steer-By-Wire System Market Size, Business Growth and Future Prospects Landscape

The report examines the global Automotive Steer-By-Wire System market's drivers, restraints, and the impact they have on demand during the projection period. Furthermore, the report investigates the potential for new opportunities in the Automotive Steer-By-Wire System market.

Market Overview

A critical vehicle technology, the automotive steer-by-wire system replaces conventional hydraulic and mechanical steering linkages with electric controls. It is dependent on electronic signals to regulate the steering of the vehicle. It is composed of actuators, sensors, and motors to provide the motorist with real-time guidance, thereby emulating the sense of traditional steering.

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The primary benefits of steer-by-wire include an interior design that is highly adaptable, the potential for improved convenience and safety features, such as advanced self-driving integration or customisable steering, and reduced weight. Growing technological advancements and an increasing demand for electric vehicles are the primary factors driving the global automotive steer-by-wire system market. The emergence of autonomous and electric vehicles has significantly increased the demand for SBW or steer-by-wire systems.

Key Insights:

• As per the analysis shared by our research analyst, the global automotive steer-by-wire system market is estimated to grow annually at a CAGR of around 7.8% over the forecast period (2024-2032)
• In terms of revenue, the global automotive steer-by-wire system market size was valued at around USD 3.10 billion in 2023 and is projected to reach USD 6.09 billion by 2032.
• The automotive steer-by-wire system market is projected to grow at a significant rate owing to the growing demand for electric vehicles, rising focus on automation, and increasing vehicle customization and improved driving experience.
• Based on the component, the steering actuator segment is holding the maximum share of the market, while the feedback motor segment is projected to witness a notable revenue over the estimated period.
• Based on propulsion type, the ICE segment is expected to lead the market as compared to the electric segment.
• Based on vehicle type, the passenger cars segment is expected to lead the market, while the commercial vehicles segment is projected to be the most lucrative segment.
• Based on region, North America is anticipated to dominate the global market over the forecast period, followed by Europe.

Industry Growth Factor

Key components of forthcoming vehicles include optimising interior space and decreasing weight. SBW technology addresses these objectives by eliminating the necessity for hefty mechanical steering columns and steering linkages. This is particularly important for electric vehicles (EVs), as it offers improved efficiency and a longer range by minimising the overall weight.

As per the analysis shared by the research analyst, the global Automotive Steer-By-Wire System market is projected to grow at a compound annual growth rate (CAGR) of approximately 7.8% during the forecast period from 2023 to 2032.

According to a 2023 study conducted by the European Automobile Manufacturers Association (ACEA), EVs experience a nearly 8% increase in energy efficiency for each 10% reduction in vehicle weight. Consequently, in an effort to scale back the weight of their vehicles without sacrificing performance, auto manufacturers are transitioning to SBW-like technologies.

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• Bosch
• ZF Friedrichshafen AG - LKW Anlieferung
• 耐世特
• 大陆集团
• 蒂森克虏伯
• 麦格纳国际
• 霍尼韦尔
• VALEO TERMICO SA
• Mando
• Delphi Technology

The global automotive steer-by-wire system market is segmented as follows:

?By Component Segment Analysis

• Steering Actuator
• Feedback Motor
• Angular Sensors
• Others

By Propulsion Type Segment Analysis

• ICE
• Electric

?By Vehicle Type?Segment Analysis

• Passenger Cars
• Commercial Vehicles

?? Regional Insight by FnF Research ?

In 2023, North America dominated the global automotive steer-by-wire system industry and is expected to maintain its leading position throughout the forecast period. The automotive industry's substantial presence and the widespread adoption of autonomous and electrified vehicles are the primary factors contributing to regional growth. North America, particularly the United States, serves as a focal point for the prominent auto manufacturers that are pioneering the adoption of advanced automotive technologies, including steer-by-wire technology.

The demand for innovative vehicle systems is being significantly influenced by the region's robust manufacturing base. Additionally, the region has been a critical market for electric vehicles and autonomous driving technology. The demand for SBW technology was bolstered by the growth of self-driving vehicles, as the United States accounted for approximately 20% of EV sales in 2023, according to the study. Electric vehicles are well-suited to this technology due to their adaptable design and electronic control.

Take a Look at the Complete Study -

https://www.fnfresearch.com/automotive-steer-by-wire-system-market

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