Automotive Steer-by-Wire (SBW) System Market to Grow with a CAGR of 7.64% Through 2028
Automotive
Steer-by-Wire (SBW) System Market to Grow with a CAGR of 7.64% through 2028
The rise of electric
vehicles (EVs) is a significant driver, as SBW systems seamlessly integrate
with electric platforms, offering precise and adaptable steering control are
the factors driving market in the forecast period 2024-2028.
According to
TechSci Research report, “Automotive Steer-by-Wire (SBW) System Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Automotive Steer-by-Wire (SBW) System Market stood at USD
3.52 Billion in 2022 and is anticipated to grow with a CAGR of 7.64% in the
forecast period, 2024-2028. The Global
Automotive Steer-by-Wire (SBW) System Market is at the forefront of a
revolutionary transformation in vehicle steering technology. SBW replaces
conventional mechanical linkages with sophisticated electronic control systems,
allowing for precise and adaptable steering control without the need for a
direct physical connection between the steering wheel and the wheels. This
paradigm shift offers automakers unparalleled flexibility in designing vehicle
interiors and steering configurations, paving the way for innovative and
futuristic designs.
A primary driver
behind the adoption of SBW systems is the surge in electric vehicle (EV)
popularity. With the global automotive industry embracing electrification, SBW
seamlessly integrates with electric platforms, providing optimal steering
control for electric vehicles. The technology's adaptability is further
emphasized as the automotive landscape evolves towards increased autonomy. SBW
plays a pivotal role in supporting the precise steering requirements of
autonomous vehicles, contributing to their safe and efficient navigation.
Additionally,
the market is influenced by the industry's commitment to enhanced fuel
efficiency and sustainability. SBW systems contribute to weight reduction and
improved overall vehicle efficiency by eliminating traditional steering
components. As governments worldwide push for stricter environmental standards,
SBW emerges as a crucial component in achieving greener and more eco-friendly
automotive solutions. The Global Automotive Steer-by-Wire System Market, fueled
by these drivers, signifies a transformative era in vehicle steering, defining
the trajectory of the automotive industry towards advanced, connected, and
environmentally conscious mobility.
The Global
Automotive Steer-by-Wire (SBW) System Market is witnessing notable trends that
are shaping the future of automotive steering technology. One prominent trend
is the increasing integration of SBW systems in electric vehicles (EVs),
aligning with the global shift towards electrification. As EV adoption
accelerates, automakers are prioritizing the implementation of advanced
electronic steering solutions to complement electric platforms. Another trend
is the growing emphasis on autonomous driving features, with SBW playing a
critical role in providing the precise and adaptable steering control required
for self-driving vehicles. Additionally, the market reflects a trend towards
collaborative efforts between traditional automakers and technology companies,
fostering innovation and the development of sophisticated SBW systems that
enhance safety, connectivity, and overall driving experiences. These trends
collectively underscore the dynamic evolution of SBW technology within the
automotive sector.
Browse over market data Figures spread through 180 Pages and an in-depth TOC on " Global Automotive Steer-by-Wire (SBW) System Market.”
North America,
the adoption of Automotive Steer-by-Wire (SBW) systems is driven by a
combination of technological innovation and a mature automotive industry. The
region, home to major automotive manufacturers and tech hubs, is witnessing a
rapid integration of SBW technology. The United States, in particular, is a
hotspot for research and development in advanced steering solutions, with
collaborations between automakers and technology companies shaping the market.
Regulatory support for autonomous driving features and the consumer demand for
cutting-edge automotive technologies contribute to the prominence of SBW
systems in North America. The region's dynamic automotive landscape positions
it as a key player in steering the global trajectory of SBW technology.
Europe stands as
a pivotal market for SBW systems, characterized by a strong emphasis on safety,
sustainability, and engineering excellence. European automakers are actively
integrating SBW technology to enhance steering precision and support advanced
driver-assistance features. Germany, a powerhouse in automotive engineering,
plays a leading role in SBW research and development. The European market
showcases a nuanced approach, balancing the adoption of SBW in luxury and
performance vehicles with a commitment to meeting stringent safety standards
and regulatory requirements. The collaborative efforts between established
automakers and emerging tech firms contribute to Europe's position as a hub for
SBW advancements.
The Asia-Pacific
region, led by automotive giants such as China and Japan, is experiencing a
surge in the adoption of SBW systems. China's booming electric vehicle market
and the push towards autonomous driving technologies are major drivers for
advanced steering solutions. Japanese automakers, known for their technological
prowess, actively contribute to the evolution of SBW systems. The dynamic
automotive landscape in the Asia-Pacific region reflects a blend of consumer
demand for innovative features and government initiatives supporting smart
mobility solutions. As the region embraces advancements in connectivity and
automation, SBW technology plays a crucial role in shaping the steering
dynamics of vehicles in alignment with the unique demands of the Asian market.
Latin America is
gradually incorporating SBW systems into its automotive landscape, navigating
economic considerations and diverse regulatory environments. While the adoption
may be more gradual compared to other regions, there is a growing interest in enhancing
vehicle safety and driving experiences. Collaborations between local
manufacturers and global technology providers contribute to the introduction of
SBW technology in the region, particularly in urban areas where maneuverability
and safety are paramount. Latin America's automotive market presents
opportunities for SBW growth as awareness of advanced steering solutions
continues to expand.
The Middle East
and Africa are exploring the potential of SBW systems, aligning with the
region's focus on smart city initiatives and sustainable transportation
solutions. The luxury vehicle segment in the Middle East, known for its
penchant for cutting-edge automotive technologies, contributes to the adoption
of SBW in high-end vehicles. As the region embraces advancements in
connectivity and automation, SBW technology plays a role in shaping the
steering dynamics of vehicles, addressing the unique demands of Middle Eastern
roads and driving conditions. The evolving automotive landscape in the Middle
East and Africa reflects a gradual integration of SBW systems, with potential
growth opportunities as the technology gains traction in this region.
Major companies
operating in Global Automotive Steer-by-Wire (SBW) System Market are:
- Nissan Motor Company Ltd
- ZF Friedrichshafen AG
- JTEKT Corporation
- Thyssenkrupp AG
- Paravan GmbH
- Nexteer Automotive
- Danfoss Power Solutions, Inc.
- SKF
- LORD Corporation
- Eaton Corporation
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“Automotive Steer-by-Wire (SBW) systems as a pivotal
advancement in vehicle steering, transforming the driving experience and paving
the way for unprecedented design flexibility. The elimination of mechanical
linkages allows for innovative cabin layouts and contributes to the development
of autonomous driving capabilities. As the automotive industry embraces
electrification and connectivity, SBW emerges as a critical technology that not
only enhances safety and responsiveness but also marks a significant step
toward the future of intelligent and sustainable mobility,” said Mr. Karan Chichi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Automotive Steer-by-Wire
(SBW) System Market – Global Industry Size, Share, Trends Opportunity, and
Forecast, Segmented By Propulsion Type (ICE and Electric), By Vehicle Type
(Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), By Component
(Feedback Motors, Angular Sensors, Steering Actuators and Others), By Region,
Competition, 2018-2028”, has evaluated the future growth potential of Global Automotive
Steer-by-Wire (SBW) System Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Automotive
Steer-by-Wire (SBW) System Market.
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