According to a new market research report published by Acute Market Reports “Automotive Steer-by-wire Systems Market (Component – Hardware (Feedback Motor, Angular Sensors and Steering Actuator) and Software; Vehicle Type – Passenger Vehicles and Commercial Vehicles) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global automotive steer-by-wire systems market is expected to grow at a CAGR of 23.4% over 2018 -2026.
Browse the full report at “Automotive Steer-By-Wire Systems Market”
Market Insights
The steering system of a vehicle is responsible for turning the vehicle in desired direction by connecting the components and linkages. Steer-by-wire (SBW) systems have emerged as a promising next generation automobile steering system. It is dependent on electrical or electro-mechanical systems in order to perform steering function. It further facilitates better steering control as it is dependent on electronic control system. SBW replaces the traditional mechanical steering column linkages with steering assist motors, electronic control units and sensors. Nissan is among the first automobile manufacturers to have introduced SBW systems in its cars.
The automotive steer-by-wire systems have gained increased adoption in vehicles as a result of the benefits it renders. Various benefits associated with automotive steer-by-wire systems include:
One of the most prominent factors contributing to automotive steer-by-wire systems market growth is increasing demand for automation in automobiles along with rising prospects of driverless cars. Moreover, increasing focus on the part of manufacturers to design and develop fuel efficient cars is another important factor complimenting market growth. Several original equipment manufacturers (OEMs) have introduced automotive steer-by-wire systems in vehicles in order to improve operational efficiency and fuel economy. These systems are popular mainly in plug-in electric vehicles. Thus, rising demand for plug-in electric vehicles is another important factor contributing to automotive steer-by-wire systems market growth.
However, major factor limiting the automotive steer-by-wire systems market growth is reluctance of people towards adopting new technology. SBW technology is still in its nascent stage and may experience considerable delay in gaining consumers’ confidence. In addition, high cost is offsetting the demand for these systems, thereby limiting its usage. Vulnerability to hacking is another prominent factor impacting the market growth negatively.
By Vehicle Type
By Component
By Geography Segment
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