The Automotive Steer-By-Wire System Market is being driven by Benefits of SBW system
The Automotive Steer-By-Wire System Market is expected to grow at a CAGR of 8.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 182.8 million. The automotive industry is experiencing significant advancements in steering technology, with steer-by-wire (SBW) systems being a key focus area for both OEMs and tier-1 suppliers. Notable developments include on-demand steering systems, quiet wheel technologies, stowable steering columns, and cyber-secure advanced steering solutions. Nexteer Automotive, a leading startup in this space, recently showcased an SBW system featuring a stowable steering column. During autonomous driving modes, this innovation offers drivers the flexibility to utilize additional space for other activities, underscoring the industry's commitment to enhancing vehicle comfort and functionality.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
203 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
Market growth 2025-2029 |
USD 182.8 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
7.5 |
Key countries |
China, US, Japan, Germany, India, Canada, South Korea, UK, France, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Automotive Steer-By-Wire (SBW) System Market encompasses advanced electronic systems that replace conventional mechanical connections between the steering wheel and wheels. This market involves the use of an electrically controlled motor, steering module, and traction control systems to enhance driving experience and safety. Modifiability and vehicle safety are key benefits, but high maintenance costs and reluctance to adoption hinder growth. SBW systems are increasingly adopted in electric vehicles and feature active steering, modular architecture, and advanced designs. Auto shows provide a platform for showcasing these innovative steering solutions, improving fuel efficiency and steering functionality.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue of automotive component and equipment manufacturers. Factors driving growth in this sector include the rising demand for electronic control units (ECUs) and other electrical components due to the escalating sales of EVs, motorcycles, and PCs, as well as the integration of advanced technologies like steer-by-wire systems, traction control systems, and driving safety features such as oversteer prevention. These advancements enhance the driving experience while ensuring greater safety and modifiability for vehicle manufacturers and consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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