The automotive steer-by-wire system market share will post incremental growth of USD 192.49 million, progressing at a CAGR of 9.15% during the forecast period. The benefits of the SBW system will offer immense growth opportunities to market vendors. The automotive steer-by-wire system market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Automotive Steer-by-wire System Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The automotive steer-by-wire system market is segmented by technology (Backup mechanical and pure electronic) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa).
Based on the technology segmentation, the growth of the automotive steer-by-wire system market in the backup mechanical segment will be significant during the forecast period. By geography, emerging economies of APAC will facilitate the automotive steer-by-wire system market growth in APAC over the forecast period. 53% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the automotive steer-by-wire system market in APAC.
The benefits of the SBW system will directly influence the sales of the automotive steer-by-wire system. In addition, the growing implementation of advanced steering systems in vehicles is one of the major automotive steer-by-wire system market trends that will positively impact the market growth. However, factors such as reliability issues and acceptance level among consumers will hamper the automotive steer-by-wire system market growth.
Some of the major automotive steer-by-wire system market vendors are AB SKF, China Automotive Systems Inc., Danfoss AS, Eaton Corp. Plc, Georgsmarienhutte Holding GmbH, Hitachi Ltd., Hyundai Motor Co., Infineon Technologies AG, JTEKT Corp., KYB Corp., Mando Corp., Nexteer Automotive Group Ltd., Nissan Motor Co. Ltd., NSK Ltd., PARAVAN GmbH, Parker Hannifin Corp., Robert Bosch GmbH, Schaeffler AG, thyssenkrupp AG, and ZF Friedrichshafen AG.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the automotive steer-by-wire system market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the automotive steer-by-wire system market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the automotive steer-by-wire system market.
Automotive steer-by-wire system industry growth across APAC, North America, Europe, South America, and Middle East and Africa.