Automotive Steer-by-wire System Market Size to grow by USD 264.43 million between 2024-2028
According to a research report “ Automotive Steer-by-wire System Market” by Technology (Backup mechanical, Pure electronic) Vehicle Type (ICE, Electric vehicle) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 264.43 million, at a CAGR of 10.27% during the forecast period. The global automotive steer-by-wire (SBW) system market is experiencing significant growth, driven by the increasing sales volume of luxury vehicles. SBW systems, which are electronic steering systems with enhanced functional accuracy, offer several advantages. These include weight reduction, leading to increased fuel efficiency, and improved safety through reduced crash impact due to fewer mechanical linkages and components. Additionally, the elimination of mechanical linkages minimizes road vibrations, ensuring a smoother and more comfortable driving experience. With ongoing technological advancements, the modular design of SBW systems may become a reality, potentially accelerating production processes..
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By Technology, the Backup mechanical segment is projected to dominate the market size in 2024
The backup mechanical segment of the global automotive steer-by-wire (SBW) system market is projected to expand at a moderate growth rate during the forecast period. This expansion is driven by the significant sales volume of automobiles integrating SBW systems with backup mechanical components. The inclusion of backup mechanical systems offers emergency benefits, ensuring vehicle control in the event of SBW system malfunctions. These advantages are compelling automakers to incorporate such systems in their vehicles. Moreover, ongoing advancements in the automotive drive-by-wire market, where manufacturers are developing their proprietary SBW systems, are further fueling market growth. Advanced steer-by-wire systems offer enhanced precision to vehicles, making them increasingly popular in the automotive industry.
By Vehicle Type, ICE segment is expected to hold the largest market size for the year 2024
In the global automotive steer-by-wire system market, Internal Combustion Engine (ICE) vehicles maintain their dominance, accounting for a significant market share. ICE vehicles remain popular, particularly in regions with limited charging infrastructure or a preference for extended journeys. Steer-by-wire technology enhances the driving experience in ICE vehicles by providing accurate steering control and advanced safety features. Notable luxury manufacturers, such as BMW and Mercedes-Benz, have integrated this technology into their ICE models, including the 2022 Mercedes-Benz S-Class, which boasts advanced steer-by-wire capabilities, improving stability and enabling advanced driver assistance functions.
APAC is forecasted to hold the largest market size by region in 2024
The Automotive Steer-by-Wire System market in the Asia Pacific (APAC) region holds the second-largest market share globally. This significant presence is primarily driven by the burgeoning economies of APAC, which are experiencing robust growth. Furthermore, established automotive markets, including Japan, South Korea, and Australia, are also contributing substantially to the expansion of this market. Notably, INFINITI's successful sales in key APAC nations, such as Japan, South Korea, China, and Australia, serve as a catalyst for market growth in the region. We anticipate INFINITI's entry into additional APAC markets, which will further bolster the market's expansion.
The Automotive Steer-by-wire System Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Steer-by-wire (SBW) System market has been a hot topic at recent auto shows, showcasing advanced steering systems that offer enhanced driving experiences and improved vehicle safety. SBW systems, also known as Active Steering Systems, utilize a modular architecture with an electronic system that replaces the traditional mechanical connection between the steering wheel and the wheels. These systems provide numerous benefits, including enhanced driving safety through improved traction control and oversteer prevention. Additionally, SBW systems contribute to fuel efficiency by reducing the parasitic losses associated with conventional steering systems. However, the adoption of SBW systems has been reluctant due to concerns over high maintenance costs and potential safety risks. Designs for SBW systems vary, with some utilizing an electrically controlled motor in the steering module to provide steering functionality. Despite these challenges, the adoption of SBW systems is on the rise, particularly in electric vehicles, where the elimination of mechanical linkages offers significant advantages. As the technology continues to evolve, it is expected that SBW systems will become a standard feature in future vehicles, offering a safer and more efficient driving experience.
Market Research Overview
The Automotive Steer-by-wire System Market is witnessing significant growth due to the increasing adoption of advanced steering systems in various vehicle types, including Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Steer-by-wire systems, also known as Electric Power Steering (EPS) systems, use Steering Actuators, Angular Sensors, and Feedback Motors instead of traditional hydraulic pumps and mechanical linkages. These systems offer several advantages, such as enhanced driving experience, improved fuel efficiency, and reduced emissions. However, regulatory hurdles and safety concerns have slowed down the adoption of these systems, especially in commercial vehicles. Consumer electronics exhibitions and auto shows have been showcasing various designs of steer-by-wire systems, including detachable steering columns and active steering systems, which offer vehicle design flexibility and collision avoidance features. Car manufacturers are investing in modular architecture and electronic systems to overcome regulatory factors and consumer expectations for responsiveness, performance, and precision. However, repair times and the need for qualified technicians and repair services pose challenges to the adoption of steer-by-wire systems. Fleet operators of heavy-duty trucks are also adopting steer-by-wire systems for emissions reduction, fuel efficiency, and weight reduction. Navigation and control systems, as well as vehicle sensors, are essential components of these advanced steering systems. Despite the reluctance in adoption due to high maintenance costs, steer-by-wire systems are expected to gain traction in electric vehicles, as they offer improved vehicle responsiveness, efficiency, and precision. However, oversteer and driving safety concerns need to be addressed to ensure the widespread adoption of these systems in passenger cars and commercial vehicles.
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