Latest News- Automotive Steer-By-Wire System Market: Backup mechanical is expected to lead the Technology segment during 2025-2029

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Backup mechanical
  • Pure electronic
• Vehicle Type
  • ICE
  • Electric vehicle
• Component Specificity
  • Steering Actuators
  • Sensors
  • Control Units
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • Mexico
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Benefits of SBW system
• Electrification of vehicles
• Emergence of autonomous vehicles

However, the market also witnesses some limitations, which are as follows:

• System reliability issues and acceptance level among consumers
• Safety and security concerns related to SBW system
• Accidents involving autonomous vehicle prototypes

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Market Scope in Automotive Steer-By-Wire System Market Research Report

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Research Analysis Overview

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.

Market Research Overview

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
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/