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The global drive by wire market is expected to witness a CAGR of 6.1% during the forecast period. Drive by wire is one of the emerging technologies in the automotive industry and is a semi-automatic computer-controlled technology that is used in cars. It uses electronic systems such as sensors, actuators to control the vehicle.
Factors attributing to the growth of drive by wire market include the rising number of government mandates to control vehicle emissions and mounting demand for passenger comfort as it reduces the weight of vehicles and therefore, are fuel-efficient. Moreover, the rising prominence of premium vehicles especially in emerging economies, the development of autonomous vehicles, and the growing popularity of electric vehicles are the factors that contribute to the growth of drive by wire market. Nevertheless, the advancement of smart cities will provide promising growth opportunities for the industry players in the drive by wire market.
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The COVID-19 outbreak has had an adverse impact on the drive by wire market. Owing to the complete shutdown of manufacturing units, the production of automobiles has seen a massive fall in demand. This has resulted in a reduction in the integration of drive by wire control in vehicles.
Nexteer opened a state-of-the-art Technical Center in Suzhou Industrial Park, China. This global footprint will provide the company to globalize its engineering expertise, enhance local technical support, and capitalize on emerging market growth opportunities in the Asia Pacific.
Based on vehicle type, the global drive by wire market is divided into on-highway vehicle type, electric vehicles, and off-highway vehicle type. The on-highway vehicle type is sub-divided into passenger cars, light commercial vehicles, trucks, and buses. Electric vehicles are further sub-divided into BEV, PHEV, and FCEV. Off-highway vehicle type is further sub-divided into agricultural tractors, construction & mining equipment, and forklifts. Passenger cars are expected to have a high CAGR during the forecast period owing to the rising demand for enhanced safety, luxury with high operational accuracy, and increasing production of mid-sized and luxury class vehicles.
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North America dominates the market in drive by wire owing to the shift in preference of consumers towards SUVs and pickup trucks with developed technologies that will propel the growth of drive by wire in the region. Moreover, stringent regulations concerning emissions will allow manufacturers to focus on weight reduction in heavy vehicles. In addition, the free trade agreement between the US, Canada, and Mexico is anticipated to drive imports of automobiles, thereby driving the North America drive by wire marke.
Some of the major players in the global drive by wire market include Continental AG, Infineon Technologies AG, Hitachi, Ltd., Robert Bosch GmbH, Ficosa Internacional SAA, KONGSBERG, ZF Friedrichshafen AG, DENSO CORPORATION, NEXTEER AUTOMOTIVE GROUP LIMITED, and Curtiss-Wright Corporation.
