Automotive steer-by-wire (SBW) systems refer to steering system that is controlled by a computerized engine unit. Unlike conventional steering systems that are linked mechanically, SBW system transmits signals from wheels to a computerized unit which then controls tire movement. The speed of electronic signals means the tires move in accordance with driver’s intention, making it faster than a conventional steering system. The system controls tire movement more effectively and reduces vibrations generated due to rough road surfaces from affecting the car’s handling. Steer-by-wire systems is estimated to gain immense popularity in the automotive industry in following years and is often considered as the future of automotive steering systems.
Automotive steer-by-wire systems eliminates the use hydraulic pumps for its operation and is considered more efficient than the hydraulic counterparts. The main aim of SBWs is to completely eliminate as many mechanical components (column, steering shaft, reduction mechanism, etc.) as possible. This facilitates to simplify the interior design, better space utilization and optimized steering response. In recent years, deployment of SBW has witnessed significant increase in automobiles. These systems are adopted in vehicles with a focus to improve fuel efficiency and ride experience. SBWs are used in plug-in electric vehicles, which has witnessed an unprecedented demand in recent years. Thus, rise in demand for plug-in vehicles is likely to compliment the automotive SBWs systems market growth in the following years. Considering its prospects in electric vehicles sector, countries such as the U.S., China, South Korea, Japan and some of the Western Europe countries are believed to emerge prominent markets for steer-by-wire technology.
Further, improving SBW designs is another prominent factor driving the market growth. Some of the benefits associated with SBWs include, enhanced design flexibility for vehicles, improved fuel efficiency, reduced weight and reduced vibration among others. Car manufacturers are increasingly looking to deploy SBWs as a result of growing customer demand for fuel-efficient and safer vehicles. Moreover, it further eliminates environmental hazards arising due to disposal or leakage of hydraulic power steering fluid.
However, there are certain downsides with automotive SBWs systems which might hinder its growth in following years. SBW is a relatively new technology with limited adoption. This makes consumers reluctant to adopt it on a large scale. Moreover, technological advancement of these systems have led it to be priced quite higher than conventional steering systems, which further slows down the market growth. Vulnerability to hacking is another prominent disadvantage associated with SBWs. These systems can be hacked by wired or wireless connections and its control shut off or faulted.
Some of the major players profiled in the report “automotive steer-by-wire systems market” are Nissan Motor Co., Ltd., ZF Friedrichshafen AG, JTEKT Corporation, Thyssenkrupp AG, Paravan GmbH, Sona Koyo Steering Systems Ltd. and Nexteer Automotive among others. Majority of these players emphasize on developing more reliable designs in order to eliminate the threat of hacking, thereby making the vehicles safer.
Passenger vehicles segment led the overall automotive steer-by-wire systems market in 2017. The segment contributed to over 70% of total market value in 2017. Passenger vehicles segment growth is primarily attributed to growing demand for high-end electric vehicles, having higher prospects of steer-by-wire installation. This growing demand is complimented by the increasing discretionary income of people worldwide. High-end passenger cars have witnessed a substantial growth in the past few years, thus contributing to the automotive steer-by-wire systems market growth. Nissan has been a pioneer in steer-by-wire systems technology and is among the first car manufacturers to have introduced these systems. Subsequently, the passenger vehicles segment is likely to maintain its dominant position throughout the forecast period.
Commercial vehicles segment is expected to register higher growth during the forecast period. The market for automotive steer-by-wire systems in commercial vehicles is still a new concept and offers healthy growth potential in the coming years. Moreover, an increasing number of vehicle manufacturers are expected to venture into electric commercial vehicles industry in the coming years, thereby impacting the demand for automotive steer-by-wire systems in commercial vehicles positively.
The global automotive steer-by-wire systems market is dominated by Europe, contributing to more than 40% of the overall market value in 2017. Europe is home to one of the largest and technically advanced automotive industry across the world. This greatly compliments the automotive steer-by-wire systems market growth in the region. One of the most prominent factors contributing to the market growth in Europe is high sales of luxury vehicles in the region. Moreover, Europe possesses a technologically advanced automobile manufacturing sector, enabling it to remain forefront in terms of advancement in the area of R&D.
The automotive steer-by-wire systems market growth in Asia Pacific is expected to remain high over the forecast period. The growth can be attributed to the growing automotive industry here coupled with rising sales of high-end vehicles. Additionally, with growing preference for improved safety, comfort and higher fuel efficiency of the vehicle, steer-by-wire systems are estimated to witness increased demand in the region.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Steer-By-Wire Systems market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Vehicle
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
