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The automotive industry has witnessed a revolution owing to the emergence of autonomous vehicles as they provide various benefits such as safety, decrease in fuel consumption, traffic congestion, and emissions. They contain various sensors and require electric connections and terminals to operate such advanced features, which will drive the growth of the drive by wire market.
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Global Drive by Wire Market The global drive by wire market is gaining significant traction globally and is anticipated to grow from USD 24.2 billion in 2020 to USD 64.5 billion in 2027, registering a CAGR of 6.1% during the forecast period 2021-2027. Drive by wire technology is a developed vehicle control method that incorporates mechanical linkages within the vehicle. It replaces traditional mechanical control systems with innovative electrical control systems by using electromechanical actuators, sensors, batteries that provide accurate and precise results. The automotive industry has witnessed a revolution owing to the emergence of autonomous vehicles as they provide various benefits such as safety, decrease in fuel consumption, traffic congestion, and emissions. They contain various sensors and require electric connections and terminals to operate such advanced features, which will drive the growth of the drive by wire market.
Global Drive by Wire Market The Asia Pacific is anticipated to be the fastest-growing region in the drive by wire market as it is a hub for automotive production owing to shift in consumer preference, rising disposable income among the middle-class population, and cost advantage for OEMs. China is the foremost market for automobiles in the APAC region resulting in the growth of premium and luxury vehicles, thereby increasing the demand for drive by wire market in the region. 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.
Global Drive by Wire Market Some of the key players operating in the drive by wire market: Continental AG, Infineon Technologies AG, Hitachi, Ltd., Robert Bosch GmbH, FicosaInternacional SAA, KONGSBERG, ZF Friedrichshafen AG, DENSO CORPORATION, NEXTEER AUTOMOTIVE GROUP LIMITED, and Curtiss-Wright Corporation.
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