Steer-by-wire technology is an automated substitute for the conventional mechanical and hydraulic steering system, which utilizes only electronic components for steering a vehicle. The steer-by-wire technology eliminates several mechanical components, such as steering shaft, column, and gear reduction mechanism, which in turn reduces the vehicle weight and enhances vehicle performance, safety, and reliability. Steer-by-wire technology is an advancement in electric power steering, which utilizes an electric motor in order to apply steering force over the rack.
The global
automotive steer-by-wire market is primarily driven by an
increase in concern among vehicle manufacturers about the reduction in vehicle
weight in order to enhance vehicle efficiency. Moreover, regulatory bodies
across several countries have prompted vehicle manufacturers to incorporate
electronic power assisted steering, which in turn is likely to propel the
global automotive steer-by-wire market. Increase in vehicle automation is
another prominent driver of the global steer-by-wire market. Subsequently,
implementation of stringent emission norms, obligations to have advance driver
assistance systems, raised concerns about in-vehicle safety, and development
& incorporation of advanced vehicle technologies are prominently driving
the global automotive steer-by-wire market.
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High chances of malfunction, which might lead to accidents,
and occasionally fatal injuries, is a key factor restraining the global
automotive steer-by-wire technology. Chances of component malfunction are
higher in steer-by-wire technology, as it utilizes a computerized system and
electronic sensors.
The global automotive steer-by-wire market can be segmented
based on component, vehicle type, and region. In terms of component, the global
automotive steer-by wire market can be segregated into seven segments. The
steer-by-wire system consists of two sensors, one for hand wheel angle sensor
and the other for pinion angle sensor. Moreover, there is a steering actuator,
which applies steering effort based on steering force applied by the driver.
There is a central control unit that controls the operation of components in
the system.
Based on vehicle type, the global automotive steer-by-wire
market can be bifurcated into passenger vehicles and commercial vehicles.
Steer-by-wire technology is likely to be ubiquitous in passenger cars during
the forecast period, as electric power assisted steering is expected to become
mandatory in passenger cars across several countries. Moreover, passenger
vehicles are readily adopting autonomous technologies, which in turn is likely
to propel the incorporation of steer-by-wire technology in passenger vehicles.
Therefore, the passenger vehicles segment is projected to lead the
steer-by-wire market during the forecast period.
In terms of region, the global automotive steer-by-wire
market can be segmented into five prominent regions. North America and Europe
is home to auto manufacturers who are readily incorporating advanced vehicle
solutions in order to enhance vehicle safety, performance, and reduce emission.
This in turn has led these regions to account for prominent shares of the
global automotive steer-by-wire market. Moreover, raised per capita income of
individuals, acceptance for automated vehicle technologies, and presence of
technology suppliers across North America and Europe are likely to propel the
demand for steer-by-wire system in these regions. Asia Pacific is likely to
offer lucrative opportunities to manufacturers of steer-by-wire systems, owing
to an increase in adoption of advanced vehicle solutions coupled with a rise in
per capita income in the region.
Key players operating in the global automotive steer-by-wire
market are Danfoss, JTEKT NORTH AMERICA, ZF Friedrichshafen AG, LORD Corporation,
Eaton, KYB Corporation, NSK Ltd., and Nexteer Automotive Corporation.
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