Automotive Steer-by-Wire System Market Highlights:
The global automotive steer-by-wire system market has seen a remarkable growth and is expected to register a CAGR of ~14%. The increase in demand for better steering functionality in the vehicle is the major driver for the global automotive steer-by-wire system market. The growing demand for better fuel efficiency due to a continuous increase in fuel prices and massive demand for vehicle comfortability are likely to further drive the global market in terms of value and volume for the automotive steer-by-wire system. Mechanical components and linkages add-up additional weights in the vehicle which further slow-down the fuel efficiency of the vehicle. The automotive steer-by-wire system reduces the weight by eliminating mechanical components which enhance the fuel efficiency of the vehicle.
Key Players
The prominent players in the global automotive steer-by-wire system market include Nissan Motor Company Ltd (Japan), ZF Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and ThyssenKrupp AG (Germany). Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc. (US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of Ireland), among others.
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Automotive Steer-by-Wire System Market Segmentation:
By Component

• Feedback Motors
• Angular Sensors
• Steering Actuators
• Others
By Propulsion Type

• ICE
• Electric
By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle
By Region

• North America
• Asia-Pacific
• Europe
• Rest of the World
Regional Analysis:
Geographically, the global automotive steer-by-wire system market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to hold the highest revenue market share throughout the forecast period owing to the presence of key automotive consuming countries such as Germany, the UK, Italy, Spain, and Russia. There is a continuous increase in awareness about new technologies and their availability at a lower cost by top automobile manufacturers in Europe which is expected to grow the demand for new vehicle technologies and components such as automotive steer-by-wire systems. In Asia-Pacific, the increased demand for luxury vehicles owing to increased average disposable income and growing purchasing power of consumers are likely to grow the sales for the automotive steer-by-wire system.
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