Steer-by-Wire System Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The steer-by-wire system enables complete steering control to the driver by eliminating any mechanical linkages. The current market landscape for the steer-by-wire system is supported by technological advancements in the automotive industry and enhancements in the driving dynamics. The increasing purchasing power of the population is likely to play a significant role in the robust growth of the steer-by-wire system market in the Asia Pacific region during the forecast period.

MARKET SCOPE

The "Global Steer-by-wire System Market Analysis to 2031" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the steer-by-wire system market with detailed market segmentation by component, propulsion type, vehicle type, and geography. The report provides key statistics on the market status of the leading steer-by-wire system market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on component, the global steer-by-wire system market is segmented into steering actuator, angular sensors, feedback motor and others.
  
•   On the basis of propulasion type, the market is segmented into ice and electric.
  
•   Based on vehicle type, the global steer-by-wire system market is segmented into passenger cars, heavy commercial vehicles and light commercial vehicles.
  

MARKET DYNAMICS

Drivers:

•   The steer-by-wire system market is anticipated to grow in the forecast period owing to driving factors such as easy integration and independence of design coupled with the growing demand for better fuel efficiency.
  
•   Also, enhanced steering functionality is expected to augment the growth of the steer-by-wire system market.
  
•   The demand for autonomous vehicles is foreseen to create excellent opportunities for the steer-by-wire system market players in the coming years.
  

Restraints:

•   Reluctance in adoption and associated high cost may hamper the growth of the steer-by-wire system market during the forecast period.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The steer-by-wire system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the steer-by-wire system market in these regions.

IMPACT OF COVID-19 ON STEER-BY-WIRE SYSTEM MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the steer-by-wire system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from steer-by-wire system market are anticipated to lucrative growth opportunities in the future with the rising demand for steer-by-wire system in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the steer-by-wire system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Danfoss
  
•   Eaton Corporation
  
•   Hitachi Automotive Systems Americas, Inc.
  
•   Nexteer Automotive Corporation
  
•   Nissan Motor Corporation
  
•   PARAVAN GmbH (Adolf Würth GmbH and Co. KG)
  
•   Robert Bosch GmbH
  
•   SKF
  
•   thyssenkrupp AG
  
•   ZF Friedrichshafen AG
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Steer-by-Wire System Report Scope