Due to the increasing enactment of stringent vehicular emission norms by the governments of several countries, advent of autonomous vehicles, and the development of connected infrastructure, the global drive by wire market revenue surged to $23,174.2 million in 2020 and it is predicted to rise even more in the coming years. The development of autonomous vehicles is a major market growth driver. These vehicles offer various advantages such as improved vehicular safety, less fuel consumption, and low emissions.
As these vehicles are equipped with several sensors and consist of electrical terminals and connections, their increasing deployment is driving the demand for drive by wires across the world. Besides, the implementation of strict vehicle emission norms by several governments, on account of the escalating pollution levels, is also propelling the demand for drive by wires. Because of the enactment of these regulations, automobile manufacturers are incorporating lightweight materials in automobiles as these materials increase the fuel efficiency. This is fueling the requirement for drive by wire controls, which is, in turn, causing the growth of the drive by wire market.
Drive By Wire Market
Depending on application, the market is divided into brake by wire, throttle by wire, steer by wire, park by wire, and shift by wire categories. Out of these, the shift by wire category is currently holding the largest share in the market. The incorporation of the shift by wire system in vehicles massively reduces their weight. Moreover, this system reduces the intensity of the engine noise and provides high operational accuracy. When vehicle type is taken into consideration, the drive by wire market is classified into commercial vehicles and passenger vehicles.
Of these, the commercial vehicles category is predicted to register faster growth in the market till 2030. This is ascribed to the surging deployment of off-highway vehicles such as tractors and forklifts, and mining and construction equipment, on account of the increasing industrialization rate, in various emerging economies. With rapid technological advancements in these vehicles, the need for drive by wires is growing, thereby fueling the expansion of the market.
Geographically, Asia-Pacific dominated the drive by wire market between 2015 and 2020, as per the observations of the market research company, P&S Intelligence. This was credited to the high disposable income of the middle-class populace and the various cost advantages experienced by automakers and original equipment manufacturers (OEMs), on account of the low costs of labor and raw materials, in the region. Further, the implementation of stringent emission norms and soaring popularity of luxury and premium vehicles are also contributing to the market growth in the region.