February 25, 2024
Drive By Wire Market

Drive By Wire Market Is Expected To Be Flourished By Increasing Demand For Enhanced Safety Features In Vehicles

In the automotive industry, drive by wire or x by wire refers to replacing the traditional mechanically-connected control systems such as throttles, brakes and transmissions with electrical/electronic systems. The global drive by wire market is experiencing significant growth due to increasing demand for enhanced vehicle safety, comfort and convenience features. Drive by wire technologies enable various advanced driver assistance systems such as electronic stability control, traction control and anti-lock braking systems in vehicles. Shift-by-wire transmission allows gear changes without any mechanical linkage and provides more freedom to designers to develop unique electronic control systems for transmissions. Steer-by-wire system removes the physical connection between steering wheel and road wheels, thereby enabling advanced steering assistance features.

The global drive by wire market is estimated to be valued at US$ 27.65 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand for enhanced safety features in vehicles is expected to drive the growth of the drive by wire market over the forecast period. Drive by wire systems allow integrating advanced driver assistance systems such as electronic stability control and lane keep assist which improves vehicle handling and safety. These safety features are in high demand from consumers globally to reduce accidents. Favorable government regulations regarding vehicle safety are also pushing automakers to deploy drive by wire technologies. For instance, European Union’s minimum requirement for advanced emergency braking and lane departure warning systems will further propel the adoption of drive by wire technologies. Further, shifting preference of millennials towards autonomous and connected vehicles feature will also positively influence the market growth during the forecast period.

Segment Analysis

The drive by wire market is dominated by the electronic brake booster segment which holds around 60% of the total market share. This segment is dominating as electronic brakes boosters enhance brake application by assisting the driver’s input using an electric actuator instead of a mechanical booster. This facilitates improved brake response times and overall safer braking especially during emergency situations.

PEST Analysis

Political: Stringent safety regulations regarding advanced driver assistance systems and autonomous vehicles in major economies are driving the demand for drive by wire technologies.
Economic: Rise in vehicle production and automotive component manufacturing globally is supporting the growth of the drive by wire market.
Social: Increasing consumer preference for safety, comfort and convenience features in vehicles is positively impacting the adoption of drive by wire technologies.
Technological: Continuous innovations in sensors, electronic control units and actuation technologies are enabling the development of advanced drive by wire systems with greater functionality.

Key Takeaways

The Global Drive By Wire Market Growth is expected to witness high over the forecast period of 2024 to 2031 supported by stricter emission and safety norms.

Regional analysis – North America holds the largest share currently due to presence of major OEMs and technology companies in the region. Europe is also a major market driven by stringent vehicular regulations.

Key players operating in the drive by wire market are Patreon, OnlyFans, Teachable, Thinkific, Facebook, Twitter, Snapchat, Pinterest, LinkedIn, DeviantArt, Twitch, YouTube, TikTok, Instagram, Etsy, Spotify, Substack, Buy Me a Coffee, Ko-fi, Gumroad. Key players analysis – Patreon, OnlyFans and Thinkific are among the leading platforms for creators to build their own businesses

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it