Automotive steer-by-wire system market
· Control-by-wire technology is an automated alternative to traditional mechanical and hydraulic steering systems, in which only electronic components are used to steer a vehicle. The steer-by-wire system eliminates multiple mechanical components, including the steering shaft, column, and gear reduction mechanism, resulting in a lighter vehicle with improved performance, safety, and dependability. Steer-by-wire technology is a step forward in electric power steering that uses an electric motor to apply steering force to the rack.
· The global automotive steer-by-wire market is primarily driven by vehicle manufacturers’ growing concern about reducing vehicle weight to improve vehicle efficiency. Furthermore, regulatory bodies in several countries have pushed carmakers to include electronic power-assisted steering, which is expected to drive the worldwide automotive steer-by-wire market forward. Another major driver of the worldwide steer-by-wire market is the rise in vehicle automation. As a result, the worldwide automotive steer-by-wire market is primarily driven by the implementation of rigorous emission requirements, duties to have advanced driver assistance systems, raising concerns about in-car safety, and the development and inclusion of sophisticated vehicle technologies.
· A fundamental obstacle limiting global automotive steer-by-wire technology is the high risk of malfunction, which could lead to accidents and, in some cases, fatal injuries. Because steer-by-wire technology relies on a computerized system and electronic sensors, the chances of a component malfunction are increased.
· The market for automotive steer-by-wire can be divided into three categories: component, vehicle type, and geography. The global automotive steer-by-wire market can be divided into seven areas based on components. Two sensors make up the steer-by-wire system: one for the handwheel angle sensor and the other for the pinion angle sensor. A steering actuator is also present, which applies steering effort based on the driver’s steering force. A central control unit controls the operation of the system’s components.
· The global automotive steer-by-wire market can be divided into passenger and commercial vehicles based on vehicle type. During the projected period, steer-by-wire technology is projected to become commonplace in passenger automobiles, as electric power-assisted steering is predicted to become essential in several countries. Furthermore, passenger vehicles are quickly adopting autonomous technologies, which is anticipated to accelerate the adoption of steer-by-wire technology in these vehicles.
· The global automobile steer-by-wire market can be divided into five distinct regions based on region. Auto manufacturers in North America and Europe quickly implement advanced vehicle technologies to improve vehicle safety, performance, and emissions. As a result, these regions now control a significant portion of the global automobile steer-by-wire industry.
· Danfoss, JTEKT NORTH AMERICA, ZF Friedrichshafen AG, LORD Corporation, Eaton, KYB Corporation, NSK Ltd., and Nexteer Automotive Corporation are key participants in the worldwide automotive steer-by-wire market.
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