Steer-by-wire technology is an automated substitute for the conventional mechanical and hydraulic steering system, which utilizes only electronic components for steering a vehicle. The steer-by-wire technology eliminates several mechanical components, such as steering shaft, column, and gear reduction mechanism, which in turn reduces the vehicle weight and enhances vehicle performance, safety, and reliability. Steer-by-wire technology is an advancement in electric power steering, which utilizes an electric motor in order to apply steering force over the rack.
The global automotive steer-by-wire market is primarily driven by an increase in concern among vehicle manufacturers about the reduction in vehicle weight in order to enhance vehicle efficiency. Moreover, regulatory bodies across several countries have prompted vehicle manufacturers to incorporate electronic power assisted steering, which in turn is likely to propel the global automotive steer-by-wire market. Increase in vehicle automation is another prominent driver of the global steer-by-wire market. Subsequently, implementation of stringent emission norms, obligations to have advance driver assistance systems, raised concerns about in-vehicle safety, and development & incorporation of advanced vehicle technologies are prominently driving the global automotive steer-by-wire market.
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High chances of malfunction, which might lead to accidents, and occasionally fatal injuries, is a key factor restraining the global automotive steer-by-wire technology. Chances of component malfunction are higher in steer-by-wire technology, as it utilizes a computerized system and electronic sensors.
The global automotive steer-by-wire market can be segmented based on component, vehicle type, and region. In terms of component, the global automotive steer-by wire market can be segregated into seven segments. The steer-by-wire system consists of two sensors, one for hand wheel angle sensor and the other for pinion angle sensor. Moreover, there is a steering actuator, which applies steering effort based on steering force applied by the driver. There is a central control unit that controls the operation of components in the system.
Based on vehicle type, the global automotive steer-by-wire market can be bifurcated into passenger vehicles and commercial vehicles. Steer-by-wire technology is likely to be ubiquitous in passenger cars during the forecast period, as electric power assisted steering is expected to become mandatory in passenger cars across several countries. Moreover, passenger vehicles are readily adopting autonomous technologies, which in turn is likely to propel the incorporation of steer-by-wire technology in passenger vehicles. Therefore, the passenger vehicles segment is projected to lead the steer-by-wire market during the forecast period.
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In terms of region, the global automotive steer-by-wire market can be segmented into five prominent regions. North America and Europe is home to auto manufacturers who are readily incorporating advanced vehicle solutions in order to enhance vehicle safety, performance, and reduce emission. This in turn has led these regions to account for prominent shares of the global automotive steer-by-wire market. Moreover, raised per capita income of individuals, acceptance for automated vehicle technologies, and presence of technology suppliers across North America and Europe are likely to propel the demand for steer-by-wire system in these regions. Asia Pacific is likely to offer lucrative opportunities to manufacturers of steer-by-wire systems, owing to an increase in adoption of advanced vehicle solutions coupled with a rise in per capita income in the region.
Key players operating in the global automotive steer-by-wire market are Danfoss, JTEKT NORTH AMERICA, ZF Friedrichshafen AG, LORD Corporation, Eaton, KYB Corporation, NSK Ltd., and Nexteer Automotive Corporation.