Global Automotive Steer-By-Wire System Market 2024–2033

Reports Description

As per the current market research conducted by CMI Team, the global Automotive Steer-By-Wire System Market is expected to record a CAGR of 7.8% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 3.1 billion. By 2032, the valuation is anticipated to reach USD 6.2 billion.

The automotive steer-by-wire system market refers to the industry involved in the production and supply of advanced electronic steering systems that eliminate mechanical connections between the steering wheel and the vehicle's wheels. It encompasses the development and integration of sensors, actuators, and control units to enable precise and responsive steering control.

The market's nature is technologically driven, with a focus on innovation, integration with vehicle electronics, and safety enhancement. Key trends in the market include the demand for electric and autonomous vehicles, government support for vehicle safety and ADAS, and the development of contactless and connected solutions in the automotive industry.

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Automotive Steer-By-Wire System Market - Significant Growth Factors

The Automotive Steer-By-Wire System Market presents significant growth opportunities due to several factors:

• Integration with Vehicle-to-Everything (V2X) Communication: Steer-by-wire systems can improve safety, optimize navigation, and enable cooperative driving scenarios by combining V2X capabilities, hence contributing to the evolution of connected and autonomous vehicles. Vehicle-to-Everything (V2X) communication networks are being merged with steer-by-wire technologies. This interface facilitates the sharing of real-time data between vehicles, infrastructure, and other road users.

• Connectivity and Digitalization: The automotive industry is undergoing digital transformation, focusing on connectivity and digitalization. Steer-by-wire systems align with this trend by seamlessly integrating with vehicle connectivity systems. This enables advanced communication, data exchange, and real-time monitoring, leading to enhanced performance, functionality, and vehicle diagnostics.

• Enhanced Customization and Personalization: Steer-by-wire systems provide opportunities for enhanced customization and personalization of the steering experience. By offering adjustable steering characteristics, haptic feedback customization, and customizable settings, automakers can cater to individual preferences and enhance the overall driving experience.

• Light weighting and Design Flexibility: Steer-by-wire systems eliminate the need for traditional steering components, allowing for lightweight vehicle design and improved packaging efficiency. This creates opportunities for automakers to optimize vehicle weight, improve fuel efficiency, and explore innovative design possibilities, resulting in more sustainable and attractive vehicles.

• Integration of Health Monitoring and Diagnostics: Steer-by-wire systems open up opportunities for integrating health monitoring and diagnostics features. Real-time monitoring of the system's health and performance can enable predictive maintenance, early detection of faults, and remote diagnostics, improving vehicle reliability and reducing downtime.

Automotive Steer-By-Wire System Market - Mergers and Acquisitions

The Automotive Steer-By-Wire System Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Automotive Steer-By-Wire System Market include:

• Danfoss Power Solutions and Poclain Hydraulics: In 2020, Danfoss Power Solutions and Poclain Hydraulics formed a partnership to develop steer-by-wire solutions for off-highway vehicles. This collaboration aimed to bring advanced steer-by-wire technology to the construction and agricultural equipment sectors.

• LORD Corporation and Dana Incorporated: In 2021, LORD Corporation and Dana Incorporated announced a partnership to jointly develop steer-by-wire systems for commercial and off-highway vehicles. This collaboration aimed to combine LORD's expertise in advanced materials and control systems with Dana's experience in drivetrain technologies.

• ZF Friedrichshafen AG acquiring WABCO Holdings Inc.: In 2020, ZF Friedrichshafen AG completed the acquisition of WABCO Holdings Inc., a leading supplier of commercial vehicle technologies. The acquisition expanded ZF's portfolio of automotive technologies, including steer-by-wire systems for commercial vehicles.

• JTEKT Corporation acquired Toyo Seimitsu Industry Co., Ltd.: In 2020, JTEKT Corporation acquired Toyo Seimitsu Industry Co., Ltd., a Japanese manufacturer specializing in automotive components. This acquisition enhanced JTEKT's capabilities in steer-by-wire systems and strengthened its position in the automotive market.

• Nexteer Automotive acquiring Promens: In 2020, Nexteer Automotive completed the acquisition of Promens, a global plastic solutions provider. This acquisition expanded Nexteer's product offerings and capabilities in materials and lightweight solutions for steer-by-wire systems.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Automotive Steer-By-Wire System Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Automotive Steer-By-Wire System Market - Significant Threats

The Automotive Steer-By-Wire System Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Cybersecurity Risks: The increasing integration of steer-by-wire systems with vehicle connectivity exposes them to cybersecurity threats. Malicious attacks targeting these systems can compromise vehicle control and safety, raising concerns about data privacy and potential accidents. The industry must continuously invest in robust cybersecurity measures to protect steer-by-wire systems from unauthorized access and potential risks.

• High Development and Implementation Costs: The development and implementation costs associated with steer-by-wire systems can be substantial. The advanced electronic components, sensors, and control systems required for these systems can increase the overall cost of the vehicle. The high costs involved may limit the adoption of steer-by-wire technology, particularly in cost-sensitive vehicle segments, posing a threat to market growth.

• Customer Acceptance and Trust: The adoption of steer-by-wire systems relies on customer acceptance and trust in the technology. Some drivers may be sceptical about transitioning from traditional mechanical steering systems to electronic steer-by-wire systems. Concerns regarding system reliability, responsiveness, and potential failures may impact customer acceptance, posing a threat to market growth. Building confidence through transparent communication, effective education, and demonstrating the benefits and safety of steer-by-wire systems is crucial to address this threat.

• Service and Repair Challenges: Steer-by-wire systems introduce new complexities in terms of service and repair. As these systems involve advanced electronic components and software, specialized knowledge and equipment are required for maintenance and repairs. The availability of trained technicians, diagnostic tools, and spare parts can pose challenges, particularly in regions with limited support infrastructure. Ensuring a robust service and support network is essential to address these challenges and maintain customer satisfaction.

Report Scope

Category-Wise Insights

By Component:

• Steering Actuator: In the automotive steer-by-wire system market, the steering actuator is responsible for translating electronic commands into physical steering movements. It plays a vital role in providing the required torque for steering control. The market trends for steering actuators include advancements in actuator technology, such as brushless motors, compact designs, and integration with advanced control algorithms.

• Feedback Motor: The feedback motor in an automotive steer-by-wire system provides feedback to the driver by simulating resistance and providing haptic feedback. Trends in feedback motors include the development of high-performance and precise motors, incorporation of variable resistance settings, and integration with advanced driver assistance systems (ADAS) for enhanced feedback and safety features.

• Angular Sensors: Angular sensors are crucial components in automotive steer-by-wire systems, as they provide accurate measurement of steering angles and positions. Market trends for angular sensors include advancements in sensor technology, such as contactless sensing methods (e.g., Hall Effect or optical sensors), enhanced precision and reliability, and integration with vehicle connectivity systems for real-time data exchange.

• Others: The "others" category in automotive steer-by-wire systems encompasses various additional components, such as electronic control units (ECUs), wiring harnesses, connectors, and control algorithms. Market trends for these components include developments in control algorithms for improved system response, integration with vehicle electronics, and the implementation of advanced diagnostic and predictive maintenance capabilities.

By Propulsion Type

• ICE (Internal Combustion Engine) Propulsion Type: In the automotive steer-by-wire system market, ICE refers to vehicles powered by traditional internal combustion engines. The market is witnessing a transition towards steer-by-wire systems in ICE vehicles to enable advanced driver assistance features. The trends include integrating steer-by-wire systems with ICE vehicles to enhance safety, comfort, and overall driving experience.

• Electric Propulsion Type: Electric vehicles (EVs) are gaining prominence in the automotive industry, and steer-by-wire systems play a crucial role in enhancing the capabilities of these vehicles. The automotive steer-by-wire system market for EVs is witnessing trends such as integrating advanced steer-by-wire systems to optimize energy efficiency, enhance autonomous driving capabilities, and improve overall vehicle performance and safety.

By Vehicle Type

• Commercial Vehicles: Commercial vehicles encompass various types of vehicles used for business purposes, including trucks, buses, and vans. In the automotive steer-by-wire system market, commercial vehicles present opportunities for improved manoeuvrability, driver assistance features, and increased efficiency. Steer-by-wire systems in commercial vehicles aim to enhance vehicle control, optimize fuel economy, and enable advanced safety functionalities to meet the demanding requirements of commercial applications.

• Passenger Cars: In the automotive steer-by-wire system market, passenger cars refer to vehicles designed for personal transportation. The market for steer-by-wire systems in passenger cars is driven by the increasing demand for advanced safety features, integration with autonomous driving technology, and the focus on enhancing the driving experience through customizable steering characteristics.

Automotive Steer-By-Wire System Market - Regional Analysis

The Automotive Steer-By-Wire System Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In the North American region, a key trend in the automotive steer-by-wire system market is the focus on advanced driver assistance systems (ADAS) integration. Steer-by-wire systems are being developed to seamlessly integrate with ADAS features such as lane-keeping assist and automated parking. Dominating market players in North America include Nexteer Automotive, JTEKT Corporation, and Robert Bosch GmbH.

• Europe: In Europe, a prominent trend is the emphasis on electric and autonomous vehicles. Steer-by-wire systems are being designed to cater to the specific needs of electric and autonomous vehicle platforms, providing enhanced control and integration capabilities. Leading market players in Europe include ZF Friedrichshafen AG, Thyssenkrupp AG, and Danfoss Power Solutions.

• Asia-Pacific: The Asia-Pacific region is witnessing a trend towards lightweight and design flexibility in the automotive steer-by-wire system market. Steer-by-wire systems are being developed to enable lightweight vehicle design and improve fuel efficiency, addressing the region's focus on sustainability. Dominating market players in Asia-Pacific include JTEKT Corporation, NSK Ltd., and Infineon Technologies AG.

• LAMEA (Latin America, Middle East, and Africa): A significant trend is the adoption of advanced safety features in commercial vehicles. Steer-by-wire systems are being integrated with advanced safety technologies to enhance vehicle control and optimize safety in challenging operating conditions. Dominating market players in LAMEA include Nexteer Automotive, JTEKT Corporation, and Robert Bosch GmbH.

Competitive Landscape – Automotive Steer-By-Wire System Market

The Automotive Steer-By-Wire System Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive
• ZF Friedrichshafen AG
• Danfoss Power Solutions
• Thyssenkrupp AG
• NSK Ltd.
• LORD Corporation
• GKN Automotive Limited
• Infineon Technologies AG
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, a major partnership in the automotive steer-by-wire system market was formed between JTEKT Corporation and Toyota Motor Corporation. This collaboration aimed to jointly develop advanced steer-by-wire systems, leveraging JTEKT's expertise in steering solutions and Toyota's commitment to technological innovation in the automotive industry.

In the automotive steer-by-wire system market, several new players have adopted innovation and development strategies to enter the market. These newcomers focus on introducing advanced technologies, such as improved sensor systems, optimized control algorithms, and enhanced integration capabilities, to establish their presence and compete with established players. They aim to offer unique solutions, address evolving market demands, and capitalize on emerging trends, such as electric and autonomous vehicles.

Dominating the automotive steer-by-wire system market are key players with established market positions and a strong track record. These players, such as Nexteer Automotive, JTEKT Corporation, and Robert Bosch GmbH, have extensive experience, technical expertise, and global presence. They dominate the market through their broad product portfolios, strategic partnerships, and commitment to continuous innovation. These key players invest in research and development, advanced manufacturing capabilities, and customer relationships, allowing them to maintain a competitive edge and secure a significant market share.

Regional Coverage

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America