LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive steer-by-wire system market to grow at a CAGR of over 8% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the growing implementation of advanced steering systems in vehicles as one of the key emerging trends in the global automotive steer-by-wire system market. Automakers and tier-1 suppliers are working in coordination for commercial implementation of autonomous systems, which is evident with the demonstration at auto expos and consumer electronic shows. The automotive industry is witnessing developments associated with steering systems such as steering on demand system, quiet wheel system, stowable steering column, SBW system, and cyber secured advanced steering. The development and emergence of advanced steering systems and their implementation are expected to increase in future vehicles.
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In this report, Technavio analysts highlight the benefits of SBW system as a key factor contributing to the growth of the global automotive steer-by-wire system (SBW) market:
Global automotive steer-by-wire system market: Benefits of SBW system
The global automotive steer-by-wire system market is growing simultaneously with the increasing volume sales of luxury vehicles. SBW system is an electronic system with enhanced functional accuracy. The major advantage associated with equipping vehicles with SBW systems is that it reduces the weight of the vehicle, which results in increased fuel efficiency.
The SBW system enhances the vehicle’s safety by reducing the crash impact due to reduced mechanical linkages and components. Moreover, the elimination of mechanical linkages minimizes road vibrations transmitted through the steering column leading to a smoother and comfortable drive. The modular design of SBW systems may become possible with growing advancements, which would lead to faster production.
According to a senior analyst at Technavio for automotive electronics, “Implementation of an active steering system in SBW may lead to vehicle handling optimization and further improve the car’s active lane control system. Such benefits of SBW system are driving the global automotive SBW system market.”
Global automotive steer-by-wire system market: segmentation analysis
This market research report segments the global automotive steer-by-wire system market into the following technology types (backup mechanical and pure electronic) and key regions (the Americas, APAC, and EMEA).
Of the two major technology types, the backup mechanical segment held the entire market share in 2017, accounting for 100% of the market. The market share for this technology type is expected to witness a massive decline of nearly 15% by 2022. The fastest growing technology type is pure electronic, which will account for nearly 15% of the total market share by 2022.
The Americas was the leading region for the global automotive steer-by-wire system market in 2017, accounting for a market share of nearly 67%. By 2022, the Americas is expected to continue dominating the market and register the highest growth of nearly 3%.
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