Global $36.75 Billion Drive-By-Wire Market to 2026 - PRNewswire

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DUBLIN, Oct. 22, 2020 /PRNewswire/ -- The "Drive-By-Wire Market - By Application (Electronic Throttle Control, Shift-By-Wire, And Brake-By-Wire), By Vehicle Type (Commercial Vehicles And Passenger Vehicles and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast 2019 - 2026" report has been added to ResearchAndMarkets.com's offering.

According to the report, the global Drive-By-Wire market was valued at USD 20.63 Billion in 2019 and is expected to reach over USD 36.75 Billion by 2026, growing at a CAGR of around 8.5% during the forecast period from 2020 to 2026.

Global Drive-By-Wire Market: Overview

Drive-by-wire or x-by-wire is the automotive technology which replaces customary mechanical systems such as braking, throttle control, gear shifting electronic systems, and steering. Drive-by-wire machinery resituates the mechanical linkages along with electrical components which include batteries, motors, control units, sensors, actuators, and others. The application of these systems decreases the complete weight, as a result, making the vehicle much lighter.

This decrease in weight not only enhances the fuel cost-cutting measure but also decreases the production of the vehicle. Furthermore, the usage of sensors, actuators, and motors helps in offering an accurate, quick, and precise response as and when needed by the driver thus improving the performance and function of the vehicle.

Global Drive-By-Wire Market: Growth Factors

Increasing demand and popularity of off-road vehicles is growing the demand for the global drive-by-wire market. X-by-wire or drive-by-wire application is growing in the harvesters, forklifts, construction, tractors, and mining equipment, mowers, industrial electric vehicles, and other off-road vehicles as well as utility vehicles. Steer-by-wire and brake-by-wire technologies are generally used for parking in these kinds of vehicles.

In off-road vehicles, the electronic actuator mechanically moves the parking brake of the vehicle when the engine is not in use or when it is in neutral mode. This will help to hold the situation of the off-road vehicle, particularly in hilly areas. These significant features are driving the drive-by-wire market growth.

Global Drive-By-Wire Market: Segmentation

The global drive-by-wire market is fragmented into its application and vehicle type. Based on application, the drive-by-wire market is categorized into electronic throttle control, shift-by-wire, and brake-by-wire. Based on the vehicle type, the drive-by-wire market is bifurcated into commercial vehicles and passenger vehicles.

Global Drive-By-Wire Market: Regional Analysis

The Asia Pacific region is projected to dominate the global drive-by-wire market. The region is anticipated to grow at a significant rate in the coming years. The market's expansion in the Asia Pacific is expected to be majorly driven by the construction division of the countries such as Japan, India, China, Malaysia, and others.

In addition, governments of the several developing countries are changing their policies in order to get more foreign investment in their infrastructure division. With the expansion in foreign investment in the infrastructure division, the drive-by-wire market in the region is expected to witness high demand in the coming years, which is also followed by North America and Europe. The market in the Middle East & Africa is likely to grow at a stable rate in the years to come.

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