Rapid technological advancements, growing automobile industry and rising demand for eliminating traditional components to drive global automotive X-by-Wire systems market through 2024
According to TechSci Research report, “Global Automotive X-by-Wire Systems Market By Vehicle Type, By System Type, By Geography, Competition, Forecast & Opportunities, 2024”, Global Automotive X-by-Wire Systems market is poised to grow at a CAGR of around 10.7% during the forecast period as it helps to improve the fuel efficiency while reducing emission level. In X-by-Wire Systems, mechanical components are replaced by sensor technologies which collect information and pass data to computer that converts electric energy to mechanical motion. Also, emergence of automation in vehicles and advanced driver assistance systems in automobiles are expected to positively influence the market automotive X-by-wire systems in the coming years.
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Automotive X-by-wire systems market can be segmented based on vehicle type,
system type and region. Among vehicle type, passenger car segment accounted for
the dominant share in 2018 and the trend is anticipated to continue in the
forthcoming years as well on account of growing sales of passenger car. Based
on system type, throttle-by-wire accounts for the largest share in the market
due to growing utilization of throttle by wire for adjusting valve settings.
Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Nexteer
Automotive Private Limited, SKF Ltd., Curtiss-Wright Corporation, Hitachi
Automotive Systems Ltd., Schaeffler AG, Stoneridge Inc., and Infineon
Technologies AG are the leading players operating in the market. The companies operating
in the market are employing various strategies including expansion, product
development and collaboration in order to increase their share in the market. For
instance, Nexteer Automotive opened a new plant in China in June 2019 and
Schaeffler AG & Paravan GmbH formed joint venture for the development of
drive-by-wire systems in 2018.
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Automotive X-by-Wire Systems market is anticipated to witness significant
growth during forecast period as it helps to reduce the weight of the vehicle,
improving the fuel efficiency and reducing emission levels of vehicles. Moreover,
technological advancements, strict regulations by the government of various
economies for restricting pollution and growing popularity of autonomous
vehicles are further propelling the demand for Automotive X-by-Wire Systems across
the globe.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Automotive X-by-Wire Systems Market By Vehicle Type, By System Type, By Geography, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global Automotive X-by-Wire Systems market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global Automotive X-by-Wire Systems market.
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