Brake and Steer By Wire Market Size, Report, Trends, Growth, Share, and Forecast 2031

The global brake and steer-by-wire market revenue was around US$ 7.90 billion in 2021 and is estimated to reach US$ 14.90 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2031.

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Brake and steer-by-wire systems that use electrical and mechanical components instead of mechanical linkages to regulate and operate vehicle functions. Mechanical and energy-consuming vehicle systems are replaced with drive-by-wire control systems. In the beginning, only the electronic throttle system was used; however, in the current situation, the steering and braking systems are also electronics controlled.

Factors Influencing Market Growth

The increase in the development of autonomous vehicles is driving the brake and steer-by-wire market growth.

A rise in connected infrastructure is expected to drive the market growth.

The development of smart cities offers key market players impressive growth creating lucrative opportunities.

The high cost of brake and steer-by-wire systems and the risk of data hacking and malfunction are anticipated to restrain market expansion.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a significant impact on the brake and steer-by-wire market. An unparalleled economic, humanitarian, and healthcare challenge has been posed to the global by COVID-19. Lockdowns and other limitations had a significant influence on the automotive industry. Additionally, the automotive industry faced unexpected difficulties. National lockdowns also caused supply-chain disruptions because some manufacturing sites had to completely or partially halt their operations. However, it is anticipated that demand for drive and steer by wire will increase significantly in the near future due to the relaxation of lockdown measures and the ensuing opening of markets around the world.

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Regional Insights

Asia Pacific dominate the brake and steer by wire market due to rising middle-class discretionary money, and cost advantages for OEMs, accessibility of low-priced labour and raw materials. In addition, the production facilities for Volvo, Daimler, BMW, Volkswagen, and Scania. China is a significant market for automobiles in the Asia Pacific due to the demand for high-end and luxurious vehicles is likely to increase. Additionally, the implementation of strict emission standards in the Asia Pacific region is likely to be advantageous for the brake and steer by wire market. The region's cost-sensitive features and widespread preference for conventional automobiles, however, could limit market growth.

Leading Competitors
The leading competitors in the global brake and steer by wire market are:
Brembo
Continental AG
DENSO CORPORATION
Hitachi Automotive Systems Ltd
JTEKT Corporation
Nexteer Automotive Group Limited
Nissan Motor Co
Robert Bosch GmbH
Schaeffler Paravan Technologie GmbH & Co
Thyssenkrupp AG
ZF Friedrichshafen
Others
Segmentation Analysis
The global brake and steer by wire market segmentation focuses on Application, and Region.
Segmentation based on Application
Brake by Wire
Steer by Wire

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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America

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This release was published on openPR.