According to Future Market Insights’ (FMI) projection, the worldwide X-by-wire market would expand at a 16.0% CAGR in value during the forecast period. The value of the global X-by-Wire market is anticipated to be US$ 39 billion in 2022 and US$ 81 billion by the end of 2032.
X-by-Wire refers to the technology used in modern automobiles that replaces traditional mechanical and hydraulic systems with electronic control systems. These systems include brake-by-wire, steer-by-wire, and throttle-by-wire, among others. The demand for X-by-Wire systems in the automotive industry is expected to increase in the future due to several factors, including:
Growing demand for electric and autonomous vehicles: As the demand for electric and autonomous vehicles increases, X-by-Wire systems will become more important for controlling and managing vehicle functions, as these vehicles will require a higher degree of electronic control.
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Improved vehicle performance: X-by-Wire systems offer several benefits over traditional mechanical and hydraulic systems, including improved responsiveness, precision, and flexibility. As a result, these systems are expected to become more popular among automakers looking to improve vehicle performance.
Increased safety and efficiency: X-by-Wire systems can help improve vehicle safety by reducing the risk of mechanical failure and increasing the speed and accuracy of vehicle response. These systems can also improve vehicle efficiency by reducing weight and improving energy management.
Rising Demand for Automotive Components to Trigger Adoption of X-by-Wire
The global automotive components market is expected to rise at a healthy rate over the forecast period owing to the substantial rise in the global demand for light vehicles. As a result of this, the sales of x-by-wire is expected to increase by almost 40%. Furthermore, the sales are supported by the stable demand arising from Asia Pacific and Europe.
The sales are likely to constant in developing regions but slower growth is likely to be witnessed in emerging markets, especially China. Along with the luxury and premium vehicles sector; mid-sized and economical cars are also featuring advanced systems in their vehicle models in order to remain competitive in the market. These factors are expected to fuel growth of the x-by-wire technologies such as throttle-by-wire, shift-by-wire and brake-by-wire. The global automotive production rate is expected to have a high impact on the x-by wire market.
The passenger cars sector, in particular, is anticipated to witness high growth over the forecast period. It has been projected that there will be a rather sound automotive production rate in developed economies such as Europe and the U.S. with the key emphasis being on sedan and luxury car sectors owing to changing consumer preference and lifestyle.
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Asia Pacific Excluding Japan to Emerge as a Leading Region in Terms of Number of Deployments
The market for x-by-wire in APAC is expected to witness a volume CAGR of 16.3% from 2017 and 2027 owing to the high penetration of automotive in the region. China is on the forefront at present and is expected to stay the same by the end of the forecast period. In spite of an unstable economy in the last couple of years, the automotive industry has performed quite well, thus increasing the sales of automotive, both passenger and commercial in the region.
In addition, the production of automotive is anticipated to be comparatively high in the developing regions as compared to the developed ones. Factors such as shifting customer preferences towards luxury vehicles, developing infrastructure, as well as rising disposable income of consumers in the region are likely to support the automotive industry in the region, thus supplementing the sales of x-by-wire in return.
Partnerships to be the Core Strategy of Key Market Players
Strategic partnerships of auto component manufacturers with technology providers is likely to be the core focus of companies. The companies operating in the x-by-wire market are Continental AG, Kongsberg Automotive, Curtiss-Wright Corporation, ZF Friedrichshafen AG, Nissan Motor Co., Ltd., Robert Bosch GmbH, SKF AB, Denso Corporation, and Ficosa International SA, among others.
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X-by-Wire Market: Taxonomy
Technology
- Throttle-by-wire
- Shift-by-wire
- Park-by-wire
- Brake-by-wire
- Suspension-by-wire
Engine Type
- Passenger Car
- Commercial Vehicle
Region
- North America
- Latin America
- APEJ
- Western Europe
- Eastern Europe
- MEA
- Japan
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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