September 22, 2023 08:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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Newark, Del, Sept. 22, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI) projection, the worldwide X-by-wire market would expand at a CAGR of 16.0% 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 2027.
The global x-by-wire is growing and expected to show potential growth signs by the end of 2027. The demand for x-by-wire systems is increasing with every passing day as their installation is growing in military vehicles and construction equipment.
Automotive companies are also focusing on installing x-by-wire systems in economy cars. Electric and hybrid vehicle manufacturers, on the other hand, are looking forward to adopting brake-by-wire in the vehicles, thus making it a feasible option for the consumers.
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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. Because 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.
"X-by-wire technology is revolutionizing vehicle control systems. These electronic systems, including drive-by-wire and brake-by-wire, are replacing traditional mechanical connections, offering enhanced precision, safety, and efficiency in automotive and aviation applications and paving the way for the future of transportation." – Lead Analyst, FMI
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.
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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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Global X-by-wire Market by Category
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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