-- Surge in autonomous vehicles development and rise in connected infrastructure drive the growth of the global drive by wire market.
The global drive by wire market report includes an in-depth analysis of the major market players such as Continental AG, ZF Friedrichshafen, DENSO Corporation, Nexteer Automotive Group Limited, Curtiss-Wright Corporation, Ficosa Corporation (Panasonic Corporation), Robert Bosch GmbH, Nissan Motor Corporation, Kongsberg Automotive, and Hitachi Automotive.
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As per the report published by Allied Market Research, the global drive by wire market was pegged at $18.76 billion in 2018, and is projected to garner $35.18 billion by 2026, growing at a CAGR of 8.3% from 2019 to 2026.
The market across Europe is anticipated to portray the fastest CAGR of 9.8% during the forecast period. However, the passenger car segment dominated the market in 2018, accounting for nearly three-fifths of the market. Surge in the development of autonomous vehicles and increase in connected infrastructure have boosted the growth of the global drive by wire market. However, the threat of data hacking and high cost hamper the market growth. On the contrary, the development of smart cities is expected to create lucrative opportunities in the near future.
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The global drive by wire market is divided on the basis of application, vehicle type, component, and geography. Based on application, the market is segmented into throttle by wire, shift by wire, brake by wire, park by wire, and steer by wire. The throttle by wire segment is anticipated to manifest the fastest CAGR of 9.5% during the forecast period. Moreover, the segment held the largest share in 2018, contributing nearly one-third of the market.
On the basis of vehicle type, the market is divided into passenger car, commercial vehicle, electric vehicle, and off-highway vehicles. The electric vehicle segment is projected to register the fastest CAGR of 9.8% during the forecast period. However, the passenger car segment dominated the market in 2018, accounting for nearly three-fifths of the market.
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Based on component, the market is categorized into actuator, electronic control unit (ECU), engine control module (ECM), electronic throttle control module (ETCM), electronic transmission control unit (ETCU), feedback motor, parking pawl, sensors, and others.
The global drive by wire market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe is anticipated to portray the fastest CAGR of 9.8% during the forecast period. However, the market across Asia-Pacific held the largest share in 2018, contributing to more than half of the market.
Increase in development of autonomous vehicles and rise in connected infrastructure is anticipated to drive the growth of the global drive by wire market
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