DRIVE BY WIRE MARKET ANALYSIS

Drive by Wire MarketSize and Trends

Global Drive by Wire Market size was valued at US$ 22.7 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030.

Drive by Wire or DbW technology is an advanced technology used in the automotive industry. The DbW technology makes use of electro-mechanical systems to perform various vehicle functions that were traditionally performed by mechanical linkages. The application of DbW technology in the automotive industry can be traced in the concepts like power steering, electronic throttle control, engine start/stop button, electronic handbrakes, etc. These technologies replace the traditional mechanical parts like pedals and conventional steering.  These technologies provide several benefits to the automotive manufacturers by improving the performance of vehicles by reducing weight, better responsiveness of the mechanical parts, etc. These benefits are expected to boost the market growth rate for global drive-by wire market during the forecast period. Moreover, the increasing regulations by governments across the world in terms of improved safety of the vehicles is leading to the growth of the drive-by wire market as more and more functions of the vehicles are performed via electronic signals.

Global Drive by Wire market was valued at US$ 22,785.2 Billion in 2022 and is expected to reach US$   37,602.4 Billion by 2030, exhibiting a CAGR of 6.6% between 2023 and 2030.

Market Trends

The passenger car segment in the Global Drive by Wire market held the dominant position in the year 2022. The increasing demand for cars in the developing economies like India, Bangladesh, Brazil and other countries in Africa is the primary reason for the growth of passenger car segment. The population is rapidly rising in these developing economies with improving standard of living of the people, majority of the population is able to afford passenger car which is expanding the segment even further.

Based on the component, the Electronic Control Unit (ECU) segment holds a dominant market share over other components. The ECU is a small device installed in a vehicle which is responsible to control various mechanical functions that are to be carried out through electronic signals. The ECU is operational in functions like power windows, deployment of airbags, lighting of the vehicle and majority of the electronic components of the vehicle. As various drive-by wire functions become industry standard, installing the ECU would become increasingly critical for all the vehicle manufacturers. These factors would have a positive impact on the ECU segment and lead to its expansion in drive-by wire segment.  

Asia Pacific is another emerging market for global drive-by wire market. The region has a presence of several developing economies which are witnessing an unprecedented economic growth. The automotive industry is thriving in the region with presence of big global players who are constantly focused on developing their offerings. The region is highly populous with a huge demand for automotive solutions in individual as well as business application. Moreover, the consumers in the region are demanding vehicles with improved functionality and better features, which would increase the demand for drive-by wire technologies in the region. These factors are expected to boost the growth of drive-by wire market in the Asia Pacific region.