Global Drive By Wire Market Today
In 2020, the global drive by wire market was worth an estimated $24 billion. The main reasons that this market is expected to grow come actually from certain government mandates. In regard to emission standards, many global governments have been putting harsher standards on vehicle emissions and forcing lower weights on vehicles as a means of making them more efficient. On top of this is the growing demand for premium cars which nearly all utilize drive by wire technology.
One of the largest areas of growth for the market is the parking pawl which is installed on automatic transmissions as a way to reduce traction energy losses and increase traction control. Especially as automatic transmissions become more widely accepted around the globe and in particular North America, the use of parking pawls will grow massively. Another expected abundant area of growth lies in agricultural tractors. As the tractor industry continues to innovate, one of the largest transitions has been moving away from mechanical systems toward drive by wire technology.
The COVID-19 pandemic had a negative impact on the global drive by wire market in 2020, with significant disruption to supply chains all over the world for over half of the year. This has caused vehicle manufacturing to be halted or slowed in many places across the world, and more so than that, due to the pandemic’s economic downturn, vehicle sales have also plummeted regardless of the lack of manufacturing. With the drive by wire market so intertwined with vehicle sales, everything is dependent on seeing the economy recover.
Expectations for Global Drive By Wire Market in the Future
The global drive by wire market is expected to be worth $31.9 billion by the year 2025. This will be achieved by a compound annual growth rate of 5.9%. The Asia-Pacific region is expected to be the largest point of growth for the market as the population continues to have a growing demand for more advanced mid-size and economy vehicles. Another major factor for this comes with many countries in the region enacting similar emissions standards as much of North American and Europe.
The global drive by wire market is the future of the technological automotive world. This becomes even more apparent as cars become more lightweight, more fuel efficient, and more integrated with technology. As this trend continues, drive by wire will in turn also eventually replace traditional mechanical control systems.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.