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Drive by Wire Market to reach $31.74 billion by 2028

Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “Drive by Wire Global Market Report 2024” report has been added to ResearchAndMarkets.com‘s offering. The report propounds that the market is set to expand from $24.07 billion in 2023 to an estimated $31.74 billion by 2028, marking a steady CAGR of 5.7%. Various factors, including stringent regulatory mandates aimed at enhancing vehicle performance, safety measures, and emission regulations, contribute to this growth. Additionally, consumers are increasingly demanding cutting-edge vehicle features.

The global market landscape for drive by wire technology expects to undergo significant growth. Innovative automotive advancements and the increasing demand for electric and autonomous vehicles fuel this growth. The website has added a new comprehensive market research report to its extensive collection of industry analyses, examining the drive by wire sector.

An authoritative analytic approach informs the writing of the research. It elucidates on how the Asia-Pacific region emerges as a pivotal player in this market domain, boasting the largest share in 2023. The region expects to experience accelerating growth during the forecast period. The detailed report covers a wide array of key components, including electronic control units, actuators, and engine control modules. Moreover, these components are central to the technology’s functionality.

The thorough market analysis provided in the report identifies prominent trends shaping the industry’s horizon. One of the focal trends is the integration of drive-by-wire systems in the burgeoning field of autonomous vehicles. This is a phenomenon that is fundamentally transforming the automotive industry. The research also highlights the escalating incorporation of electric vehicles (EVs). It also spotlights the role of drive-by-wire technology in facilitating this electrification wave.

This insightful research piece emphasizes strategic collaborations among leading companies. Such collaborations serve as a catalyst for technological advancements within the drive-by-wire sphere. It cites recent partnerships and acquisitions as evidence of the industry’s consolidation. Moreover, this emphasizes the importance of synergy in driving the market’s expansion.

The study delineates the extensive impact of drive-by-wire across diverse vehicle categories, including passenger cars, commercial vehicles, and electric and off-highway vehicles. It also provides an exhaustive breakdown of key applications including throttle-by-wire, steer-by-wire, and brake-by-wire systems, among others.

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