The global drive-by-wire market is anticipated to gain traction from the emergence of hybrid electric vehicles. Hence, several original equipment manufacturers (OEMs) are trying to develop novel electrification processes to improve the vehicle’s efficiency. This information is provided by Fortune Business Insights™ in a new study, titled, “Drive by Wire Market Size, Share & Industry Analysis, By Application Type (Throttle by Wire, Steer by Wire, Shift by Wire, Brake by Wire and Park by Wire), By Component Type (Electronic Control Unit, Actuator, Electronic Throttle Control Module, Electronic Transmission Control Unit), By Vehicle Type (Passenger Cars and Commercial Vehicles) and Regional Forecasts, 2020-2027.” The study further mentions that the drive-by-wire market size was USD 4.99 billion in 2019 and is projected to reach USD 4.27 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period.

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Fortune Business Insights™ lists out the names of all the drive-by-wire manufacturers present in the global market. They are as follows:

Curtiss Wright Corp.
TRW Automotive
Nissan Motor Corporation
Robert Bosch GmbH
Continental AG
S.A Citroen
SKF Group
Denso Corporation
ZF Friedrichshafen AG
Peugeot
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Shift-by-Wire Segment to Lead Owing to High Demand for Effortless Shifting of Gears

Based on application type, the shift-by-wire segment is expected to dominate in the near future by earning the largest drive-by-wire market share. This growth is attributable to their ability to provide an effortless shifting of gears by utilizing a push button.

Europe to Dominate: Stringent Emission Norms by Governments will Accelerate Growth

Regionally, in 2019, Europe procured USD 2.06 billion in terms of revenue. The region is likely to lead in the coming years backed by the presence of prominent companies in the region. Also, the implementation of stringent emission norms by the governments, as well as the adoption of innovative technologies would propel growth in this region.

Asia Pacific, on the other hand, is estimated to be the fastest-growing region because of the rising shift of the consumers towards fuel-efficient vehicles equipped with improved safety features. The rising investments in research & development activities would bolster the demand for drive-by-wire systems in North America.

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