Drive By Wire Market Projected to reach $27.9 billion by 2027
The automotive drive by wire market is projected to reach USD 27.9 billion by 2027 from an estimated USD 20.6 billion in 2022 at a CAGR of 6.2% during the forecast period, driven by developments in the automotive drive by wire sector and growing EV sales and increasing autonomous vehicle developments. For instance, in July 2022, CNH industrial-backed Monarch tractors unveiled its first fully electric farm tractor which came equipped with Drive by Wire capabilities. By vehicle type, the passenger car segment is estimated to be the largest market for the automotive drive by wire market owing to the largest production volume globally and growing demand and adoption for SUVs and premium and luxury cars, and Electric Vehicles. This trend is growing popular as the drive by wire systems reduce the overall weight and complexity of the system by removing mechanical systems, thereby reducing the overall maintenance cost. Factors such as improved performance, safety, and reliability, along wi