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Technavio, an international market research institution, recently released a report that the global automotive brake-by-wire system market size is expected to grow by 12.
0408 million units from 2020 to 2024, with a compound annual growth rate of nearly 9%.
Europe was the largest regional market for automotive brake-by-wire systems in 2019, and this region will provide several growth opportunities
for vendors in the market during the forecast period.
The government's focus on automotive safety and improving road safety has increased the adoption of advanced technologies, which will significantly drive the growth of
the automotive brake-by-wire system market in the region during the forecast period.
Over the forecast period, 33% of the market growth will come from Europe
.
Germany, the United Kingdom and France are the main markets
for braking systems for by-wire vehicles in Europe.
The market growth in this region will be faster than the market growth
in the Asia-Pacific region.
The use of internal combustion engine (ICE) vehicles is increasing
in developed countries due to shorter ownership cycles, the implementation of stringent safety and emissions regulations, and the introduction of new models with advanced features.
On the other hand, disposable income in developing countries has increased, which has also increased the penetration rate of automobiles
.
This has also contributed to the growth
in demand for automotive brake-by-wire systems.
Compared to traditional braking systems, automotive brake-by-wire systems are more advanced
in terms of design and braking efficiency.
These systems involve electronic components and subsystems, such as sensors, actuators and control units, that can accurately analyze data
together.
In addition, the automotive brake-by-wire system collects data from different sensors and reacts quickly to reduce braking distance
.
These factors are driving automakers to adopt brake-by-wire systems, which in turn will drive the growth of the market in the coming years
.
The growing focus on improving the reliability of electronic braking systems is one of
the major trends in the automotive brake-by-wire market.
Industry experts in the automotive industry have found that technical issues and malfunctions related to braking systems regularly lead to vehicle recalls
.
In the worst-case scenario, such problems also lead to road crashes and accidents, prompting companies to manufacture more reliable braking systems
.
These factors increase the need for brake-by-wire systems as they are all-electronic components and offer higher reliability and higher efficiency
.
Thus, the market is positively impacted by a CAGR of nearly 9% during the forecast period
.
Technavio, an international market research institution, recently released a report that the global automotive brake-by-wire system market size is expected to grow by 12.
0408 million units from 2020 to 2024, with a compound annual growth rate of nearly 9%.
Europe was the largest regional market for automotive brake-by-wire systems in 2019, and this region will provide several growth opportunities
for vendors in the market during the forecast period.
The government's focus on automotive safety and improving road safety has increased the adoption of advanced technologies, which will significantly drive the growth of
the automotive brake-by-wire system market in the region during the forecast period.
Over the forecast period, 33% of the market growth will come from Europe
.
Germany, the United Kingdom and France are the main markets
for braking systems for by-wire vehicles in Europe.
The market growth in this region will be faster than the market growth
in the Asia-Pacific region.
The use of internal combustion engine (ICE) vehicles is increasing
in developed countries due to shorter ownership cycles, the implementation of stringent safety and emissions regulations, and the introduction of new models with advanced features.
On the other hand, disposable income in developing countries has increased, which has also increased the penetration rate of automobiles
.
This has also contributed to the growth
in demand for automotive brake-by-wire systems.
Compared to traditional braking systems, automotive brake-by-wire systems are more advanced
in terms of design and braking efficiency.
These systems involve electronic components and subsystems, such as sensors, actuators and control units, that can accurately analyze data
together.
In addition, the automotive brake-by-wire system collects data from different sensors and reacts quickly to reduce braking distance
.
These factors are driving automakers to adopt brake-by-wire systems, which in turn will drive the growth of the market in the coming years
.
The growing focus on improving the reliability of electronic braking systems is one of
the major trends in the automotive brake-by-wire market.
Industry experts in the automotive industry have found that technical issues and malfunctions related to braking systems regularly lead to vehicle recalls
.
In the worst-case scenario, such problems also lead to road crashes and accidents, prompting companies to manufacture more reliable braking systems
.
These factors increase the need for brake-by-wire systems as they are all-electronic components and offer higher reliability and higher efficiency
.
Thus, the market is positively impacted by a CAGR of nearly 9% during the forecast period
.
