Drive by Wire Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business

Fortunebusiness06 Jan, 2021News

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. Fortune Business Insights™ in a new study, titled, “Drive by Wire Market Size, Share & COVID-19 Impact 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 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.