Steer-by-Wire Market Grows as Automakers Embrace Digital Steering for EVs and Smart Mobility | Valuates Reports

BANGALORE, India, June 13, 2025 /PRNewswire/ -- Steer By Wire Market is Segmented by Type (EPS, SBW), by Application (Commercial Vehicle, Passenger Car): Global Opportunity Analysis and Industry Forecast, 2024-2031.

The global market for Steer By Wire was valued at USD 3704 Million in the year 2024 and is projected to reach a revised size of USD 7953 Million by 2031, growing at a CAGR of 11.7% during the forecast period.

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Major Factors Driving the Growth of Steer By Wire Market:

The global steer-by-wire market is experiencing dynamic growth fueled by the convergence of EV adoption, autonomous vehicle development, and evolving consumer expectations. As automotive ecosystems become more digital and software-driven, SBW systems are emerging as a foundational component for future mobility. Industry players are increasing investments in R&D, product testing, and regulatory compliance to accelerate deployment. Partnerships between traditional automakers and tech firms are also shaping the landscape. Despite challenges like high initial cost and technical complexity, the market is projected to grow steadily, driven by innovation, regulation, and the push toward sustainable transportation solutions.

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TRENDS INFLUENCING THE GROWTH OF THE STEER BY WIRE MARKET

Steer-by-Wire (SBW) systems are significantly propelling the growth of the Steer By Wire market due to their mechanical-free steering mechanism, which replaces traditional linkages with electronic controls. This transition allows for enhanced vehicle control, flexibility in vehicle design, and improved cabin ergonomics. SBW technology also supports better integration with autonomous driving systems, providing more precise steering inputs and adaptability to changing road conditions. By eliminating the need for steering columns and hydraulic components, it reduces weight and enhances fuel efficiency, especially in electric vehicles. As regulatory and industry trends move toward advanced driver-assistance systems (ADAS), SBW systems provide a foundational component, boosting their adoption across both passenger and commercial vehicles globally.