Market Overview of Vehicle Steer-by-wire System Market, Rail Wheel (Railway Wheel) Market, Road Inspection Systems Market Insights and forecasted till 2030

SEATTLE, WASHINGTON, USA, June 27, 2023/EINPresswire.com/ --
Executive Summary:

The global vehicle steer-by-wire system market is projected to grow at a CAGR of 9.20% during the forecast period. The key factors driving the market growth include increasing demand for advanced safety features and comfort while driving, rising demand for autonomous and electric vehicles, and the need for reducing the weight of vehicle components for enhanced fuel efficiency. The market size is expected to reach USD 2.90 billion by 2030 from USD 5.90 billion in 2030. North America holds the largest market share due to the high adoption rate of advanced safety features and the presence of major market players in the region.

Competitive Overview:

The global market for vehicle steer-by-wire systems is highly competitive, with several prominent players operating in the market. These players are continuously innovating and developing advanced steer-by-wire systems to meet the evolving needs of the automotive industry.

KYB Corporation is a Japanese company that produces hydraulic equipment, including shock absorbers, power steering systems, and electronic control systems. Nexteer Automotive is a global leader in advanced steering and driveline systems whose products include steering columns, gearboxes, and electronic steering systems. ZF Friedrichshafen AG offers products and solutions in the areas of driveline, chassis technology, electronic systems, and safety technology.

In terms of sales revenue figures, Nexteer Automotive reported revenue of $3.88 billion in 2020, while ZF reported revenue of €32.6 billion in the same year. Bosch reported revenue of €71.6 billion in 2020. These figures demonstrate the significant market potential of the vehicle steer-by-wire system and its importance for the automotive industry's growth.

Steer-by-wire system is an advanced technology used in modern vehicles, which replaces the traditional mechanical steering system with electronic control units. There are different types of steer-by-wire systems based on the components used in the system. The electronic control unit is the primary component of the steer-by-wire system, which receives input from the driver and sends signals to the road wheel actuators, force feedback actuators, steering motor, and angular sensor. Road wheel actuators and force feedback actuators are used to control the movement of the vehicle, while the steering motor provides power to the vehicle's steering system. The angular sensor measures the angle of the steering wheel and sends feedback to the electronic control unit to adjust the vehicle's steering.

The Vehicle Steer-by-wire System is a technological advancement that enables the steering of a vehicle to be controlled electronically without the need for a mechanical connection. This system has found its application in the automotive industry in the form of Level 3 (L3), Level 4 to Level 5 (L4-L5) autonomous vehicles. L3 vehicles incorporate a hands-free driving mode while L4-L5 can operate without driver involvement entirely. The Vehicle Steer-by-wire System is used in these applications by utilizing various sensors, actuators, and Electronic Control Units (ECUs) to provide electronic commands to the steering system, resulting in accurate and efficient vehicle control.

The global vehicle steer-by-wire system market is expected to witness significant growth in various regions including North America, Asia-Pacific, Europe, USA, and China. North America is expected to be the leading market for steer-by-wire systems, owing to the presence of major automotive manufacturers and the increasing adoption of advanced technologies across various industry verticals. Asia-Pacific is expected to show significant growth during the forecast period, driven by the increasing demand for advanced vehicles and the adoption of advanced technologies in the automotive sector. Europe is also expected to show significant growth, owing to stringent regulations related to vehicle emissions and the increasing demand for fuel-efficient vehicles. The USA and China markets are expected to see steady growth, driven by the increasing demand for advanced automotive technologies and the presence of major automotive manufacturers in these regions.

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Executive Summary:

The global railway wheel market experienced steady growth in the last few years, and it is expected to continue growing in the foreseeable future. The market is driven by several factors, such as increasing investment in railway infrastructure, rising demand for rail transportation in developing countries, and the adoption of lightweight materials in the production process. The market size for railway wheels was valued at USD 3.00 billion in 2022 and is projected to reach USD 3.70 billion by 2030, growing at a CAGR of 3.10% during the forecast period. The Asia Pacific region is expected to dominate the market in terms of revenue share due to its increasing rail infrastructure investments.

The Rail Wheel (Railway Wheel) market is highly competitive, with several key companies operating in the market. These companies include NSSMC, Interpipe, OMK Steel, EVRAZ NTMK, Bochumer Verein Verkehrstechnik (BVV), Lucchini RS, Rail Wheel Factory, GHH-Bonatrans, Amsted Rail, CAF, Comsteel, Magang (Group) Holding, Taiyuan Heavy Industry, Datong ABC Castings Company Limited (DACC), Xinyang Amsted Tonghe Wheels, and ZHIQI RAILWAY EQUIPMENT.

These companies use steer-by-wire technology to make vehicles safer, more comfortable, and more fuel-efficient. A steer-by-wire system eliminates the mechanical link between the steering wheel and the wheels, replacing it with an electronic control system. This technology enhances the precision and responsiveness of the steering system, allowing for a more natural driving experience.

In terms of sales revenue figures, Nexteer Automotive reported revenue of $3.88 billion in 2020, while ZF reported revenue of €32.6 billion in the same year. Bosch reported revenue of €71.6 billion in 2020. These figures demonstrate the significant market potential of the vehicle steer-by-wire system and its importance for the automotive industry's growth.

Rail wheels are an essential component of the railway system and are used in various types of locomotives and wagons. The types of rail wheels are primarily categorized into high-speed wheels, freight wagon wheels, passenger wagon wheels, and loco wheels. High-speed rail wheels are designed to be lightweight, durable, and capable of withstanding high speeds. Freight wagon wheels are typically larger in size and are designed for carrying heavy loads, while passenger wagon wheels are designed for providing a comfortable ride for passengers. Loco wheels, on the other hand, are designed for locomotives and provide power and traction.

The rail wheel (railway wheel) finds its application in both the OE (original equipment) and AM (aftermarket) markets. In the OE market, rail wheel is used in the manufacturing of locomotives, bogies, and wagons. On the other hand, in the AM market, rail wheel is utilized for replacing the old or damaged wheels in existing locomotives or rolling stock. Rail wheel (railway wheel) is essential in ensuring smooth movement and safe operation of trains.

The global rail wheel market is expanding steadily, especially in the regions of North America, Europe, and Asia Pacific. The NA market is expected to grow because of increased efficiency in freight transport and technological advancements. The APAC market is likely to be driven by rising population and the need for an efficient mode of public transportation. The European market is projected to grow as a result of increased investments in rail infrastructure, and the US market is expected to benefit from the increase in the number of freight trains. Finally, the Chinese market is likely to witness significant growth due to government investments in high-speed rail networks.

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Executive Summary:

The global Road Inspection Systems market is estimated to grow at a CAGR of 5.65% during the forecast period, driven by the increasing adoption of advanced technologies for reducing road accidents. Road inspection systems offer a solution to the growing concern of infrastructure safety for highways and have become a crucial component in highway maintenance procedures. The market for road inspection systems is expected to reach USD 447.59 billion by 2030, driven by factors such as the increasing demand for durable and long-lasting infrastructure, stringent government regulations for safety measures, and advances in road inspection technologies. North America is expected to be the largest market for road inspection systems, followed by Europe and Asia Pacific.

The road inspection systems market is highly competitive and consists of several major players. The key players in the market include Data Collection Limited (DCL) (ROMDAS), KURABO, ARRB Systems, International Cybernetics Co (ICC), Dynatest, Mitsui E&S Machinery Co, Roadscanners, Geophysical Survey Systems (GSSI), Ricoh, Pavemetricsx, ELAG Elektronik AG, Trimble, Wuhan ZOYON, and Beijing Zhongtian Hengyu.

The revenue figures of some of the above-listed companies are:

- Trimble revenue in 2020: $3 billion

- Ricoh revenue in 2020: $17.6 billion

- Geophysical Survey Systems (GSSI) revenue in 2020: $500 million

Road Inspection Systems refer to a set of equipment and technology used to monitor and assess various parameters of roads, such as their condition, safety, and functionality. Two common types of Road Inspection Systems are mounted on general vehicles, such as trucks or vans, and mounted on special vehicles, such as drones or robots. Mounted on General Vehicles, these inspection systems are typically designed to be mounted on trucks or vans and consist of cameras, sensors, and other measurement instruments.

Road inspection systems are widely used in various applications such as roads, highways, airport runways, and others. In the case of roads and highways, the system is used to detect road surface defects, such as potholes and cracks, to ensure the safety of drivers and pedestrians. On airport runways, the system is used to check the condition of the surface for any damage, including cracks, wear, or debris that could cause safety hazards for aircraft. The system can also be used in other applications, such as railroad tracks or bridges, for maintenance purposes.

The road inspection systems market has been experiencing significant growth in various regions including North America, Asia Pacific (APAC), Europe, the United States of America (USA), and China. In North America, the market is driven by increasing investments in infrastructure development and the need to improve road safety. The APAC region is expected to observe rapid growth due to the growing demand for advanced transportation infrastructure and the increasing adoption of smart transportation systems. In Europe, the market is fueled by initiatives promoting the use of innovative technologies for infrastructure management. The Asia Pacific region is also expected to register significant growth in the Road Inspection Systems market, and its market share is expected to be around 25%-30%.
The Rest of the World (RoW) region is expected to have a smaller market share in the Road Inspection Systems market, with an expected valuation of around 5%-10%.

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