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The drive by wire market is projected to reach USD 31.9 billion by 2025 from an estimated USD 24.0 billion in 2020 at a CAGR of 5.9% during the forecast period.
The primary reason for the growth is driven by the increasing number of mandates from governments to control vehicle emissions, vehicle weight reduction and the demand for premium cars globally. However, the major factor restraining the growth of the drive by wire market is the high incremental cost, risk of failure in electronics, and lack of public acceptance.
Parking pawl is expected to remain the fastest market in drive by wire component market