The Global Steering Torque Sensors Market is projected to reach USD 11.00 billion by 2028, at a CAGR of 6.2% during the forecast period.
Steering Torque Sensors Market
The development of electronic power steering (EPS) has driven manufacturers and developers to devise better ways to replace hydraulic parts of more traditional power steering setups. Hoses, belts, and pumps are being replaced by digital sensors and motors in EPS systems. A torque sensor is a critical part of an EPS application. They collect steering direct and road resistance input, and send signals back to the EPS control module to communicate the required turning force or torque.
Contact and non-contact technologies are the two main types of torque sensors used in electronic power steering systems. Both these technologies perform the same function, but there are several functional differences between the two categories. The more favored and advanced of the two types of torque sensors in EPS is the non-contact torque sensor. Non-contact torque sensors measure changes in magnetization to read steering direction and input and measure torque. A magnetic rotor with pole pieces controls the output voltage depending on the wheel position. Input and output devices change position relative to the amount of torsion, and that information is passed to the control module through a magnetic voltage. Though these sophisticated pieces make non-contact sensors more costly, they contain fewer moving parts and resist wear with increased efficiency. Hence, this is expected to drive the steering torque sensors market.
Steering Torque Sensors Market
Increasing sales of vehicles worldwide is a major factor propelling the demand for steering torque sensors. For instance, according to the International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017 worldwide. Increasing sales of vehicles can be attributed to factors such as rapid urbanization, improving living standards, and government initiative for road development.
Based on vehicle type, the passenger car segment is expected to account for the highest market share, owing to the increasing sales of passenger cars. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA) analysis, the sale of passenger cars in 2016 was 69.5 million units and increased to 70.8 million units in 2017 worldwide. Therefore, the increasing sales of passenger cars are expected to enhance the demand for electric power systems, which, in turn, will propel the automotive steering torque sensors market growth during the forecast period. The production of electric cars is rising rapidly, owing to stringent emission norms and government initiatives for green transportation. The rate of adoption of advanced technologies in electric vehicles is high and hence, the electric vehicle type segment is likely to grow during the forecast period.
The automotive steering torque sensors market is expected to witness significant growth in the Asia Pacific during the forecast period. This can be attributed to the increasing sales of passenger cars, especially in emerging economies such as India and China. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the number of passenger cars sold in India increased from 2.95 million units in 2016 to 3.22 million units in 2017. In China, sales increased from 24.3 million units in 2016 to 24.9 million units in 2017.
Europe holds the largest share of the global steering torque sensors market. Government regulations of various countries in Europe ensure that vehicles meet the required safety and security standards in coordination with stringent environmental regulations.
Key Factors Impacting Market Growth:
- High use of EPS systems in passenger vehicles and light commercial vehicles
- Increased demand for passenger vehicles
- Growing preference for automatic transmission vehicles
- Stringent government regulations in developed countries
Key Developments in Steering Torque Sensors Market
- In May 2017, Norbar Torque Tools Group of Companies (UK) was acquired by Snap-on Incorporated of Kenosha, Wisconsin, US.
- In October 2017, Toyoda Gosei (Japan) develops the first steering wheel with a grip sensor in Japan.
- In February 2018, Continental (Germany) and Nvidia (US) form a joint venture for self-driving vehicles.
What Does This Report Provide?
This report provides a detailed understanding of the global automotive steering torque sensors market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
By Sales Channel:
- Original Equipment Manufacturer (OEM)
By Vehicle Type:
- Passenger (Hatchback, Sedan, SUV, etc.)
- Commercial (Heavy CV, Light CV, Buses, and Coaches)
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, Rest of Asia Pacific)
- By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
- By Region (South America, Africa)
Companies Covered: Robert Bosch GmbH, Honeywell International, Valeo, Active Sensors, Norbar Torque Tools Ltd., Bourns Inc., Advanced Micro Electronics Co., Sensor Technology, TE Connectivity, Hella KGaA Hueck & Co., Kistler Instruments Pvt. Ltd., and Denso Corporation
Years Considered In The Study
CAGR % (2019-2028)
Reasons to Buy This Report:
- Market size estimation of the global automotive steering torque sensors market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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