The Global Steering Torque Sensors Market is projected to reach USD 11.00 billion by 2028, at a CAGR of 6.2% over the forecast period. A torque sensor has found application in the EPS system. The development of electronic power steering (EPS) has driven manufacturers and developers to devise better ways to replace hydraulic parts of the traditional power steering setups. In EPS systems, digital sensors and motors are replacing hoses, belts, and pumps.
An increasing number of vehicles worldwide is a major factor in 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 increased to 96 million units in 2017 worldwide, from 94 million-units sold in 2016. The increasing number of automotive vehicles can be attributed to factors such as rapid urbanization, improving living standards, and initiatives taken by governments for road development. This, in turn, will propel the global Steering Torque Sensors Market.
Steering Torque Sensors Market, By Type:
Contact and non-contact technologies are the two main types of torque sensors used in electronic power steering systems. The more preferred and advanced of the two types of torque sensors used in EPS is the non-contact torque sensor. Non-contact torque sensors measure torque, as well as the changes in magnetization to read steering direction and input. Though non-contact sensors are more expensive, they contain fewer moving parts and resist wear with increased efficiency. This is expected to drive the Non-contact torque sensors segment’s growth.
Steering Torque Sensors Market, By Sales Channel:
An increase in the adoption of EPAS steering due to government norms and regulations across several countries has led to the increasing demand for steering torque sensors. Furthermore, auto manufactures preference for EPAS has resulted in manufacturers gaining significant returns, thereby driving the growth of the Original Equipment Manufacturer (OEM) segment. The OEM segment will expand significantly during the forecast period owing to reliable solutions, service facility, and quick service provided by OEMs.
Steering Torque Sensors Market, By Vehicle Type:
Based on the vehicle type, the passenger car segment will account for the highest market share, owing to the increasing sales of passenger cars. According to the International Organization of Motor Vehicle Manufacturers (OICA), the sale of passenger cars in 2016 was 69.5 million units, which increased to 70.8 million units in 2017 worldwide. The increasing sale of passenger cars will increase the demand for electric power systems, thereby propelling the demand for automotive steering torque sensors over the forecast period.
Steering Torque Sensors Market, By Region:
Europe holds the largest share of the global steering torque sensors market. Government regulations in various countries in Europe ensure that vehicles meet the required safety and security standards, along with meeting stringent environmental regulations.
The automotive steering torque sensors market will witness significant growth in Asia Pacific during the forecast period. 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. The region has a trend of increasing number of passenger cars, especially in emerging economies such as India and China.
Some Major Developments in Steering Torque Sensors Market:
Some Key Findings of the Global Steering Torque Sensors Market Report Include:
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By Vehicle Type:
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