LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive steering torque sensor market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global automotive steering torque sensor market will grow at a CAGR of over 6% during the forecast period. The high penetration of EPS system in passenger vehicles and LCVs is a major factor driving the market’s growth.
The electric power steering (EPS) system assist the driver in steering the wheels using less manual force. Electric power steering works with the aid of an electric motor and a control unit, which is connected to sensors. The motor runs on battery and uses electric power to assist the movement of steering. The increased sales of passenger cars and SUVs, low penetration of cars in emerging economies, and fuel-efficiency benefits of EPS over hydraulic steering are influencing the demand for EPS. The major advantage of the EPS system over hydraulic is its energy efficiency, steering flexibility, lighter weight, and easy maintenance. EPS is used in passenger cars and LCVs, whereas hydraulic steering is usually used in HCVs.
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In this report, Technavio highlights the increased demand for new and innovative torque sensors as one of the key emerging trends in the global automotive steering torque sensor market:
New and innovative torque sensors
The demand for the new and improved torque sensors increased considerably in 2016 due to the rise in technological advances across the automotive industry. Technological advances drive the need for high-precision torque measurement in an extensive range of machines and devices across industries. The high penetration of EPS system and automatic transmission vehicle is leading to the increased demand for torque sensors in the automotive industry. An EPS system is designed to facilitate precision steering in automobiles. EPS system functions based on the force applied by the driver on the steering wheel that is measured by the torque sensor, a component of EPS system.
“EPS system needs high-precision torque sensors for accurate measurement of force applied by the driver to provide the necessary feedback because steering is one of the indispensable functions in automobiles. Also, the increasing involvement of automation and robotics across industries also requires implementation of high precision and innovative solutions to cater the needs of precision torque measurement. Both automation and robotics require efficient force management and measurement to provide the desired results,” says a senior analyst at Technavio for research on automotive electronics.
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Global automotive steering torque sensor market segmentation
This market research report segments the global automotive steering torque sensor market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
The global automotive steering torque sensor market was dominated by the passenger cars segment in 2017 that accounted for close to 87% of the total market in 2017. This high domination by the passenger car segment was primarily because of the high-volume sales and demand for this segment.
The Americas was the leading region for the global automotive steering torque sensor market in 2017, accounting for a market share of more than 44%. The market share of this region is anticipated to decrease by nearly 2% by 2022. But, this region will dominate the market throughout the forecast period.
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