LONDON--(BUSINESS WIRE)--The automotive steering torque sensor market is expected to grow by USD 5.51 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The potential demand for electric vehicles (EVs) in the future is expected to drive the global automotive steering torque sensor market. In the last few years, EVs have gone from being a novelty product to a serious contender owing to factors such as tremendous torque, power on demand, low maintenance, and a greener and a cleaner environment. In EVs, the engines are vastly more efficient, delivering upwards of 90% efficiency as compared with 30% in internal combustion engines (ICE). Growing concerns about air pollution, stringent carbon reduction targets, and companies and individuals looking to reduce transportation costs are the other factors that are driving the interest for EVs. EV come with integrated steering torque sensors and will thus, drive the market during the forecast period.
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As per Technavio, the emergence of new and innovative torque sensors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Steering Torque Sensor Market: Emergence of New and Innovative Torque Sensors
With the rise in technological advances across the automotive industry, the demand for the new and improved torque sensors has increased considerably. In the automotive industry, the high penetration of the EPS system and automatic transmission vehicle is leading to an increased demand for torque sensors. Similarly, the increasing involvement of automation and robotics across industries also requires the implementation of high precision and innovative solutions to cater to the needs of precision torque measurement. Both automation and robotics require efficient force management and measurement to provide the desired results. Therefore, along with the automotive industry, torque sensor manufacturers are also working on the development of new and innovative sensors to cater to the needs of these industries.
“Factors such as the rise in demand for wireless connectivity in torque sensors, and growing penetration of steer-by-wire technology will have a positive impact on the growth of the automotive steering torque sensor market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Steering Torque Sensor Market: Segmentation Analysis
This market research report segments the automotive steering torque sensor market by application (passenger vehicles and commercial vehicles), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the automotive steering torque sensor market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the significant demand for passenger vehicles and commercial vehicles arising from the cost advantages and benefits that arise from proximity to production bases.
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Some of the key topics covered in the report include:
- Passenger vehicles
- commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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