Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Automotive Steering Torque Sensors Market - Insights
Steering torque sensor is a device that is used for recording and measuring torque of a rotating system. The steering torque sensor is integrated over electromechanical power steering. Torque sensors primarily record torsion bar angle that is used for steering movement. Steering torque sensors are based on magnetic sensing principles. Automotive steering torque sensors are less affected by vibrations, which further reduce noise and increases reliability of vehicles.
Increasing installation of electric power system in luxury cars such as SUVs is one of the primary factors that drives growth of the automotive steering torque sensors market. Automotive manufacturers are focused on reducing overall weight of vehicles to increase fuel efficiency. Electric power system includes steering torque sensors to measure torque applied by driver over the steering wheel. Therefore, the major benefits of replacing hydraulic or mechanical steering systems to electric power steering systems, is that reduce overall weight and emission of vehicles. Therefore, increasing preference of electric power system over hydraulic steering system propels demand for automotive steering torque sensors over the forecast period.
Asia Pacific automotive steering torque sensors market is expected to account for the highest market share over the forecasted period.
The automotive steering torque sensors market is expected to witness significant growth in Asia Pacific during the forecast period. This is owing to increasing sales of passenger cars, especially in emerging economies such as India and China. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the total number of passenger cars sold in India was 2,966,637 units in 2016 and it increased to 3,227,701 units in 2017. According to the same source, in China, the total number of passenger cars sold was 24.3 million units in 2016 and it increased to 24.9 million units in 2017. Increasing sales of passenger cars is due to increasing population, growing living standards, and government initiative towards development of road. Increasing sales of passenger cars is expected to propel demand for integrating electric power system in these cars. Electric power system includes steering torque sensors that measure torque applied by driver over the steering wheel. Therefore, increasing installation of electric power system is expected to fuel demand for steering torque sensors in Asia Pacific.
Figure 1. Passenger Cars Sold in India and China (%), over 2016 & 2027
Source: Coherent Market Insights, 2017-18
The market in North America is expected to witness significant growth over the forecast period, owing to increasing sales of electric vehicles, mainly in the U.S and Canada. For instance, according to the International Energy Agency’s (IEA) analysis, in the U.S, the sales of plug-in electric cars in 2016 was 0.56 million and it increased to 0.76 million in 2017. Increasing demand for fuel-efficient, high-performance, and low-emission cars propel demand for electric cars. Moreover, government regulations towards reduction of vehicular emission is another factor increasing demand for electric cars. Therefore, increasing sales of electric cars leads to high demand for electric power systems in these cars, thereby propelling growth of the automotive steering torque sensors market in North America.
Figure 2. Global Automotive Steering Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2017-18
The global automotive steering torque sensors market is fragmented with the presence of both international and regional players. Major players operating in the automotive steering torque sensors market include, Robert Bosch GmbH, Denso Corporation, Crane Electronics, Honeywell International, Sensor Technology, Valeo, TE connectivity, Kistler Instruments Pvt. Ltd., Norbar Torque Tools Ltd, Bourns, Inc., Advanced Micro Electronics CO., Limited, and Methode Electronics, Inc.