The global automotive steering torque sensors market is projected to exhibit a CAGR of 6.1% over the forecast period (2018 – 2026), according to Automotive Steering Torque Sensors Market Report, by Application (Passenger Cars and Commercial Vehicles), by Sales Channel Type (OEM and Aftermarket), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Increasing demand for electric and hybrid vehicles worldwide is one of the major factors propelling demand for steering torque sensors in the automotive sectors. For instance, according to the International Energy Agency, the number of electric vehicles is expected to reach 125 million worldwide by 2030. Increasing prices of fossil fuels and rising government initiatives towards protection of environment are expected to increase sales of electric vehicles. Electric and hybrid vehicles are equipped with electronic systems such as Advanced Driving Assistance System (ADAS), tire pressure monitoring systems, airbags, anti-lock braking system, and electric power system among others. Therefore, increasing sales of electric vehicles is expected to propel demand for steering torque sensors. Torque sensors in electric power steering system measure torque applied by driver over the steering wheel. Therefore, these factors are expected to boost growth of the automotive steering torque sensors market over forecast period.
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Key Trends and Analysis of the Global Automotive Steering Torque Sensors Market:
- The automotive steering torque sensors market in Europe is expected to witness significant growth over the forecast period, owing to increasing sales of passenger cars, especially in Germany and the U.K. For instance, according to the OICA, in 2017, around 3,442,100 units of passenger cars were sold in Germany, which increased from 3,351,607 units in 2016. Electric power system includes steering torque sensor that measures torque applied by driver over the steering wheel. Moreover, integration of electric power system tends to reduce overall weight of vehicles. Therefore, these factors are expected to increase demand for steering torque sensors in the automotive sectors.
- The automotive steering torque sensors market in Asia Pacific is expected to hold dominant position over the forecast period. Increasing vehicle manufacturing and high demand for electric vehicles in economies such as China and Japan are expected to drive growth of the regional market. According to the International Energy Agency’s Global EV Outlook, China led the electric vehicles market in 2016, accounting for sale of over 40% electric cars worldwide. Increasing sales of electric vehicles tends to propel demand for electric power systems, thereby boosting growth of the market in Asia Pacific.
- Major players operating in the global 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.