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) published by Coherent Market Insights.
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:
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