The automotive steering torque sensors market is witnessing significant growth owing to increasing adoption in electric power steering systems (EPS). Automotive steering torque sensors help in detecting the steering input torque and transmitting it to the electronic control unit to control the assistance torque provided by the EPS motor based on feedback. They play a vital role in improving vehicle handling, safety, and drivability.
Globally, the automotive steering torque sensors market is estimated to be valued at US$ 8589.78 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Increasing vehicle production across the world especially in developing nations such as China and India is fueling the demand for advanced driver assistance systems(ADAS) and electric power steering systems, which is driving the growth of this market.
Key Takeaways
Key players operating in the automotive steering torque sensors market are 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. Ltd., Methode Electronics, Inc., and others. These players are focusing on new product developments and launching innovative steering torque sensors with enhanced features to gain a competitive edge in the market.
The key opportunities in the Automotive Steering Torque Sensors Market Size include developing sensors integrated with ADAS and autonomous driving technologies. Manufacturers are investing heavily in research & development of steering torque sensors compatible with level 2 and level 3 autonomous vehicles to tap into new growth prospects.
On the global front, manufacturers are expanding their presence in fast-growing markets such as China, India, Mexico, Brazil through partnerships with local OEMs and tier 1 suppliers. They are also focusing on manufacturing hubs in these regions to cater to the increasing demand and benefit from lower production costs.
Market Drivers
Growing electric vehicles sales- Increasing adoption of electric vehicles across the world is one of the major drivers as electric power steering with advanced torque sensors is becoming a standard fitment in EVs. According to various estimates, global EV sales are expected to grow at a CAGR of around 30% during the forecast period.
Stringent safety and emission norms- Several countries have implemented stringent automotive safety and emission regulations which mandate the use of steering torque sensors in new vehicles. For instance, Euro NCAP safety ratings and EPA emission standards are positively impacting the demand.
Market Restraints
High pricing pressure on Automotive Steering Torque Sensors Market Size And Trends auto components manufacturers- The automotive components industry operates on low margins owing to the oligopolistic nature of the market and pricing pressure exercised by OEMs. This poses challenges for torque sensor manufacturers in terms of profitability.
Requirement of periodic recalibration- Steering torque sensors need to be recalibrated periodically to maintain accuracy over the lifespan of a vehicle. This adds to the overall cost of ownership for auto part suppliers and OEMs.
Segment Analysis
The automotive steering torque sensors market is dominated by the passenger cars sub segment. Steering torque sensors find widespread application in passenger cars to improve safety and driving experience. They are integral to electronic power steering systems that are now standard in most modern passenger vehicles. EPAS with integrated torque sensor allows variable assistance based on driving conditions, improving fuel efficiency. The growing demand for advanced driver assistance systems and autonomous driving functions will further drive the adoption of more accurate torque sensors in passenger cars.
Global Analysis
Regionally, Asia Pacific is expected to remain the fastest growing as well as the largest market for automotive steering torque sensors during the forecast period. This can be attributed to the high production and sales of passenger vehicles in major economies such as China, India, and Japan. As the purchasing power increases in the region, demand for luxury vehicles with advanced safety and driver assistance features is growing rapidly. This is increasing the demand for high precision torque sensors from automakers. Europe is another major regional market, led by Germany, France, and UK. Stringent safety norms regarding ADAS adoption are supporting the automotive steering torque sensors market in the region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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