Automotive Steering Torque Sensor Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41036
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The automotive steering torque sensor market size has the potential to grow by USD 5.51 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Advanced Micro Electronics Co. Ltd., Bourns Inc., DENSO Corp., HELLA GmbH & Co. KGaA, Honeywell International Inc., Infineon Technologies AG, Methode Electronics Inc., Robert Bosch GmbH, TE Connectivity Ltd., and Valeo SA.

Market Overview

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Market Competitive Analysis

The market is fragmented. The players in the market are focusing on inorganic growth strategies such as mergers and acquisitions or other strategic alliances to avail technologies and expand market bases. Infineon Technologies AG, Methode Electronics Inc., Robert Bosch GmbH, TE Connectivity Ltd., and Valeo SA are some of the major market participants. Although the high penetration of the EPS system in passenger vehicles and LCVs will offer immense growth opportunities, the high initial capital investment will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this automotive steering torque sensor market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this automotive steering torque sensor market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Advanced Micro Electronics Co. Ltd.
  • Bourns Inc.
  • DENSO Corp.
  • HELLA GmbH & Co. KGaA
  • Honeywell International Inc.
  • Infineon Technologies AG
  • Methode Electronics Inc.
  • Robert Bosch GmbH
  • TE Connectivity Ltd.
  • Valeo SA

Automotive Steering Torque Sensor Market: Segmentation by Region

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APAC was the largest automotive steering torque sensor market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The significant demand for passenger vehicles and commercial vehicles and the cost advantages and benefits that arise from proximity to production bases will significantly drive automotive steering torque sensor market growth in this region over the forecast period.

Over 57% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for automotive steering torque sensors in APAC. Market growth in this region will be slower than the growth of the market in South America.

Automotive Steering Torque Sensor Market: Segmentation by Application

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The growth of the automotive steering torque sensor market is highly dependent on the sales of passenger vehicles equipped with EPS. As they do not use pumps, hoses, drive belts, fluid, and pulleys, EPS systems improve the fuel economy by 2.5% compared with hydraulic systems.

The automotive steering torque sensor market share growth by the passenger vehicle segment will be slower than the growth of the market by the commercial vehicles segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive steering torque sensor market size.

Automotive Steering Torque Sensor Market: Key Drivers and Trends

The penetration of EPS, especially in passenger cars and LCVs, is increasing due to its steering flexibility, easy maintenance, energy efficiency, and fuel-economy benefits over hydraulic steering. Automotive steering sensors, such as steering torque sensors and steering angle sensors, are used to send signals to steering motors in EPS. This signal is received by steering motor in EPS, which, in turn, provides steering assistance that is required to be applied by the electric motor. The high penetration of EPS will positively influence the demand for automotive steering sensors.

  • The development of 3D magnetic steering sensors to be used in EPS is one of the critical automotive steering torque sensor market trends.
  • The integration of electronically controlled systems such as 3D magnetic steering sensors in vehicles offers better handling characteristics and improves comfort and safety level.
  • 3D magnetic steering sensors easily map complex movements and enhance the overall ride quality by improving steering wheel measurements.
  • The automotive steering torque sensor market will register a CAGR of almost 9% during the forecast period.  

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Automotive Steering Torque Sensor Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive automotive steering torque sensor market growth during the next five years
  • Precise estimation of the automotive steering torque sensor market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive steering torque sensor industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive steering torque sensor market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • Passenger vehicles - Market size and forecast 2019-2024
  • Commercial vehicles - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption
  • Vendor Analysis

Vendors covered

  • Market positioning of vendors
  • Advanced Micro Electronics Co. Ltd.
  • Bourns Inc.
  • DENSO Corp.
  • HELLA GmbH & Co. KGaA
  • Honeywell International Inc.
  • Infineon Technologies AG
  • Methode Electronics Inc.
  • Robert Bosch GmbH
  • TE Connectivity Ltd.
  • Valeo SA

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The automotive steering torque sensor market growth will increase by $5.51 billion during 2019-2024.
The automotive steering torque sensor market is expected to grow at a CAGR of 8.55% during 2019-2024.
Technavio has segmented the automotive steering torque sensor market by application (Passenger vehicles and Commercial vehicles) and geographic (APAC, North America, Europe, and South America).
Advanced Micro Electronics Co. Ltd., Bourns Inc., DENSO Corp., HELLA GmbH & Co. KGaA, Honeywell International Inc., Infineon Technologies AG, Methode Electronics Inc., Robert Bosch GmbH, TE Connectivity Ltd., Valeo SA are a few of the key vendors in the automotive steering torque sensor market.
APAC will register the highest growth rate of 58.66% among the other regions. Therefore, the automotive steering torque sensor market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Japan
  • Germany
  • South Korea (Republic of Korea)
The key factors driving the automotive steering torque sensor market growth are:
  • High penetration of EPS system in passenger vehicles and LCVs
  • New and innovative torque sensors
The automotive steering torque sensor market vendors should focus on grabbing business opportunities from the passenger vehicles segment as it accounted for the largest market share in the base year.
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