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The automotive steering torque sensor market share is expected to increase by USD 1.72 billion by 2026 at a progressing CAGR of 6.43%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
The automotive steering torque sensor market report extensively covers market segmentation by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The automotive steering torque sensor market vendors studied and compiled in this report include ABB Ltd., Advanced Micro Electronics Co. Ltd., AVL List GmbH, Bourns Inc., DENSO Corp., Eltek Systems, FUTEK Advanced Sensor Technology Inc., HELLA GmbH and Co. KG, Hitachi Metals Ltd., Honeywell International Inc., Hottinger Bruel and Kjaer GmbH, Infineon Technologies AG, Kistler Holding AG, Methode Electronics Inc., Norbar Torque Tools Ltd., Novanta Inc., RACELOGIC Ltd., Robert Bosch GmbH, TE Connectivity Ltd., and Valeo SA among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The high penetration of EPS system in PVs and LCVs is notably driving the automotive steering torque sensor market growth, although factors such as high initial capital investment may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive steering torque sensor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Steering Torque Sensor Market Driver
One of the key factors driving the global automotive steering torque sensor industry growth is the high penetration of EPS systems in PVs and LCVs. Increased sales of passenger cars and SUVs, low penetration of cars in emerging economies, and fuel-efficiency benefits of EPS over hydraulic steering are influencing the demand for EPS. The major advantages of the EPS system over hydraulic are:
EPS is used in passenger cars and LCVs, whereas hydraulic steering is predominantly used in HCVs. An EPS system comprises a torque sensor fitted in line with the steering column to measure the amount of force applied by the driver on the steering wheel. Therefore, such factors will boost the demand for steering torque sensors during the forecast period.
Key Automotive Steering Torque Sensor Market Trend
New and innovative torque sensors is one of the key automotive steering torque sensor market trends that is expected to impact the industry positively in the forecast period. Technological advances drive the need for high-precision torque measurement in a wide range of machines and devices across industries.
As the steering is one of the major indispensable functions in automobiles, the EPS system needs high-precision torque sensors for accurate measurement of force applied by the driver to provide the necessary feedback. Along with the automotive industry, torque sensor manufacturers are also working on the lines of development of new and innovative sensors to cater to the needs of the consumers and also to expand the application of these sensors within the industry. This will drive market growth in the coming years.
Key Automotive Steering Torque Sensor Market Challenge
One of the key challenges to the global automotive steering torque sensor industry growth is the high initial capital investment. Technological innovations across industries have generated a high demand for advanced torque sensors that can measure torque with more precision in harsh environmental conditions. As the automotive industry is increasingly adopting automation, the demand for high precision measurement of torque has become indispensable. Moreover, as industries are moving toward the implementation of Industry 4.0, which is the next generation of the industrial revolution, manufacturers need to develop products that are in line with the objectives of the new revolution. This may limit the market growth in the coming years as vendors need to invest in R&D, which will further increase the cost.
This automotive steering torque sensor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive steering torque sensor market as a part of the global auto parts and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive steering torque sensor market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive steering torque sensor market encompasses successful business strategies deployed by the key vendors. The automotive steering torque sensor market is fragmented and the vendors are deploying growth strategies such as investments in R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive steering torque sensor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive steering torque sensor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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69% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for automotive steering torque sensors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
With the rapid economic growth in the region, the per-capita income improved drastically between 2018 and 2019, which increased the purchasing power of consumers and led to higher automobile sales. This will facilitate the automotive steering torque sensor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic had a drastic impact on the regional automotive steering torque sensor market in APAC during the first half of 2020. Wuhan, the city where the outbreak of COVID-19 initiated, is one of the major automotive production (parts and cars) sites in China. However, the market recovery of the region is now offset by the reopening of production facilities in the automotive industry. Thus, the demand for automotive steering torque sensors is expected to rise, which is foreseen to continue during the forecast period.
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The automotive steering torque sensor market share growth by the passenger vehicles segment will be significant during the forecast period. The innovations in passenger vehicles will drive the segment growth in the coming years. The factors that have encouraged vendors to innovate are:
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive steering torque sensor market size and actionable market insights on post COVID-19 impact on each segment.
Automotive Steering Torque Sensor Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.43% |
Market growth 2022-2026 |
$ 1.72 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.26 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 69% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Advanced Micro Electronics Co. Ltd., AVL List GmbH, Bourns Inc., DENSO Corp., Eltek Systems, FUTEK Advanced Sensor Technology Inc., HELLA GmbH and Co. KG, Hitachi Metals Ltd., Honeywell International Inc., Hottinger Bruel and Kjaer GmbH, Infineon Technologies AG, Kistler Holding AG, Methode Electronics Inc., Norbar Torque Tools Ltd., Novanta Inc., RACELOGIC Ltd., Robert Bosch GmbH, TE Connectivity Ltd., and Valeo SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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