Automotive Teering Torque Sensors Market Analysis | CMI

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AUTOMOTIVE STEERING TORQUE SENSORS MARKET ANALYSIS

• 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) - Size, Share, Outlook, and
  Opportunity Analysis, 2018 2026
• Steering torque sensor is a device that is used
  for recording and measuring torque of a rotating
  system. Automotive steering torque sensors are
  less affected by vibrations, which further reduce
  noise and increases reliability of vehicles.

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Market Driver

• Increasing installation of electric power system
  in luxury cars such as SUVs is one of the primary
  factors that drives growth of the Automotive
  Steering Torque Sensors Market. Automotive
  manufacturers are focused on reducing overall
  weight of vehicles to increase fuel efficiency.
  Electric power system includes steering torque
  sensors to measure torque applied by driver over
  the steering wheel. Therefore, the major benefits
  of replacing hydraulic or mechanical steering
  systems to electric power steering systems, is
  that reduce overall weight and emission of
  vehicles. Therefore, increasing preference of
  electric power system over hydraulic steering
  system propels demand for automotive steering
  torque sensors over the forecast period.

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Market Opportunities

• Asia Pacific automotive steering torque sensors
  market is expected to account for the highest
  market share over the forecasted period.
• The automotive steering torque sensors market is
  expected to witness significant growth in Asia
  Pacific during the forecast period.
• This is owing to increasing sales of passenger
  cars, especially in emerging economies such as
  India and China. For instance, according to the
  Organisation Internationale des Constructeurs
  dAutomobiles (OICA), the total number of
  passenger cars sold in India was 2,966,637 units
  in 2016 and it increased to 3,227,701 units in
  2017. According to the same source, in China, the
  total number of passenger cars sold was 24.3
  million units in 2016 and it increased to 24.9
  million units in 2017. Increasing sales of
  passenger cars is due to increasing population,
  growing living standards, and government
  initiative towards development of road.
  Increasing sales of passenger cars is expected to
  propel demand for integrating electric power
  system in these cars. Electric power system
  includes steering torque sensors that measure
  torque applied by driver over the steering wheel.
  Therefore, increasing installation of electric
  power system is expected to fuel demand for
  steering torque sensors in Asia Pacific.

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Figure 1. Passenger Cars Sold in India and China
(), over 2016 2027
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• The market in North America is expected to
  witness significant growth over the forecast
  period, owing to increasing sales of electric
  vehicles, mainly in the U.S and Canada. For
  instance, according to the International Energy
  Agencys (IEA) analysis, in the U.S, the sales of
  plug-in electric cars in 2016 was 0.56 million
  and it increased to 0.76 million in 2017.
  Increasing demand for fuel-efficient,
  high-performance, and low-emission cars propel
  demand for electric cars.
• Moreover, government regulations towards
  reduction of vehicular emission is another factor
  increasing demand for electric cars. Therefore,
  increasing sales of electric cars leads to high
  demand for electric power systems in these cars,
  thereby propelling growth of the automotive
  steering torque sensors market in North America.

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Figure 2. Global Automotive Steering Market Share
(), by Region (2017 2026)
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Key Players

• The global automotive steering torque sensors
  market is fragmented with the presence of both
  international and regional players. Major players
  operating in the 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.

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• Reference https//www.coherentmarketinsights.com
  /market-insight/automotive-steering-torque-sensors
  -market-2331

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