Modern vehicles contain several sensors owing to the increasing adoption of latest technology in order to enhance consumer experience and vehicle performance. Torque sensors in the power steering system calculate the torque that is applied by the driver. Torque sensors are mounted on the steering pinion. The automotive steering torque sensor is a highly robust digital interface and offers highly precise measurement of the steering torque, which in turn enhances vehicle operability and safety.
Significant demand for electric power steering in modern vehicles is anticipated to fuel the demand for automotive torque sensors during the forecast period. Furthermore, rise in demand for premium vehicles and an increase in the adoption of SUVs are likely to drive the automotive steering torque sensor market during the forecast period. Furthermore, rising production of passenger vehicles along with increasing adoption of electric power steering is expected to boost the automotive steering torque Sensor market during the forecast period. Furthermore, a surge in the adoption of electric vehicles due to stringent emission norms along with integration of latest technologies in electric vehicles are likely to boost the automotive steering torque Sensor market during the forecast period.
The automotive steering torque Sensor market can be segmented into type, vehicle, sales channel, and region. Based on type, the automotive steering torque Sensor market can be segregated into contact and non-contact type sensors. Non-contact sensor is a highly advanced sensor that is installed in the electronic power steering system of a modern vehicle. It consists of a rotor along with pole pieces. Non-contact type sensor is more expensive than contact type sensor which is attributed to requirement of more number of sophisticated equipment.
In terms of vehicle, the automotive steering torque Sensor market can be divided into passenger vehicle, electric vehicle, and commercial vehicle. Rise in adoption of new technology in passenger vehicles such as electric power steering, which is attributed to regulations implemented by regulatory bodies, is primarily driving the global automotive steering sensor market. Furthermore, increasing adoption of passenger vehicles and rising preference toward comfortable driving are estimated to fuel the demand for automotive steering torque sensor during the forecast period. However, rising adoption of electric power steering to minimize driver difficulties and for ease of handling is projected to boost the commercial vehicle segment significantly during the forecast period. Production of electric is rising rapidly, owing to stringent emission norms and government initiatives for green transportation. Rate of adoption of advanced technology in electric vehicles is high and hence, the electric vehicle segment is likely to expand during the forecast period.
Based on sales channel, the automotive steering torque Sensor market can be split into OEM and aftermarket. Increase in incorporation of EPAS steering due to obligations from governing bodies across several countries has led to increase in demand for steering torque sensors. Furthermore, auto manufactures preference for EPAS has resulted in significant revenue generation of OEM segment of the market. The OEM segment is likely to expand significantly during the forecast period owing to reliable solution, good service facility, and quick service provided by OEMs.
In terms of region, the automotive steering torque Sensor market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are leading regions globally, in terms of adoption of latest technology. Preference for vehicle safety, demand for driving comfort, and high adoption of electric power steering in newly manufactured vehicles are anticipated to propel the automotive steering torque Sensor market in these region during the forecast period.
Key players operating in the automotive steering torque Sensor market include Robert Bosch GmbH, Honeywell International Inc., HELLA GmbH & Co. KGaA, DENSO CORPORATION, and TE Connectivity.
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