Torque Sensor Market Regulations And Competitive Landscape Outlook to 2024

The overall Torque Sensor Market is expected to grow from USD 9.4 billion in 2018 to reach USD 14.8 billion by 2024, at a CAGR of 7.9%. Major drivers for market growth are the increasing demand for advanced high-performance vehicles, growing importance of torque measurement, and rising demand for torque sensors for electric power steering (EPS) systems.

Automotive application expected to witness highest CAGR in market during forecast period

The automotive applications contribute a maximum share to the torque sensor market, and the trend is likely to continue in the coming years. The ever-growing demand for small cars and increased use of electric power systems are expected to drive the growth of the market for this application. Torque sensors find application in real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance, and driveline of an automobile.

Market for optical technology to grow at highest CAGR during 2018–2024

Optical torque sensing is an emerging technology in the field of torque measurement, especially for low torque and high bandwidth applications. This technique employs a pair of gratings that are attached at a small distance on a strain-sensitive shaft to modulate a light source. Optical torque sensors have greater sensitivity and electrical passiveness. Moreover, several manufacturers have already adopted this new technology in their sensors; e.g., Sensor Technology offers E200 optical rotary torque transducers.

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APAC expected to account for largest market size during forecast period

APAC is currently witnessing significant rate of adoption of torque sensors in various applications. The continuous growth in the manufacturing of light vehicles in APAC is a major factor enabling growth of the torque sensor market in this region. A few of the world’s largest consumer electronics players have their manufacturing activities in China, Japan, and Taiwan. Rapidly growing economies, such as China and India, are home to a large number of process industries. These factors are projected to fuel the torque sensor market in APAC in the coming years.

The following are the major objectives of the study.

• To describe and forecast the torque sensor market, in terms of value, by type, technology, application, and geography
• To describe and forecast the market, in terms of value, for various segments, based on 4 major regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, and challenges) influencing the torque sensor market growth
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the overall market
• To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, and detail the competitive landscape for market leaders
• To analyze growth strategies such as product launches and developments, expansions, mergers, and acquisitions in the torque sensor market

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Provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.