The automotive steering torque sensors market comprises steering angle sensors, steering torque sensors, and steering position sensors that help in measuring the torque and rotational position of the steering member in a vehicle. Automotive steering torque sensors aid in controlling vehicle dynamics and detecting driver behavior. They enable enhanced functionality in electric power steering systems as well as autonomous driving technologies.
The Global Automotive Steering Torque Sensors Market is estimated to be valued at US$ 8589.78 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period from 2024 to 2031.
Key players operating in the automotive steering torque sensors market are 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. Ltd., Methode Electronics, Inc., and others. The growing demand for electric power steering systems and autonomous vehicles has propelled torque sensors demand. Technological advancements have enhanced sensor accuracy in measuring vehicle dynamics.
The rising Automotive Steering Torque Sensors Market Size Automakers are integrating more electronics and advanced driver-assistance systems that require precise torque sensing. Growing vehicle production and the mandate of safety features are supporting the automotive steering torque sensors market. Furthermore, the market is witnessing increased demand from developing economies due to rising vehicle ownership.
Key Takeaways
Key players operating in the automotive steering torque sensors market are 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. Ltd., Methode Electronics, Inc., and others.
The growing demand for electric power steering systems and autonomous vehicles has propelled torque sensors demand. Technological advancements have enhanced sensor accuracy in measuring vehicle dynamics.
The rising vehicle volumes and mandates for advanced driver assistance systems are fueling market revenue globally. Automakers are focusing on integrating sensors for precision torque measurement to support autonomous driving.
Market Key Trends
One Automotive Steering Torque Sensors Market Size And Trends Steering torque sensors play a vital role in semi-autonomous and autonomous driving applications. They enable functions ranging from electronic stability control to driver monitoring systems and autonomous steering control. Sensor technology advancements are improving torque measurement capabilities and supporting higher levels of vehicle autonomy. This growing integration of steering torque sensors for driverless technologies is expected to drive the market during the forecast period.
Porter's Analysis
Threat of new entrants: The automotive steering torque sensors market is well-established with a moderate threat of new entrants. Manufacturers require high capital investments and technical know-how to enter this market.
Bargaining power of buyers: Automotive OEMs have significant bargaining power as buyers due to the large order volumes. This bargaining power is balanced by the need for specialized torque sensor solutions from suppliers.
Bargaining power of suppliers: A few prominent component suppliers have some bargaining power over OEMs. However, the market is steadily shifting towards consolidated procurement to reduce costs and ensure supply security.
Threat of new substitutes: There are limited substitute products for torque sensors in steering applications currently. Future alternatives like fly-by-wire systems may pose a threat but widespread adoption may take over a decade.
Competitive rivalry: The market sees healthy competitive rivalry between international torque sensor manufacturers striving to deliver differentiated offerings on technology, quality, and pricing.
North America accounts for the largest share of the global automotive steering torque sensors market in terms of value. Factors such as high vehicle production and the presence of major OEMs drive market revenues.
The Asia Pacific region is projected to grow at the fastest pace during the forecast period. Countries like China and India are witnessing increased automotive manufacturing owing to growing middle-class purchasing power. Localization initiatives by automakers also support the regional market.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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