by The automotive steering torque sensors market has been witnessing significant growth owing to the rising installation of advanced driver-assistance systems (ADAS) in vehicles. Steering torque sensors are primarily used to measure the torque applied by the driver to the steering system. They assist functions such as electronic stability control, traction control, brake force distribution, anti-lock braking, and other active safety features. The increasing demand for safety, autonomous and fuel-efficient vehicles has prompted automakers to equip their vehicles with technologically advanced steering systems which boosts the adoption of steering torque sensors.
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 2024 to 2031.
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 Automotive Steering Torque Sensors Market Size has witnessed a significant rise owing to the increasing installation of ADAS, autonomous driving systems and electric vehicles globally. Stringent vehicle safety regulations aimed at reducing road accidents have further fueled the adoption of safety systems integrated with steering torque sensors.
Key players are focusing on expanding their presence in emerging economies of Asia Pacific, Latin America, and Middle East & Africa to tap the growing vehicle production in these regions. Automakers are also collaborating with suppliers for localized R&D and production to cater to the rising in-country demand.
Market Drivers
The growing demand for fuel-efficient and autonomous vehicles integrated with active safety and augmented driving features is a major factor driving the need for steering torque sensors. Stringent safety and emission regulations imposed by regulatory authorities on automakers to curb road accidents and reduce vehicular emissions have further bolstered the adoption of advanced driver assistance systems (ADAS) and other active safety systems leveraging steering torque sensing technology. Reduced costs of active safety technologies and rising consumer awareness are also propelling the automotive steering torque sensors market.
The current geopolitical situation is impacting the growth of the automotive steering torque sensors market. The Russia-Ukraine conflict has disrupted automotive supply chains and production. Russia is a major supplier of raw materials like nickel, palladium, and aluminum used in automotive components manufacturing. The restrictions on trade with Russia have increased raw material costs for automakers globally. Further, the sanctions on Russia are negatively affecting automotive production in Eastern Europe which is a key market. The conflict has also exacerbated inflationary pressures and interest rate hikes to control inflation are slowing economic growth in many countries which is dampening automotive sales.
To deal with these challenges, manufacturers will need to diversify their raw material sourcing and improve local sourcing within regions to reduce dependence on a single supplier country. Strategic partnerships and joint ventures within regions can aid in localized manufacturing and insulate regional markets. Automakers also need to focus on cost optimization through value engineering and pass on a portion of raw material price increases to customers to maintain profitability. Investments in R&D of new advanced materials and sensor technologies can help reduce costs in the long-run.
In terms of value, the Automotive Steering Torque Sensors Market Size And Trends in North America is currently the most concentrated region globally. The large auto production bases of the US, Mexico and Canada demand a high volume of sensors. Europe is another major regional market led by Germany, France, UK, Italy and Spain.
Going forward, the Asia Pacific region excluding Japan is projected to be the fastest growing market for automotive steering torque sensors during the forecast period. This is due to rising vehicle production and sales in emerging economies like China and India to meet rising domestic demand. Local manufacturing of advanced automotive components is expanding in these countries along with the development of indigenous automotive industries.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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