Global Automotive Steering Torque Sensor Market Overview
As per MRFR analysis, the Automotive Steering Torque Sensor Market Size was estimated at 1.37 (USD Billion) in 2022. The Automotive Steering Torque Sensor Market Industry is expected to grow from 1.46 (USD Billion) in 2023 to 2.59 (USD Billion) by 2032. The Automotive Steering Torque Sensor Market CAGR (growth rate) is expected to be around 6.59% during the forecast period (2024 - 2032).
Key Automotive Steering Torque Sensor Market Trends Highlighted
Key market drivers for automotive steering torque sensors include rising demand for advanced driver assistance systems (ADAS) and autonomous vehicles, increasing safety regulations, and the growing popularity of electric power steering (EPS) systems.Opportunities for exploration and capture lie in the development of sensors with enhanced accuracy, durability, and integration capabilities. The integration of torque sensors with other sensors, such as cameras and radar, can provide comprehensive data for vehicle control and safety applications.Trends in recent times include the miniaturization of sensors, the use of innovative materials for improved performance, and the adoption of wireless communication technologies for data transmission. The increasing availability of sensor data is also driving the development of machine learning algorithms for fault detection and diagnostic purposes.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Torque Sensor Market Drivers
Increasing Demand for Advanced Driver Assistance Systems (ADAS)
The growing adoption of ADAS features, such as lane departure warning, adaptive cruise control, and automatic emergency braking, is driving the demand for automotive steering torque sensors. These systems rely on accurate and real-time steering torque data to ensure optimal vehicle control and safety. As ADAS becomes more sophisticated and prevalent, the market for automotive steering torque sensors is expected to expand significantly. The Automotive Steering Torque Sensor Market Industry is anticipated to reach a substantial valuation by 2032, driven by the increasing demand for ADAS features.
Rising Popularity of Electric and Hybrid Vehicles
The increasing popularity of electric and hybrid vehicles is another key driver of the automotive steering torque sensor market. These vehicles require specialized steering systems to manage the unique torque characteristics of electric motors. Steering torque sensors play a crucial role in ensuring precise and efficient steering control in electric and hybrid vehicles. As the adoption of these vehicles continues to grow, the demand for automotive steering torque sensors is expected to increase.
Government Regulations and Safety Standards
Government regulations and safety standards are also driving the adoption of automotive steering torque sensors. Many countries have implemented regulations mandating the use of ADAS features in new vehicles. These regulations are expected to boost the demand for steering torque sensors, as they are essential components for enabling ADAS functionality. Additionally, the increasing focus on vehicle safety is leading to the adoption of more advanced steering systems, which often incorporate steering torque sensors.
Automotive Steering Torque Sensor Market Segment Insights
Automotive Steering Torque Sensor Market Sensor Type Insights
The Automotive Steering Torque Sensor Market is segmented by Sensor Type into Analog Torque Sensors, Digital Torque Sensors, and Wireless Torque Sensors. The Analog Torque Sensors segment is expected to hold the largest market share of over 50% in 2023, due to their lower cost and simpler design. However, the Digital Torque Sensors segment is expected to grow at the highest CAGR of over 7% during the forecast period, owing to their higher accuracy and reliability. The Wireless Torque Sensors segment is still in its early stages of development, but it is expected to gain traction in the coming years due to its convenience and ease of use.
The Automotive Steering Torque Sensor Market is driven by the increasing demand for advanced safety features in vehicles. Steering torque sensors play a critical role in various safety systems, such as lane departure warning, lane keeping assist, and adaptive cruise control. The growing adoption of autonomous driving technologies is also expected to boost the demand for steering torque sensors, as they are essential for providing accurate steering feedback to the vehicle's control systems. The Asia-Pacific region is expected to be the largest market for Automotive Steering Torque Sensors in 2023, accounting for over 40% of the global market revenue.This growth is attributed to the increasing production of vehicles in the region, as well as the growing demand for advanced safety features. The European region is expected to be the second largest market, followed by North America. Key players in the Automotive Steering Torque Sensor Market include Sensata Technologies, TE Connectivity, ZF Friedrichshafen, NXP Semiconductors, and Analog Devices. These companies are investing heavily in research and development to improve the performance and reliability of their products.
They are also forming strategic partnerships with vehicle manufacturers to integrate their steering torque sensors into new vehicle models.The Automotive Steering Torque Sensor Market is expected to grow at a CAGR of over 6% during the forecast period. This growth is attributed to the increasing demand for advanced safety features, the growing adoption of autonomous driving technologies, and the increasing production of vehicles in emerging markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Torque Sensor Market Vehicle Type Insights
The Automotive Steering Torque Sensor Market is segmented by Vehicle Type into Passenger Cars, Commercial Vehicles, and Electric Vehicles. Among these segments, Passenger Cars held the largest market share of around 60% in 2023 and is projected to continue its dominance during the forecast period. The growth of this segment can be attributed to the increasing production and sales of passenger cars worldwide. Commercial Vehicles segment is expected to witness significant growth in the coming years due to the rising demand for goods and services transportation.Electric Vehicles segment is anticipated to grow at a rapid pace owing to government incentives and increasing consumer awareness about environmental sustainability.
Automotive Steering Torque Sensor Market Application Insights
The Automotive Steering Torque Sensor Market segmentation based on Application includes Steering Assist Systems, Adaptive Cruise Control Systems, and Lane Departure Warning Systems. The Steering Assist Systems segment held the largest market share in 2023, and it is projected to continue its dominance throughout the forecast period. The growth of this segment is primarily attributed to the increasing demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. Adaptive Cruise Control Systems are expected to witness significant growth over the forecast period due to the increasing adoption of semi-autonomous and autonomous vehicles.Lane Departure Warning Systems are also expected to gain traction due to the rising awareness about road safety and the implementation of stringent government regulations.
Automotive Steering Torque Sensor Market Output Signal Type Insights
The Automotive Steering Torque Sensor Market segmentation by Output Signal Type includes Voltage Output, Current Output, and Digital Output. The Voltage Output segment held the largest market share in 2023, accounting for over 55% of the Automotive Steering Torque Sensor Market revenue. This is attributed to the high accuracy and reliability of voltage output sensors, making them suitable for various automotive applications. The Current Output segment is expected to grow at a significant rate during the forecast period due to its low cost and compact size.The Digital Output segment is gaining traction due to its ability to provide real-time data and its compatibility with advanced driver assistance systems (ADAS).
Automotive Steering Torque Sensor Market Mounting Location Insights
The Automotive Steering Torque Sensor Market is segmented by Mounting Location into Steering Column, Steering Wheel, and Steering Rack. Among these segments, the Steering Column segment held the largest market share in 2023, accounting for over 40% of the global market. The Steering Column segment is expected to continue to dominate the market over the forecast period due to the increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies. The Steering Wheel segment is expected to witness the highest CAGR over the forecast period due to the growing demand for enhanced driving comfort and safety features.The Steering Rack segment is expected to hold a significant market share due to its wide application in commercial vehicles and heavy-duty trucks.
Automotive Steering Torque Sensor Market Regional Insights
The regional segmentation of the Automotive Steering Torque Sensor Market offers valuable insights into the market's geographical distribution and growth potential. North America, Europe, APAC, South America, and MEA are the key regions analyzed in this market research. North America is expected to hold a significant share of the Automotive Steering Torque Sensor Market in 2023, driven by the presence of major automotive manufacturers and advanced automotive technologies. Europe is another prominent region in the market, with a strong automotive industry and growing demand for safety features.APAC is anticipated to witness substantial growth in the coming years, owing to the rising production and sales of vehicles in countries like China and India. South America and MEA are expected to contribute a smaller share to the global market, but they offer potential growth opportunities due to increasing vehicle production and government initiatives promoting automotive safety.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Steering Torque Sensor Market Key Players And Competitive Insights
Major players in Automotive Steering Torque Sensor Market industry are continuously striving to gain a competitive advantage by adopting various strategies such as product innovations, mergers and acquisitions, and partnerships. Leading Automotive Steering Torque Sensor Market players are focusing on developing advanced sensors with enhanced accuracy, durability, and reliability to meet the evolving demands of the automotive industry. These companies are also investing in research and development to stay ahead of the curve and maintain their market position.
The Automotive Steering Torque Sensor Market development is driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles. As ADAS and autonomous vehicles become more prevalent, the need for accurate and reliable steering torque sensors will continue to rise.A prominent competitor in the Automotive Steering Torque Sensor Market is ZF Friedrichshafen AG. The company offers a wide range of steering torque sensors designed for various automotive applications. ZF's steering torque sensors are known for their high precision, durability, and reliability. The company has a strong global presence and supplies its sensors to major automotive manufacturers worldwide. Another key player in the Automotive Steering Torque Sensor Market is NXP Semiconductors N.V. The company offers a range of steering torque sensors based on Hall-effect technology. NXP's steering torque sensors are known for their compact size, low power consumption, and high accuracy.
The company has a strong focus on innovation and is continuously developing new products to meet the evolving needs of the automotive industry.Denso Corporation is another major competitor in the Automotive Steering Torque Sensor Market. The company offers a wide range of automotive sensors, including steering torque sensors. Denso's steering torque sensors are known for their high reliability and durability. The company has a strong global presence and supplies its sensors to major automotive manufacturers worldwide. Denso is committed to developing innovative technologies to enhance the safety and performance of vehicles.
Key Companies in the Automotive Steering Torque Sensor Market Include
- Mitsubishi Electric
- ZF
- TRW Automotive
- Continental
- THK
- Tokai Rika
- NSK
- Bosch
- Hyundai Mobis
- JTEKT
- Denso Corporation
- Sensata Technologies
- Panasonic
- Koyo Seiko
- Autoliv
Automotive Steering Torque Sensor Market Industry Developments
The Automotive Steering Torque Sensor Market is expected to witness significant growth in the coming years, driven by increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles. In 2023, the market is valued at around USD 1.46 billion and is projected to reach USD 2.59 billion by 2032, exhibiting a CAGR of 6.59%.Recent news developments in the market include the launch of new products and strategic partnerships between key players. For instance, in 2023, NXP Semiconductors introduced a new steering torque sensor IC designed to enhance safety and comfort features in vehicles. Additionally, leading automotive supplier Continental announced a collaboration with Infineon Technologies to develop and produce next-generation steering torque sensors for autonomous driving applications.
Automotive Steering Torque Sensor Market Segmentation Insights
Automotive Steering Torque Sensor Market Sensor Type Outlook
- Analog Torque Sensors
- Digital Torque Sensors
- Wireless Torque Sensors
Automotive Steering Torque Sensor Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
Automotive Steering Torque Sensor Market Application Outlook
- Steering Assist Systems
- Adaptive Cruise Control Systems
- Lane Departure Warning Systems
Automotive Steering Torque Sensor Market Output Signal Type Outlook
- Voltage Output
- Current Output
- Digital Output
Automotive Steering Torque Sensor Market Mounting Location Outlook
- Steering Column
- Steering Wheel
- Steering Rack
Automotive Steering Torque Sensor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.37(USD Billion) |
| Market Size 2023 |
1.46(USD Billion) |
| Market Size 2032 |
2.59(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.59% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mitsubishi Electric ,ZF ,TRW Automotive ,Continental ,THK ,Tokai Rika ,NSK ,Bosch ,Hyundai Mobis ,JTEKT ,Denso Corporation ,Sensata Technologies ,Panasonic ,Koyo Seiko ,Autoliv |
| Segments Covered |
Sensor Type ,Vehicle Type ,Application ,Output Signal Type ,Mounting Location ,Regional |
| Key Market Opportunities |
Increasing demand for advanced driver assistance systems ADAS Rising adoption of electric vehicles Growing focus on vehicle safety Expanding automotive industry in emerging markets Technological advancements in steering torque sensors |
| Key Market Dynamics |
Rising demand for ADAS Increasing safety concerns Growing production of electric vehicles Technological advancements Government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Steering Torque Sensor Market is expected to reach a valuation of 2.59 billion USD by 2032, exhibiting a CAGR of 6.59% from 2024 to 2032.
Asia-Pacific is anticipated to account for a significant share of the Automotive Steering Torque Sensor Market, driven by the rising production and sales of automobiles in countries such as China, India, and Japan.
Automotive Steering Torque Sensors are primarily used in electronic power steering systems, lane departure warning systems, and adaptive cruise control systems to enhance vehicle safety and driving dynamics.
Key players in the Automotive Steering Torque Sensor Market include NXP Semiconductors, Infineon Technologies, Sensata Technologies, and TE Connectivity, among others.
The increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles, along with stringent government regulations on vehicle safety, is fueling the growth of the Automotive Steering Torque Sensor Market.
The high cost of Automotive Steering Torque Sensors and the complex integration with existing vehicle systems pose challenges to the growth of the market.
The growing adoption of electric vehicles and the development of autonomous driving technologies present substantial growth opportunities for the Automotive Steering Torque Sensor Market.
The trend towards miniaturization, wireless connectivity, and sensor fusion is driving innovation in the Automotive Steering Torque Sensor Market.
The Automotive Steering Torque Sensor Market is segmented based on sensor type, vehicle type, and application. The sensor type segment includes contact and non-contact sensors, while the vehicle type segment includes passenger cars, commercial vehicles, and off-highway vehicles.
The COVID-19 pandemic had a negative impact on the Automotive Steering Torque Sensor Market due to disruptions in supply chains and production schedules. However, the market is expected to recover as the automotive industry rebounds.
