Automotive Torque Sensor Market 2020 —
The primary function of a sensor is to pick up stimulus alterations in the immediate environment and electronically update the system. Sensors have been engineered for detecting physical, chemical, and process changes. A torque sensor is designed to measure the torque that acts upon a rotating system in machinery like engine, gearbox, steering, and others. The torque sensors can measure various components of a torque system that act along the core axes of the rotating systems of automobiles.
Market Segment by Key vendors, this report covers
HBM Test and Measurement
Honeywell Sensing and Control
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The global Automotive Torque Sensor market has been showing exceptional performance in tee cent times. It is expected that during the forecasted period, the industry would grow at the CAGR of almost 3.90 percent. Numerous factors come into play that influences the performance and demand of the industry. One of the main market drivers that influence the market is the rising demand for high-performance automobiles. A challenge that acts as a barrier in the industry is the need for huge capital investment.
A thorough assessment of the automotive torque sensor market has been carried out by using several analytical tools. The opportunities, threats, market drivers, and dynamics have been explored thoroughly as these elements influence the performance of the industry to a significant extent. The existence of numerous business participants increases the overall attractiveness of the industry. It is expected that during the forecasted period, various macro and micro factors will come into play that will affect its performance at the global level.
Key market divisions
The global Automotive Torque Sensor market can be segmented based on geography, type, technology, and application. Some of the main areas where the industry has established itself include North America, Europe, Asia Pacific, Africa, and the Middle East. Based on type, the key market categories are rotary torque sensor and reaction torque sensor. The rotary torque sensor can be further sub-categorized into contact-based sensing and noncontact-based sensing. Based on technology, the market can be classified into magnetoelastic, surface acoustic wave (SAW), optical, and strain gauge. Based on the application, the market segments include industrial, automotive, aerospace and defense, test and measurement, and others.
Analysis of geographical segmentation
The Automotive Torque Sensor market has a strong presence in numerous geographical regions such as Asia Pacific, North America, Europe, the Middle East, and Africa. The market has been showcasing robust performance in the North American region. One of the main reasons for the solid demand for the offerings is the high demand in the automotive industry for higher fuel efficiency. During the forecasted period, the performance of the automotive torque sensor is likely to increase due to the growing trend towards electrical power steering as well as condition-based maintenance. A wide range of factors might come into play and influence the market performance in different regions.
Latest Industry News
Bosch Ltd, a major market player that operates in the Automotive Torque Sensor market, has appointed Bernhard Straub as the Chairman of the board. The former Chairman and Director of the business entity, V K Viswanathan, resigned from the firm as part of succession planning. This change in the top management position could influence the strategic direction of the business.
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