Evolve Business Intelligence has published a research report on the Global Automotive Steering Torque Sensors Market, 2023–2033. The global Automotive Steering Torque Sensors market is projected to exhibit a CAGR of around 5.87% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automotive Steering Torque Sensors Market: Robert Bosch GmbH, Denso Corporation, Crane Electronics, Honeywell International, Sensor Technology, Valeo, TE connectivity, Kistler Instruments Pvt. Ltd., Norbar Torque Tools Ltd, Bourns, Inc.
Market Highlights
The Automotive Steering Torque Sensors market is projected to be valued at USD 16.25 Billion by 2033, recording a CAGR of around 5.87% during the forecast period. Automotive steering torque sensors are specialized sensors integrated into a vehicle’s steering system to measure the amount of force or torque applied to the steering wheel by the driver. These sensors play a critical role in modern power steering systems, as they provide real-time feedback on the driver’s input, enabling the vehicle’s electronic control unit (ECU) to adjust the power steering assistance accordingly. By continuously monitoring and transmitting data about steering torque, these sensors enhance driving comfort, safety, and overall vehicle handling, making them a fundamental component of modern automotive technology.
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The COVID-19 pandemic had a mixed impact on the Automotive Steering Torque Sensors market. Initially, the market experienced a downturn due to widespread lockdowns, reduced production, and weakened consumer demand for automobiles. However, as the pandemic progressed, the focus on safety and automation in vehicles increased, driving the demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. Automotive Steering Torque Sensors are crucial components in these systems, as they play a vital role in enhancing vehicle safety and control. Consequently, the market witnessed a resurgence in demand, particularly from automakers investing in ADAS and autonomous vehicle development, ultimately leading to a more positive trajectory in the latter stages of the pandemic.
Segmental Analysis
The global Automotive Steering Torque Sensors market has been segmented based on Sales Channel, Application, and region.
Based on the Sales Channel, the Automotive Steering Torque Sensors market is segmented based on Original Equipment Manufacturer, After Market. Original Equipment Manufacturer is expected to have the largest market share throughout the forecast period, while After Market is expected to grow at the fastest rate.
Based on the Application, the global Automotive Steering Torque sensor market has been divided into Passenger Cars, Commercial Vehicles, Heavy Commercial Vehicles, and Light Commercial Vehicles. The Passenger Cars segment is anticipated to dominate the market.
For More Information : https://evolvebi.com/report/automotive-steering-torque-sensors-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
Regional Analysis
The Automotive Steering Torque Sensors market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America, particularly the United States and Canada, has been a significant market for automotive technology and safety systems. The growth of the Automotive Steering Torque Sensors market in this region was driven by a strong emphasis on safety features and the adoption of advanced driver assistance systems (ADAS) in vehicles. Europe has also been a prominent market for automotive technology and innovation. Stringent safety regulations and the presence of major automobile manufacturers contributed to the growth of the Automotive Steering Torque Sensors market in this region. The Asia-Pacific region, including countries such as China, Japan, and South Korea, has witnessed substantial growth in the automotive sector. Increasing vehicle production, rising consumer awareness about vehicle safety, and the adoption of ADAS in the Asia-Pacific region fueled the growth of the Automotive Steering Torque Sensors market. The growth of the Automotive Steering Torque Sensors market in Latin America has been influenced by factors such as economic conditions, vehicle sales, and regulatory developments. The Middle East, driven by countries with strong automotive markets such as Saudi Arabia and the UAE, saw steady growth in the adoption of automotive safety technologies, including Automotive Steering Torque Sensors, due to an increasing focus on road safety and the modernization of vehicle fleets. The African market for automotive technologies, including steering torque sensors, has been influenced by factors like economic development, infrastructure improvements, and urbanization
