AUTOMOTIVE STEERING TORQUE SENSORS MARKET ANALYSIS

Automotive Steering Torque Sensors MarketSize and Trends

Automotive Steering Torque Sensors market is estimated to be valued at US$ 13,517.4 Mn by 2030.

Automotive Steering Torque Sensors market was valued at US$ 7,378.0 Mn in 2022 and is forecast to reach a value of US$ 13,517.4 Mn by 2030, exhibiting CAGR of 7.9% between 2023 and 2030.

Automotive Steering Torque Sensors Market: Trends:

Increasing Demand for Electric Power Steering (EPS) Systems

There is a growing trend towards the adoption of electric power steering systems in vehicles. EPS systems offer several advantages such as improved fuel efficiency, reduced weight, and enhanced vehicle maneuverability. This trend drives the demand for automotive steering torque sensors designed specifically for EPS applications. In March 2020, Nexter Automotive a motion control technology company introduced a research innovation in the form of a High-Output Electric Power Steering (EPS) system tailored for heavy-duty (HD) trucks and light commercial vehicles (LCVs). This advanced EPS solution offers a range of safety and comfort features, along with improved fuel efficiency, catering specifically to the needs of these vehicle segments.  

Development of Sensor Fusion Technology

Sensor fusion involves the integration of multiple sensors, including torque sensors, to enhance the accuracy and reliability of data in vehicle systems. The integration of torque sensors with other sensors such as accelerometers, gyroscopes, and wheel speed sensors enables comprehensive and precise monitoring of steering behavior. Sensor fusion technology is gaining traction in the automotive industry, leading to increased demand for torque sensors. In September 2022, VERSES Technologies Inc., a leading provider of contextual computing platforms focusing on advanced artificial intelligence (AI) solutions, has inaugurated its sensor fusion lab and research facility in Culver City, California. This lab serves as a showcase for VERSES' comprehensive technology portfolio, prominently featuring COSM, the company's flagship AI operating system. Moreover, the lab provides VERSES' data science and product development teams with an immersive environment to conduct cutting-edge research and facilitate the development and deployment of sensor fusion-based solutions.