TORQUE SENSORS MARKET ANALYSIS

Regional Analysis

To learn more about this report, Request sample copy

North America dominates the global torque sensors market with an estimated market share of 34.5% in 2024 owing to strong presence of key manufacturers in the U.S. and Canada. The region is home to world's leading automobile and industrial equipment manufacturers, which are major consumers of torque sensors. In terms of vehicle production, the U.S. alone accounts for over 15 million vehicles annually, thus, boosting demand for torque sensors from automotive OEMs. States like Michigan, Ohio, Indiana have large manufacturing bases that use torque sensors across industrial machineries, material handling applications and rotary equipment, thus, boosting its sales. Furthermore, the presence of tier-1 suppliers with extensive distribution networks ensures widespread availability of torque sensors.

Rising focus on electric vehicles can also drive the market growth. Leading automakers are rapidly investing in developing EVs and hybrid models, which deploy more number of torque sensors compared to conventional vehicles for efficient drivetrain management and battery operations. North America also has a significant role in the export market as major sensor brands use their regional facilities to cater global automotive giants. This has made North America an important price setter for global sensor trade.

Asia Pacific region is identified as the fastest growing market, owing to pace of industrial automation and expanding electric vehicle ecosystem in major countries like China, Japan and South Korea. The region accounts for a major chunk of global vehicle manufacturing led by China, which is largest EV producer worldwide. As these countries aim to reduce carbon footprints, their national electric mobility plans will boost demand. Quickening factory automation to boost productivity can boost installation of new robotic assembly lines, packaging units, and material handling systems where torque sensing is used. Countries like India and Southeast Asian nations are also increasingly adopting Industry 4.0 technologies, thus, offering market opportunities.