The Automotive Steering Torque Sensors is relatively small but growing rapidly, particularly in urban areas where there is high demand for efficient and sustainable transportation solutions. Many Automotive Steering Torque Sensors manufacturers have emerged in the market to cater to this growing demand.
Global Automotive Steering Torque Sensors market is estimated to be valued at US$ 13,517.4 Mn by 2030.
Global Automotive Steering Torque Sensors Market: Drivers
Increasing demand for the High tech vehicles
The Automotive Steering Torque Sensor market is witnessing a rise in demand attributed to the increasing popularity of luxury vehicles, premium vehicles, and sports vehicles. The research report provides a comprehensive analysis of the regional demand for steering torque sensors, as well as an estimation of the projected number of sensors required by country and automotive original equipment manufacturers (OEMs) during the forecast period. In October 2022 Hitachi Astemo Co. Ltd has successfully developed a prototype steering device as part of a steer-by-wire system that eliminates the need for a traditional steering wheel. This research initiative focuses on exploring alternative steering mechanisms in the automotive industry.
Global Automotive Steering Torque Sensors Market: Opportunities
Integration with Autonomous Driving Systems:
The development of autonomous driving technology opens up opportunities for steering torque sensors. These sensors provide critical feedback on the driver's steering input, which is crucial during the transition between manual and autonomous driving modes. As autonomous driving systems continue to evolve, the demand for accurate and reliable steering torque sensors will likely increase. In April 2021, Denso Corporation has made an announcement regarding the provision of Yaw Rate Sensors to the 2022 lineup of Lexus flagship models. These sensors will be integrated into various Lexus models, including the Lexus LC500, Lexus LC500H, Lexus RC300, and Lexus RC300H. The inclusion of Yaw Rate Sensors in these vehicles aims to enhance stability and improve driving dynamics, ensuring a safer and more controlled driving experience for Lexus customers.
Global Automotive Steering Torque Sensors Market: Restraints
Government Regulations regarding emission control:
Due to various governments mandating emission reduction, emissions control standards differ across Europe, North America, and the Asia Pacific region. As a result, the cost of sensors is identified as a constraint on the growth of the market. However, it is anticipated that sensor prices will decrease during the forecast period, while still maintaining favorable profit margins for sensor manufacturers. In November 2022, The Ministry of Environment, Forest and Climate Change (MoEF & CC), in collaboration with the Central Pollution Control Board (CPCB), has officially issued updated emission standards for internal combustion engines utilized in power generating sets.
Market Trends
North America Trends: Stringent Safety Regulations
North America has well-established safety regulations, such as those set by the National Highway Traffic Safety Administration (NHTSA) in the United States. Compliance with these regulations drives the integration of advanced safety features, including precise torque sensing, in vehicles, which contributes to the growth of the automotive steering torque sensor market. In the fiscal year 2022, a significant investment of US$ 1 billion has been allocated to the establishment of the Safe Streets and Roads for All program. This pioneering program aims to provide financial support to local initiatives dedicated to reducing roadway crashes and fatalities. The grants provided by this program will primarily focus on planning and executing projects that prioritize the safety of pedestrians and cyclists, who are disproportionately affected by traffic accidents. These funds will not only enhance existing safety measures but also facilitate the implementation of new data-driven strategies at the local level. The objective is to reverse the prevailing trends in road safety and achieve outcomes similar to other well-known safety-oriented plans and programs such as Vision Zero and the Road to Zero Coalition.
Europe Trends: Growing Electric Vehicle Adoption
Europe has been at the forefront of electric vehicle adoption, with countries like Norway and Germany leading the way. As electric power steering systems are commonly used in EVs, the demand for torque sensors in the region is expected to increase. The integration of accurate torque sensing technology contributes to the overall performance and efficiency of electric vehicles. In April 2020, Melexis, an inventive micro-electronic solutions company, has unveiled its latest product, the MLX91377 linear Hall sensor. This Hall sensor integrated circuit (IC) is designed to meet the requirements of Automotive Safety Integrity Level (ASIL) and is specifically developed for applications in safety-critical automotive systems like electric power-assisted steering (EPAS).
Global Automotive Steering Torque Sensors Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has made a significant negative impact on the manufacturing industry and the global supply chain. Disruption in Supply Chain: The pandemic has caused disruptions in the global supply chain, including the automotive industry. Restrictions on manufacturing, transportation, and logistics have resulted in delays and shortages of components, including automotive steering torque sensors. This has affected production schedules and hindered the market's growth. The automotive industry experienced a significant decline in vehicle production due to factory shutdowns, reduced consumer demand, and supply chain challenges. As a result, the demand for automotive steering torque sensors declined since they are primarily installed in vehicles during the manufacturing process.
Global Automotive Steering Torque Sensors Market: Competitive Landscape
The global automotive steering torque sensors market is fragmented with the presence of both international and regional players. Major players operating in the automotive steering torque sensors market include, Robert Bosch Gmbh, Denso Corporation, Crane Electronics, Honeywell International, Sensor Technology, Valeo, TE Connectivity, Kistler Instruments Pvt. Ltd., Norbar Torque Tools Ltd., Bourns, Inc., Advanced Micro Electronics Co. Ltd., Methode Electronics, Inc., and others
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https://www.coherentmarketinsights.com/market-insight/automotive-steering-torque-sensors-market-2331
Key Takeaways:
Global 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.
Global Automotive Steering Torque Sensors Market: Recent Developments
In August 2021, ZF Friedrichshafen AG presented an advanced driver assistance system that combines adaptive cruise control (ACC), lane change assist, and electronic stability program (ESP) functionality. The system incorporates a comprehensive 360-degree environmental sensing system that utilizes short-range radar sensors positioned on all four corners of the vehicle. This integration enables the execution of safe and semi-autonomous overtaking maneuvers, enhancing the overall driving experience and safety standards.
In July 2021, UD Trucks Corp. has made an announcement regarding the introduction of UD Active Steering, an innovative technology designed to significantly improve steering precision and driver comfort. This groundbreaking technology will be available in Japan specifically for the heavy-duty flagship Quon models. UD Active Steering employs an electric motor positioned above the hydraulic steering gear, providing supplementary torque whenever required. The electronic control unit (ECU) associated with the electric motor receives inputs from various sensors located throughout the truck at regular intervals of 2,000 seconds. This continuous monitoring allows the system to assess the driving environment and the driver's actions, thereby enhancing the overall steering performance and ensuring optimal driving experience.
