The global torque sensor market is projected to grow at a significant CAGR of over 6% during the forecast period. The major factor contributing to the growth of the market includes the growing application of torque in various end-use applications such as automotive, industrial, and others. The application of torque sensors in the automotive improves the performance and safety of the vehicles. Moreover, the rising demand for high performance and safety vehicles, increasing importance of torque management, and technological innovations in torque sensor technology are other factors that contribute to the growth of the market during the forecast period.
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The automotive application segment is projected to contribute significant share in the market due to the high demand for torque sensors in various applications such as steering systems, driveline, dynamometers, transmission, and chassis performance. The technological advancement in the automotive torque sensor such as magneto elastic sensors contributes to the segmental growth of the market. The magneto elastic sensors have wide applications in automotive industry such as formula one cars and other racing cars. Moreover, the introduction of electric power staring (EPS) in vehicles increases the demand for torque sensors. In addition, increasing demand for accurate and precise torque measurement in automotive industry further give a boost to the segmental growth of the market.
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Global Torque Sensor Market Segmentation
By Technology
- Strain Gauge
- Surface Acoustic Wave (SAW)
- Magnetoelastic
- Optical
By Application
- Automotive
- Aerospace & Defense
- Industrial
- Others (Medical and Agriculture)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
