- Increase in demand for high performance vehicles, implementation of EPS in passenger vehicles, and emergence of innovative torque measurement technologies drive the growth of the global torque sensor market
PORTLAND, Oregon, May 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Torque Sensor Market By Type (Dynamic Torque Sensor and Static Torque Sensor) and Application (Automotive, Industrial, Aerospace & Defense, HealthCare, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global torque sensor industry generated $8.39 billion in 2018, and is expected to garner $16.82 billion by 2026, growing at a CAGR of 7.7% from 2019 to 2026.
Prime Determinants of Growth
Increase in demand for high performance vehicles, implementation of EPS in passenger vehicles, and emergence of innovative torque measurement technologies drive the growth of the global torque sensor market. However, expensive installation procedures hinder the market growth. On the other hand, emerging applications in the healthcare sector and enhanced implementation of torque sensor in the industrial applications present new opportunities in the coming years.
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The Static Segment to Continue to Lead during the Forecast Period
Based on type, the static segment accounted for the largest market share in 2018, contributing to nearly two-thirds of the global torque sensor market, and is expected to continue to lead during the forecast period. However, the dynamic segment is expected to contribute the fastest CAGR of 9.3% from 2019 to 2026, owing to increase in adoption of screwing technology, engine test benches, test set ups for precision mechanics, and others for various applications.
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The Automotive Segment to Maintain the Highest Contribution By 2026
Based on application, the automotive segment held the largest market share of the global torque sensor market, holding more than two-fifths of the total share in 2018, and is estimated to maintain the highest contribution by 2026. Moreover, this segment is estimated to witness the highest CAGR of 9.2% from 2019 to 2026. This is attributed to increase in demand for electric power assisted steering (EPAS) in cars as they offer better fuel efficiency and less energy consumption.
Asia-Pacific to Offer Lucrative Opportunities, North America to Follow
Based on region, Asia-Pacific, followed by North America, accounted for the highest contribution in terms of revenue in 2018, contributing to nearly half of the global torque sensor market, and is expected to maintain its lead status during the forecast period. Moreover, this region is expected to maintain the highest CAGR of 8.8% from 2019 to 2026. This is due to different initiatives taken by governments to speed up manufacturing of components of automobiles and automotive sensors.
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