What is the Market Size Forecast for the Global Torque Sensor Market?
The global torque sensor market has experienced exponential growth. The market size is set to increase from $11.31 billion in 2024 to $13.58 billion in 2025, with a compound annual growth rate (CAGR) of 20.0%. This surge can be attributed to demand in the automotive industry, industrial automation, advancements in renewable energy, aerospace and defense applications, and space exploration.
The market is expected to continue its rapid growth and reach an impressive $25.56 billion in 2029, with a CAGR of 17.1%. This forecasted growth stems from the expansion of electric vehicles, the adoption of Industry 4.0 and IoT, increased robotic automation, emerging healthcare technologies, and the implementation of smart grids.
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What Are the Drivers for the Torque Sensor Market Growth?
Electric vehicles (EVs) are fuelling the growth of the torque sensor market. Torque sensors are instrumental in measuring driving and braking torque and efficiency in EVs. There were nearly 10 million electric vehicles on the roads globally by 2020 and that number is still growing. The demand for electric vehicles has been rising so rapidly that, according to Eurostat, the number of EVs in circulation increased by 55% from 2021 to reach almost 3 million in 2022. This increasing demand is directly driving the growth of the torque sensor market.
What Are the Key Segments in the Torque Sensor Market?
The torque sensor market is composed of several key segments:
1) By Type: Reaction Torque Sensor, Rotary Torque Sensor
2) By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
3) By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
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Who is Leading the Charge in the Torque Sensor Market?
Key suppliers in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Kistler Group, MagCanica Inc., Datum Electronics Limited, Hottinger Baldwin Messtechnik GmbH, PCB Piezotronics Inc., Interface Inc., TE Connectivity Ltd., Bota Systems, HITEC Sensor Solutions, Mountz Inc., S. Himmelstein & Company, Transense Technologies plc, ATI Industrial Automation Inc., HBK Benelux, Sensor Technology Ltd., Norbar Torque Tools Ltd., Magtrol SA, Scaime SAS, Lorenz Messtechnik GmbH, KTR Systems GmbH, Manner Sensortelemetrie GmbH, RDP Electronics Ltd.
What Innovations Are Impacting the Torque Sensor Market?
Technological advancements are making waves in the torque sensor market. In June 2024, Hottinger Brüel & Kjær (HBK), a renowned technology company, introduced the next-generation torque sensor. Their T110/100 torque sensor, boasting integrated telemetry and a one-size-fits-all flexible stator, presents numerous opportunities for engineers to overcome challenges in testing benches and measurement, specifically in powertrain testing and for electric vehicles.
Which Region Will Dominate the Torque Sensor Market?
As of 2024, North America held the top spot as the largest market for torque sensors. However, the region to watch is Asia-Pacific, which is anticipated to be the fastest-growing region over the forecast period. The report includes detailed analyses of regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does the Torque Sensor Market Report 2025 Offer?
The torque sensor is an electrical transducer that converts mechanical torque into an electrical signal. They are widely used in a variety of applications in the automotive, motorsports, aerospace, rail, and construction industries among others.
The Torque Sensor Market research report from The Business Research Company offers a comprehensive study of global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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