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Torque Sensor Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Torque Sensor Market
Torque Sensor Market Size, Growth Rate, And Forecast
The global torque sensor market size grew from $7.77 billion in 2022 to $9.13 billion in 2023 at a compound annual growth rate (CAGR) of 17.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The torque sensor market size is expected to grow to $19.68 billion in 2027 at a CAGR of 21.2%.
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Torque Sensor Market Drivers
The increasing adoption of electric vehicles is contributing to the growth of the torque sensor market. Electric automotive manufacturers use torque sensors for measuring drive and braking torque and efficiency.
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Torque Sensor Market Segments
• By Type: Reaction Torque Sensor, Rotary Torque Sensor
• By Technology: Strain Gauge, Surface Acoustic Wave (SAW), Optical, Magnetoelastic
• By Application: Automotive, Industrial, Aerospace and Defense, Healthcare
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the torque sensor market.
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Torque Sensor Market Key Players
Major competitors in the torque sensor market include ABB Group, Applied Measurements Ltd., Crane Electronics Ltd., FUTEK Advanced Sensor Technology Inc., Honeywell International Inc., Infineon Technologies AG, Kistler Group (Kistler Holding AG), MagCanica Inc., Snap-On Inc. (Norbar Torque Tools), Datum Electronics Limited
The Business Research Company's "Global Torque Sensor Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Torque Sensor Market Include:
1. Executive Summary
2. Torque Sensor Market Characteristics
3. Torque Sensor Market Trends And Strategies
4. Torque Sensor Market - Macro Economic Scenario
5. Torque Sensor Market Size And Growth
……
26. Africa Torque Sensor Market
27. Torque Sensor Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Torque Sensor Market
29. Torque Sensor Market Future Outlook and Potential Analysis
30. Appendix
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