Up-Gradation of Electric Power Steering, Need for Better Fuel Efficiency, of the European Torque Sensor Market

Tuesday 19 May 2015, Amsterdam

The torque sensor market in Europe is primarily driven by a wide range of factors, such as up-gradation of electric power steering, demand for better fuel efficiency, and shifting trend towards the overall adoption of condition-based maintenance.  The European torque sensor market constitutes 26.6% of the global torque sensor market, and is projected to grow at a CAGR of 8.1% from 2014 to 2019.

One of the most significant factors influencing the growth of the European torque sensor is the rising demand for better fuel efficiency. The new corporate average fuel economy (CAFE) standards have put a huge pressure on the auto manufacturers to accelerate the development process of electric and hybrid vehicles, as well as radically improve the fuel economy on their large selling models. Also, varied auto companies are undertaking initiatives to comply with these stringent guidelines. Owing to all these factors, torque sensors are facing a huge demand among varied automotive applications, such as electronic transmission control, electronic driveline control, engine management, and steering torque management among others.

In addition to this, torque sensor market in Europe is also affected by the recent inclination towards condition-based maintenance. One of the primary objectives of condition-based maintenance (CBM) is to carry out machinery maintenance, when the health of the machinery components indicates that maintenance is required. CBM offers a huge scope of opportunities for continuous torque monitoring in critical machines, thereby affecting the overall growth of the European torque sensor market.