U.S. is Estimated to Command the Highest Share of 61.8% in the North America Torque Sensor Market

Date: 2015-08-05

“The North America torque sensor market is projected to grow at a CAGR of 7.3% from 2014 to 2019. This growth is primarily attributed to the increasing demand for better fuel efficiency, up-gradation to electric power steering systems, and rising trend towards condition-based maintenance.

In this report, the North America torque sensor market has been broadly classified into types, such as rotary, static/reaction, magneto-elastic, and SAW. The rotary torque sensors segment is projected to grow at a CAGR of 6.6% from 2014 to 2019. Rotary sensors are mainly used for strain measurement, engine and chassis dynamometer, efficiency testing, clutch and gearbox testing among others.

Geographically, the U.S. is estimated to command the highest share of 61.8% in the North America torque sensor market, followed by Canada. Factors influencing its market growth include the increasing applications of torque sensors in engine and propulsion, as well as primary systems. With the increase in demand of small cars and up-gradation of electric power steering, the torque sensor market is progressing at a rapid pace.

Major players in the North America torque sensor market are Futek Advanced Sensor Technology, Inc., Honeywell, HBM, ABB Ltd., and Crane Electronics among others. New product launches and partnerships, agreements, collaborations, and joint ventures are the key growth strategies adopted by these leading players to sustain its position in the torque sensor market.    

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