The global demand for Magneto Elastic Torque Sensor Market is presumed to reach the market size of nearly USD 181.19 Million by 2032 from USD 97 Million in 2023 with a CAGR of 7.19% under the study period 2024 - 2032.
Torque sensor or torque transducer is a device for measuring the torque on a rotating system, such as the engine, crankshaft, gearbox, transmission, and other parts. Rotary torque sensors are used for testing clutch & gearboxes, strain measurement, and dynamic torque with the engine. These sensors are also used to test powertrain brakes and suspension system, which are also used to measure horsepower to improve fuel efficiency.
Market Dynamics
The increasing demand for magneto-elastic torque sensors in the automotive industry owing to their use in testing engine parts for better efficiency of vehicles is escalating the market growth. Furthermore, rapid industrialization along with R&D in these sensors for high standards of accuracy is boosting the market demand. However, the low reliability of available torque sensors could limit market growth.
The report has been created by using crucial tools such as Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis to help businesses around the globe navigate opportunities and challenges in the rapidly evolving marketplace with clarity. These tools also serve the detailed information of each application/product segment in the global market of magneto elastic torque sensor.
Market Segmentation
The study offers a decisive view of the global magneto elastic torque sensor market by segmenting it in terms of application. The report analyzes these subsets with respect to the regional segmentation. This research study will prepare marketers for the evolving needs of their customers.
By Application
- Automotive
- Aerospace & Defense
- Research and Development
- Industrial
- Others
Regional Analysis
This section covers magneto elastic torque sensor market for the regions North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Regional segmentation has been done based on the present and future trends in the global magneto elastic torque sensor market along with the individual application segment across all the prominent region.
Global Magneto Elastic Torque Sensor Market Share by Region (Representative Graph)
This research report also includes profiles of major companies operating in the global market. Some of the prominent players operating in the global Magneto Elastic Torque Sensor market are ABB Ltd., Applied Measurements Ltd., Crane Electronics Ltd., Honeywell Sensing and Control, HITEC Sensor Developments Inc., Kistler Instrumente Ltd., MagCanica, Methode Electronics, and Texas Instruments Inc. This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.
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