The North America Torque Sensor Market would witness market growth of 7.1% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 1,569.7 thousand units, showcasing a growth of 17.4% (2020-2023).
Rotary Torque Sensors are precision instruments designed to measure the torque or rotational force applied to a rotating system. They are crucial in various applications where understanding and monitoring torque is essential, such as automotive, aerospace, manufacturing, and research settings. These sensors typically feature a shaft that connects to the rotating part of the system, allowing them to detect the torque applied during rotation accurately. Thus, the US market consumed 1,163.3 thousand units in 2023.
The US market dominated the North America Torque Sensor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,847.8 million by 2031. The Canada market is experiencing a CAGR of 9.5% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8.6% during (2024 - 2031).
Due to the increasing focus on precision engineering, automation, and quality control in various industries, the utilization of these sensors has increased steadily over the past few years. As manufacturers strive to optimize performance, reduce downtime, and enhance product reliability, the need for accurate torque measurement solutions has become increasingly apparent. The automotive industry, in particular, has been a key driver of sensor adoption, leveraging these sensors for applications such as engine testing, powertrain development, and vehicle dynamics analysis.
Moreover, the increasing aerospace sector catalyzes the growth of the market, driven by the industry’s need for precision engineering, safety assurance, fuel efficiency, electric propulsion systems, UAVs, autonomous systems, space exploration, and satellite deployment. As per the data from the Government of Canada, with a total budget of $250 million over three years (until March 31, 2024), the Aerospace Regional Recovery Initiative (ARRI) was delivered by Canada’s regional development agencies (RDAs).
As Mexico’s automotive manufacturing industry grows, there is an increasing need for precise torque control in assembly processes. These sensors ensure that bolts, nuts, and other fasteners are tightened to the correct specifications, contributing to the overall quality and reliability of vehicles produced. As per the data from the International Trade Administration, Mexico ranks the seventh-largest producer globally, with an annual production of 3.5 million passenger vehicles. Out of the total number of vehicles manufactured in Mexico, 88 percent are exported, with 76 percent being allocated to the United States. Furthermore, as the adoption of electric vehicles increases in Canada, there’s a growing demand for these sensors in EV powertrains. As per the article titled New Motor Vehicle Registrations, third quarter 2022, released by Statistics Canada, overall, 34,313 new zero-emission vehicles (ZEVs) were registered in the third quarter of 2022, comprising 8.7% of total new motor vehicle registrations. The number of new ZEVs registered continued to increase, up 43.2% year over year. Hence, the rising automotive sector and increasing electric vehicle sales in North America will boost the demand for these sensors in the region.
Free Valuable Insights: The Torque Sensor Market is Predict to reach USD 21.8 Billion by 2031, at a CAGR of 7.6%
Based on Type, the market is segmented into Rotary Torque Sensors, and Reaction Torque Sensors. Based on Application, the market is segmented into Automotive, Aerospace & Defense, Test & Measurement, Industrial, and Others. Based on Technology, the market is segmented into Strain Gauge, Magnetoelastic, Surface Acoustic Wave, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By Application (Volume, Thousand Units, USD Billion, 2020-2031)
By Technology (Volume, Thousand Units, USD Billion, 2020-2031)
By Country (Volume, Thousand Units, USD Billion, 2020-2031)
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