The overall torque sensor market is expected to grow from USD 9.4 billion in 2018 to reach USD 14.8 billion by 2024, at a CAGR of 7.9%. The study involved 4 major activities to estimate the current size of the torque sensor market.

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The exhaustive secondary research was conducted to collect information on market, including peer market and parent market. Further, these findings, assumptions, and sizing were validated through the discussions with industry experts across value chain through primary research. Both, top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

The automotive applications contribute a maximum share to the torque sensor market, and the trend is likely to continue in the coming years. The ever-growing demand for small cars and increased use of electric power systems are expected to drive the growth of the market for this application. Torque sensors find application in real-time torque measurement, engine performance measurement, engine improvement, transmission, chassis performance, and driveline of an automobile.

Of all the torque sensing technologies, optical technology is expected to witness the highest CAGR in the torque sensor market. This technology employs a pair of gratings that are attached at a short distance on a strain-sensitive shaft to modulate a light source. Optical torque sensors have greater sensitivity and electrical passiveness, but their cost is higher than other torque sensing technologies. Hence, a lot of research work is being done in this area to develop the advanced and affordable technologies.