North America Torque Sensor Market Size, Share & Trends Analysis Report By Type, By Application, By Technology (Strain Gauge, Magnetoelastic, Surface Acoustic Wave, and Others), By Country and Growth Forecast, 2024

Description

List of Tables

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.

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.

List of Key Companies Profiled

Honeywell International, Inc.
ABB Ltd.
Amphenol Corporation (PCB Piezotronics, Inc.)
Sensor Technology Ltd.
FUTEK Advanced Sensor Technology, Inc.
TE Connectivity Ltd.
ATI Industrial Automation, Inc. (Novanta, Inc.)
Spectris PLC (HBM)
Interface, Inc.
Datum Electronics Ltd. (Indutrade AB)

North America Torque Sensor Market Report Segmentation

By Type (Volume, Thousand Units, USD Billion, 2020-31)

Rotary Torque Sensors
Reaction Torque Sensors

By Application (Volume, Thousand Units, USD Billion, 2020-31)

Automotive
Aerospace & Defense
Test & Measurement
Industrial
Others

By Technology (Volume, Thousand Units, USD Billion, 2020-31)

Strain Gauge
Magnetoelastic
Surface Acoustic Wave
Others

By Country (Volume, Thousand Units, USD Billion, 2020-31)

US
Canada
Mexico
Rest of North America

Chapter 1.Market Scope & Methodology

1.1Market Definition
1.2Objectives
1.3Market Scope
1.4Segmentation
- 1.4.1North America Torque Sensor Market, by Type
- 1.4.2North America Torque Sensor Market, by Application
- 1.4.3North America Torque Sensor Market, by Technology
- 1.4.4North America Torque Sensor Market, by Country
1.5Methodology for the research

Chapter 2.Market at a Glance

2.1Key Highlights

Chapter 3.Market Overview

3.1Introduction
- 3.1.1Overview
  - 3.1.1.1Market Composition and Scenario
3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Opportunities
- 3.2.3Market Restraints
- 3.2.4Market Challenges
3.3Porter Five Forces Analysis

Chapter 4.North America Torque Sensor Market by Type

4.1North America Rotary Torque Sensors Market by Country
4.2North America Reaction Torque Sensors Market by Country

Chapter 5.North America Torque Sensor Market by Application

5.1North America Automotive Market by Country
5.2North America Aerospace & Defense Market by Country
5.3North America Test & Measurement Market by Country
5.4North America Industrial Market by Country
5.5North America Others Market by Country

Chapter 6.North America Torque Sensor Market by Technology

6.1North America Strain Gauge Market by Country
6.2North America Magnetoelastic Market by Country
6.3North America Surface Acoustic Wave Market by Country
6.4North America Others Market by Country

Chapter 7.North America Torque Sensor Market by Country

7.1US Torque Sensor Market
- 7.1.1US Torque Sensor Market by Type
- 7.1.2US Torque Sensor Market by Application
- 7.1.3US Torque Sensor Market by Technology
7.2Canada Torque Sensor Market
- 7.2.1Canada Torque Sensor Market by Type
- 7.2.2Canada Torque Sensor Market by Application
- 7.2.3Canada Torque Sensor Market by Technology
7.3Mexico Torque Sensor Market
- 7.3.1Mexico Torque Sensor Market by Type
- 7.3.2Mexico Torque Sensor Market by Application
- 7.3.3Mexico Torque Sensor Market by Technology
7.4Rest of North America Torque Sensor Market
- 7.4.1Rest of North America Torque Sensor Market by Type
- 7.4.2Rest of North America Torque Sensor Market by Application
- 7.4.3Rest of North America Torque Sensor Market by Technology

Chapter 8.Company Profiles

8.1Datum Electronics Ltd. (Indutrade AB)
- 8.1.1Company Overview
- 8.1.2Financial Analysis
- 8.1.3Segmental and Regional Analysis
8.2Honeywell International, Inc.
- 8.2.1Company Overview
- 8.2.2Financial Analysis
- 8.2.3Segmental and Regional Analysis
- 8.2.4Research & Development Expenses
- 8.2.5SWOT Analysis
8.3ABB Ltd.
- 8.3.1Company Overview
- 8.3.2Financial Analysis
- 8.3.3Segmental and Regional Analysis
- 8.3.4Research & Development Expense
- 8.3.5SWOT Analysis
8.4Amphenol Corporation (PCB Piezotronics, Inc.)
- 8.4.1Company Overview
- 8.4.2Financial Analysis
- 8.4.3Segmental and Regional Analysis
- 8.4.4Research & Development Expenses
- 8.4.5SWOT Analysis
8.5Sensor Technology Ltd.
- 8.5.1Company Overview
8.6FUTEK Advanced Sensor Technology, Inc.
- 8.6.1Company Overview
8.7TE Connectivity Ltd.
- 8.7.1Company Overview
- 8.7.2Financial Analysis
- 8.7.3Segmental and Regional Analysis
- 8.7.4Research & Development Expense
- 8.7.5SWOT Analysis
8.8ATI Industrial Automation, Inc. (Novanta, Inc.)
- 8.8.1Company Overview
- 8.8.2Financial Analysis
- 8.8.3Segmental and Regional Analysis
- 8.8.4Research & Development Expenses
8.9Interface, Inc.
- 8.9.1Company Overview
8.10.Spectris PLC (HBM)
- 8.10.1Company Overview
- 8.10.2Financial Analysis
- 8.10.3Segmental and Regional Analysis

LIST OF TABLES

TABLE 1North America Torque Sensor Market, 2020 - 2023, USD Million
TABLE 2North America Torque Sensor Market, 2024 - 2031, USD Million
TABLE 3North America Torque Sensor Market, 2020 - 2023, Thousand Units
TABLE 4North America Torque Sensor Market, 2024 - 2031, Thousand Units
TABLE 5North America Torque Sensor Market by Type, 2020 - 2023, USD Million
TABLE 6North America Torque Sensor Market by Type, 2024 - 2031, USD Million
TABLE 7North America Torque Sensor Market by Type, 2020 - 2023, Thousand Units
TABLE 8North America Torque Sensor Market by Type, 2024 - 2031, Thousand Units
TABLE 9North America Rotary Torque Sensors Market by Country, 2020 - 2023, USD Million
TABLE 10North America Rotary Torque Sensors Market by Country, 2024 - 2031, USD Million
TABLE 11North America Rotary Torque Sensors Market by Country, 2020 - 2023, Thousand Units
TABLE 12North America Rotary Torque Sensors Market by Country, 2024 - 2031, Thousand Units
TABLE 13North America Reaction Torque Sensors Market by Country, 2020 - 2023, USD Million
TABLE 14North America Reaction Torque Sensors Market by Country, 2024 - 2031, USD Million
TABLE 15North America Reaction Torque Sensors Market by Country, 2020 - 2023, Thousand Units
TABLE 16North America Reaction Torque Sensors Market by Country, 2024 - 2031, Thousand Units
TABLE 17North America Torque Sensor Market by Application, 2020 - 2023, USD Million
TABLE 18North America Torque Sensor Market by Application, 2024 - 2031, USD Million
TABLE 19North America Torque Sensor Market by Application, 2020 - 2023, Thousand Units
TABLE 20North America Torque Sensor Market by Application, 2024 - 2031, Thousand Units
TABLE 21North America Automotive Market by Country, 2020 - 2023, USD Million
TABLE 22North America Automotive Market by Country, 2024 - 2031, USD Million
TABLE 23North America Automotive Market by Country, 2020 - 2023, Thousand Units
TABLE 24North America Automotive Market by Country, 2024 - 2031, Thousand Units
TABLE 25North America Aerospace & Defense Market by Country, 2020 - 2023, USD Million
TABLE 26North America Aerospace & Defense Market by Country, 2024 - 2031, USD Million
TABLE 27North America Aerospace & Defense Market by Country, 2020 - 2023, Thousand Units
TABLE 28North America Aerospace & Defense Market by Country, 2024 - 2031, Thousand Units
TABLE 29North America Test & Measurement Market by Country, 2020 - 2023, USD Million
TABLE 30North America Test & Measurement Market by Country, 2024 - 2031, USD Million
TABLE 31North America Test & Measurement Market by Country, 2020 - 2023, Thousand Units
TABLE 32North America Test & Measurement Market by Country, 2024 - 2031, Thousand Units
TABLE 33North America Industrial Market by Country, 2020 - 2023, USD Million
TABLE 34North America Industrial Market by Country, 2024 - 2031, USD Million
TABLE 35North America Industrial Market by Country, 2020 - 2023, Thousand Units
TABLE 36North America Industrial Market by Country, 2024 - 2031, Thousand Units
TABLE 37North America Others Market by Country, 2020 - 2023, USD Million
TABLE 38North America Others Market by Country, 2024 - 2031, USD Million
TABLE 39North America Others Market by Country, 2020 - 2023, Thousand Units
TABLE 40North America Others Market by Country, 2024 - 2031, Thousand Units
TABLE 41North America Torque Sensor Market by Technology, 2020 - 2023, USD Million
TABLE 42North America Torque Sensor Market by Technology, 2024 - 2031, USD Million
TABLE 43North America Torque Sensor Market by Technology, 2020 - 2023, Thousand Units
TABLE 44North America Torque Sensor Market by Technology, 2024 - 2031, Thousand Units
TABLE 45North America Strain Gauge Market by Country, 2020 - 2023, USD Million
TABLE 46North America Strain Gauge Market by Country, 2024 - 2031, USD Million
TABLE 47North America Strain Gauge Market by Country, 2020 - 2023, Thousand Units
TABLE 48North America Strain Gauge Market by Country, 2024 - 2031, Thousand Units
TABLE 49North America Magnetoelastic Market by Country, 2020 - 2023, USD Million
TABLE 50North America Magnetoelastic Market by Country, 2024 - 2031, USD Million
TABLE 51North America Magnetoelastic Market by Country, 2020 - 2023, Thousand Units
TABLE 52North America Magnetoelastic Market by Country, 2024 - 2031, Thousand Units
TABLE 53North America Surface Acoustic Wave Market by Country, 2020 - 2023, USD Million
TABLE 54North America Surface Acoustic Wave Market by Country, 2024 - 2031, USD Million
TABLE 55North America Surface Acoustic Wave Market by Country, 2020 - 2023, Thousand Units
TABLE 56North America Surface Acoustic Wave Market by Country, 2024 - 2031, Thousand Units
TABLE 57North America Others Market by Country, 2020 - 2023, USD Million
TABLE 58North America Others Market by Country, 2024 - 2031, USD Million
TABLE 59North America Others Market by Country, 2020 - 2023, Thousand Units
TABLE 60North America Others Market by Country, 2024 - 2031, Thousand Units
TABLE 61North America Torque Sensor Market by Country, 2020 - 2023, USD Million
TABLE 62North America Torque Sensor Market by Country, 2024 - 2031, USD Million
TABLE 63North America Torque Sensor Market by Country, 2020 - 2023, Thousand Units
TABLE 64North America Torque Sensor Market by Country, 2024 - 2031, Thousand Units
TABLE 65US Torque Sensor Market, 2020 - 2023, USD Million
TABLE 66US Torque Sensor Market, 2024 - 2031, USD Million
TABLE 67US Torque Sensor Market, 2020 - 2023, Thousand Units
TABLE 68US Torque Sensor Market, 2024 - 2031, Thousand Units
TABLE 69US Torque Sensor Market by Type, 2020 - 2023, USD Million
TABLE 70US Torque Sensor Market by Type, 2024 - 2031, USD Million
TABLE 71US Torque Sensor Market by Type, 2020 - 2023, Thousand Units
TABLE 72US Torque Sensor Market by Type, 2024 - 2031, Thousand Units
TABLE 73US Torque Sensor Market by Application, 2020 - 2023, USD Million
TABLE 74US Torque Sensor Market by Application, 2024 - 2031, USD Million
TABLE 75US Torque Sensor Market by Application, 2020 - 2023, Thousand Units
TABLE 76US Torque Sensor Market by Application, 2024 - 2031, Thousand Units
TABLE 77US Torque Sensor Market by Technology, 2020 - 2023, USD Million
TABLE 78US Torque Sensor Market by Technology, 2024 - 2031, USD Million
TABLE 79US Torque Sensor Market by Technology, 2020 - 2023, Thousand Units
TABLE 80US Torque Sensor Market by Technology, 2024 - 2031, Thousand Units
TABLE 81Canada Torque Sensor Market, 2020 - 2023, USD Million
TABLE 82Canada Torque Sensor Market, 2024 - 2031, USD Million
TABLE 83Canada Torque Sensor Market, 2020 - 2023, Thousand Units
TABLE 84Canada Torque Sensor Market, 2024 - 2031, Thousand Units
TABLE 85Canada Torque Sensor Market by Type, 2020 - 2023, USD Million
TABLE 86Canada Torque Sensor Market by Type, 2024 - 2031, USD Million
TABLE 87Canada Torque Sensor Market by Type, 2020 - 2023, Thousand Units
TABLE 88Canada Torque Sensor Market by Type, 2024 - 2031, Thousand Units
TABLE 89Canada Torque Sensor Market by Application, 2020 - 2023, USD Million
TABLE 90Canada Torque Sensor Market by Application, 2024 - 2031, USD Million
TABLE 91Canada Torque Sensor Market by Application, 2020 - 2023, Thousand Units
TABLE 92Canada Torque Sensor Market by Application, 2024 - 2031, Thousand Units
TABLE 93Canada Torque Sensor Market by Technology, 2020 - 2023, USD Million
TABLE 94Canada Torque Sensor Market by Technology, 2024 - 2031, USD Million
TABLE 95Canada Torque Sensor Market by Technology, 2020 - 2023, Thousand Units
TABLE 96Canada Torque Sensor Market by Technology, 2024 - 2031, Thousand Units
TABLE 97Mexico Torque Sensor Market, 2020 - 2023, USD Million
TABLE 98Mexico Torque Sensor Market, 2024 - 2031, USD Million
TABLE 99Mexico Torque Sensor Market, 2020 - 2023, Thousand Units
TABLE 100Mexico Torque Sensor Market, 2024 - 2031, Thousand Units
TABLE 101Mexico Torque Sensor Market by Type, 2020 - 2023, USD Million
TABLE 102Mexico Torque Sensor Market by Type, 2024 - 2031, USD Million
TABLE 103Mexico Torque Sensor Market by Type, 2020 - 2023, Thousand Units
TABLE 104Mexico Torque Sensor Market by Type, 2024 - 2031, Thousand Units
TABLE 105Mexico Torque Sensor Market by Application, 2020 - 2023, USD Million
TABLE 106Mexico Torque Sensor Market by Application, 2024 - 2031, USD Million
TABLE 107Mexico Torque Sensor Market by Application, 2020 - 2023, Thousand Units
TABLE 108Mexico Torque Sensor Market by Application, 2024 - 2031, Thousand Units
TABLE 109Mexico Torque Sensor Market by Technology, 2020 - 2023, USD Million
TABLE 110Mexico Torque Sensor Market by Technology, 2024 - 2031, USD Million
TABLE 111Mexico Torque Sensor Market by Technology, 2020 - 2023, Thousand Units
TABLE 112Mexico Torque Sensor Market by Technology, 2024 - 2031, Thousand Units
TABLE 113Rest of North America Torque Sensor Market, 2020 - 2023, USD Million
TABLE 114Rest of North America Torque Sensor Market, 2024 - 2031, USD Million
TABLE 115Rest of North America Torque Sensor Market, 2020 - 2023, Thousand Units
TABLE 116Rest of North America Torque Sensor Market, 2024 - 2031, Thousand Units
TABLE 117Rest of North America Torque Sensor Market by Type, 2020 - 2023, USD Million
TABLE 118Rest of North America Torque Sensor Market by Type, 2024 - 2031, USD Million
TABLE 119Rest of North America Torque Sensor Market by Type, 2020 - 2023, Thousand Units
TABLE 120Rest of North America Torque Sensor Market by Type, 2024 - 2031, Thousand Units
TABLE 121Rest of North America Torque Sensor Market by Application, 2020 - 2023, USD Million
TABLE 122Rest of North America Torque Sensor Market by Application, 2024 - 2031, USD Million
TABLE 123Rest of North America Torque Sensor Market by Application, 2020 - 2023, Thousand Units
TABLE 124Rest of North America Torque Sensor Market by Application, 2024 - 2031, Thousand Units
TABLE 125Rest of North America Torque Sensor Market by Technology, 2020 - 2023, USD Million
TABLE 126Rest of North America Torque Sensor Market by Technology, 2024 - 2031, USD Million
TABLE 127Rest of North America Torque Sensor Market by Technology, 2020 - 2023, Thousand Units
TABLE 128Rest of North America Torque Sensor Market by Technology, 2024 - 2031, Thousand Units
TABLE 129Key Information - Datum Electronics Ltd.
TABLE 130Key Information - Honeywell International, Inc.
TABLE 131Key Information - ABB Ltd.
TABLE 132key information - Amphenol Corporation
TABLE 133Key Information - Sensor Technology Ltd.
TABLE 134Key Information - FUTEK Advanced Sensor Technology, Inc.
TABLE 135Key information -TE Connectivity Ltd.
TABLE 136Key Information - ATI Industrial Automation, Inc.
TABLE 137Key Information - Interface, Inc.
TABLE 138key information - Spectris PLC

North America Torque Sensor Market Size, Share & Trends Analysis Report By Type, By Application, By Technology (Strain Gauge, Magnetoelastic, Surface Acoustic Wave, and Others), By Country and Growth Forecast, 2024 - 2031