Report Description Table of Contents The magneto-elastic torque sensor market in 2023 was worth USD 2.12 billion and is expected to be worth USD 3.22 billion by 2030, expanding at a CAGR of 5.4% during the forecast period. The main driving force for the magneto-elastic torque sensor is the increasing need for accurate torque sensing in automotive, aerospace, and industrial applications. In recent years, the development of electric vehicles (EVs) has greatly relied on accurate torque measurement for motor performance optimization or energy efficiency and vehicle safety purposes. For instance, the global shift towards electric powertrains, with sales of EVs expected to account for 30% of new car sales by 2030, is increasing the adoption of magneto-elastic torque sensors, which offer non-contact and highly accurate torque measurements. An example of this growth is in Formula E racing, where these sensors are utilized to quantifiably capture torque of high-powered electric motors for efficiency of energy usage during the races. Likewise, the industrial sector incorporates magneto-elastic torque sensors in robotics and machinery applications since torque control plays a crucial role in optimizing automation. The magneto-elastic torque sensor market holds massive potential for the market and plenty of growth opportunities, including in the emerging EVs and renewable energy markets. As electric vehicle production is likely to rise to 30 million units per year by 2030, demands for high-accuracy torque sensors in powertrains and motors are escalating. These applications include non-contact and real-time measurements that can be effectively implemented using magneto-elastic sensors, thus enabling the enhancement of energy efficiency, as well as the overall motor performance. A recent example includes the use of these sensors in wind turbines where they help monitor torque to increase efficiency and reduce mechanical faults. As smart grids and renewables are becoming essential in today’s demand, the utilization of magneto-elastic torque sensors in monitoring systems offers valuable data to advance performance. This application shows that magneto-elastic sensors can also be used in the renewable energy sector in addition to automobile and industrial applications. Market Segmentation By Type: Rotary Torque Sensors Static Torque Sensors By Application: Automotive Aerospace Industrial Automation Robotics Renewable Energy (Wind Turbines, Solar Tracking) Healthcare and Medical Devices Marine and Offshore By Technology: Contactless Sensing Strain Gauge-Based Sensing By End-Use Industry: Automotive and Transportation Energy and Power Aerospace and Defense Healthcare Industrial Manufacturing Robotics By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA Europe is the dominating region in the magneto-elastic torque sensor market, driven by its strong presence in automotive manufacturing, particularly in countries like Germany and France. Europe’s leadership in the electric vehicle (EV) market, where sales are expected to account for over 50% of total vehicle sales by 2030, has significantly increased the demand for torque sensors in EV powertrain applications. The region's focus on precision engineering and renewable energy systems further propels the adoption of magneto-elastic torque sensors. A recent development includes the use of these sensors in wind turbine technology across Europe, where countries like Germany and Denmark are leading in renewable energy projects. Magneto-elastic torque sensors are being utilized to monitor and optimize turbine efficiency, highlighting Europe's commitment to integrating advanced sensing technologies in both automotive and energy sectors. This regional focus on innovation and sustainability continues to drive the market forward. Key Players Honeywell International Inc. ABB Ltd. HBM (Hottinger Baldwin Messtechnik GmbH) Sensor Technology Ltd. Methode Electronics Kistler Group TE Connectivity Futek Advanced Sensor Technology, Inc. Transense Technologies PLC MagCanica, Inc. Frequently Asked Question About This Report . Table of Contents 1. MAGNETO-ELASTIC TORQUE SENSOR MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. MAGNETO-ELASTIC TORQUE SENSOR MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – MAGNETO-ELASTIC TORQUE SENSOR MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Type and End Use Outlook Analysis 4. HISTORIC TRENDS IN MAGNETO-ELASTIC TORQUE SENSOR MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA MAGNETO-ELASTIC TORQUE SENSOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America Magneto-Elastic Torque Sensor Historical Market ($MILLION), (2017 – 2023) 6.2. North America Magneto-Elastic Torque Sensor Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 6.3.1. Rotary Torque Sensors 6.3.2. Static Torque Sensors 6.4. North America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Technology 6.4.1. Contactless Sensing 6.4.2. Strain Gauge-Based Sensing 6.5. North America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.5.1. Automotive 6.5.2. Aerospace 6.5.3. Industrial Automation 6.5.4. Robotics 6.5.5. Renewable Energy (Wind Turbines, Solar Tracking) 6.5.6. Healthcare and Medical Devices 6.5.7. Marine and Offshore 6.6. North America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use 6.6.1. Automotive and Transportation 6.6.2. Energy and Power 6.6.3. Aerospace and Defense 6.6.4. Healthcare 6.6.5. Industrial Manufacturing 6.6.6. Robotics 6.7. North America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA MAGNETO-ELASTIC TORQUE SENSOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE MAGNETO-ELASTIC TORQUE SENSOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe Magneto-Elastic Torque Sensor Historical Market ($MILLION), (2017 – 2023) 8.2. Europe Magneto-Elastic Torque Sensor Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 8.4. Europe Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Technology 8.5. Europe Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.6. Europe Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use 8.7. Europe Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC MAGNETO-ELASTIC TORQUE SENSOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC Magneto-Elastic Torque Sensor Historical Market ($MILLION), (2017 – 2023) 9.2. APAC Magneto-Elastic Torque Sensor Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 9.4. APAC Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Technology 9.5. APAC Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.6. APAC Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use 9.7. APAC Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA MAGNETO-ELASTIC TORQUE SENSOR MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America Magneto-Elastic Torque Sensor Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America Magneto-Elastic Torque Sensor Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Type 10.4. Latin America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Technology 10.5. Latin America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.6. Latin America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By End-Use 10.7. Latin America Magneto-Elastic Torque Sensor Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. Honeywell International Inc. 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. ABB Ltd. 11.3. HBM (Hottinger Baldwin Messtechnik GmbH) 11.4. Sensor Technology Ltd. 11.5. Methode Electronics 11.6. Kistler Group 11.7. TE Connectivity 11.8. OTHER MARKET PLAYERS