Market Size –
The automotive oxygen sensor market size has grown strongly in recent years. It will grow from $7.83 billion in 2023 to $8.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing focus on fuel economy, growing consumer awareness, expansion of automotive manufacturing, the rise of diesel engines, partnerships, and collaborations.
The automotive oxygen sensor market size is expected to see strong growth in the next few years. It will grow to $11.40 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growth in hybrid vehicles, a rise of autonomous vehicles, integration of Internet of Things (IoT) and artificial intelligence (AI) technologies, focus on vehicle health monitoring, and sustainability initiatives. Major trends in the forecast period include increased adoption of wideband oxygen sensors, advancements in sensor materials and manufacturing, a shift towards integrated sensor solutions, growth in the commercial vehicle segment, and consumer demand for cleaner technologies.
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Scope Of Automotive Oxygen Sensor Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Oxygen Sensor Market Overview
Market Drivers –
Rising vehicle production is expected to propel the growth of the automotive oxygen sensor market going forward. The rising production of vehicles is primarily driven by increasing global demand for transportation and economic growth. Automotive oxygen sensors are essential components used in vehicle production to monitor and optimize fuel efficiency and emissions control. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Therefore, rising vehicle production is driving the growth of the automotive oxygen sensor market.
Market Trends –
Major companies operating in the automotive oxygen sensor market are focusing on strategic partnership approaches to sustain their position in the market. A strategic partnership involves a collaborative agreement between two or more companies to leverage their individual strengths and resources to achieve mutual goals and enhance their competitive advantage. For instance, in December 2021, Napino Auto & Electronics Ltd., an India-based automotive component designing and manufacturing company, partnered with Kerdea Technologies Inc., a US-based manufacturer of oxygen sensors. The partnership will see the transfer of Kerdea’s resistive oxygen sensor technology to Napino. The oxygen sensors will cater to the needs of the Indian automobile industry in the BSVI regime and the upcoming OBD2 norms. Kerdea’s technology helps reduce emission levels and increase fuel efficiency, offering a significant cost advantage. It allows detection and control of engine misfires and has higher reliability with full 360-degree mounting flexibility.
The automotive oxygen sensor market covered in this report is segmented –
1) By Product Type: Binary Exhaust Gas Oxygen Sensors, Universal Exhaust Gas Oxygen Sensors
2) By Design Type: Ginger, Planar
3) By Sales Channel: Original Equipment Manufacturer (OEM), Original Equipment Supplier (OES), Independent Automotive Supplier (IAS)
4) By Application: Gasoline Fueled Vehicle, Diesel-Fueled Vehicle
5) By End Use: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
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Regional Insights –
North America was the largest region in the automotive oxygen sensor market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive oxygen sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive oxygen sensor market are The Bosch Group, Hitachi Ltd., DENSO Corporation, Valeo S.A, STMicroelectronics NV, BorgWarner Inc., Hella GmbH And Co. KGaA, AMETEK Inc., Teledyne Technologies, Fujikura Ltd., Niterra Co. Ltd., Standard Motor Products Inc., Sensirion AG, United Automotive Electronic Systems (UAES), Cubic Sensor and Instrument Co.Ltd., Walker Products Inc., City Technology Ltd., Facet S.r.l., Continental Automotive Systems, Hyundai Kefico Corporation, SJG Sejong Co. Ltd., Horiba Ltd.
Table of Contents
1. Executive Summary
2. Automotive Oxygen Sensor Market Report Structure
3. Automotive Oxygen Sensor Market Trends And Strategies
4. Automotive Oxygen Sensor Market – Macro Economic Scenario
5. Automotive Oxygen Sensor Market Size And Growth
…..
27. Automotive Oxygen Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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