The global Automotive Oxygen Sensor market is expected to witness a market value of US$ 6.23 Billion in 2023 and is expected to accumulate a market value of US$ 11.58 Billion by registering a CAGR of 6.4% in the forecast period 2023 to 2033. The market for Automotive Oxygen Sensor market registered a CAGR of 2.5% in the historical period 2018 to 2022. An upsurge in the growth of the consumer demand across the globe for vehicles with advanced features and technologies is one of the major factors that is expected to propel the market growth.
As per Future Market Insights – market research and competitive intelligence provider, the global market value for Automotive Oxygen Sensor has been augmented, owing to the factors such as the increasing population as well as rise in urbanization, which in turn have boosted the need for environmentally suitable conveyance facilities.
There has been an increase witnessed in the consumer demand for vehicles with modern technology and amenities, due to improving levels of living. In addition, the stringent regulations enforced by regulatory agencies on the carbon emissions of automobiles are anticipated to fuel the demand for automotive oxygen sensors during the forecast period. Also, the rising preference for more reliable, safer, and innovative vehicles, as well as increased spending power of consumers are other major factors that are expected to escalate the market growth in the coming time.
Additionally, the growing young population across the world is also projected to contribute to the market growth. Gen-Z and millennials would be the primary focus of automakers, as they are tech-savvy and often want feature-rich products in terms of functions as well as performance. For instance, the market for automotive sensors is highly prolific in India, which is a home to the world's largest youth population, and is consistently emerging as an automotive manufacturing hub for the western automotive industry.
Furthermore, the companies specializing in microelectronics and semiconductors have been continually creating innovative sensor solutions for automotive applications. The advent of more advanced dynamic sensors, such as the ring laser gyroscope sensor, which delivers more precise information to the vehicle control units, is one of the major factors that is projected to accelerate the sales of the automotive oxygen sensor in the forthcoming years.
On the regional end, the automotive oxygen sensor market in Europe is projected to account for the highest share during the forecast period, on the back of increasing requirements for regular maintenance, as well as the need for upgraded accessories and automotive components in the region, to enhance the vehicle performance.
On the other hand, the Asia Pacific automotive oxygen sensor market is expected to account for significant growth rate over the analysis period. As per the UN's Comtrade database, China is among the world's largest car parts suppliers, which exported motor vehicle parts and accessories worth USD 34.8 billion in 2018. Moreover, factors such as the rising sales and production of commercial as well as passenger vehicles, and an increase in sales of diesel and gasoline vehicles are anticipated to stimulate the regional market growth in the near future.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Automotive Oxygen Sensor are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Fujikura, an industry leading telecom supplier in May 2022, announced the launch of FutureAccessTM, the most integrated 28GHz 5G mmWave module for both mobile and fixed wireless infrastructure markets.
Subsequently, in June 2022, Avnet Inc., collaborated with Fujikura Ltd., in order to develop a cutting-edge 5G FR2 phased array antenna development platform for mmWave frequency bands.
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Automotive Oxygen Sensor Market Overview
Automotive oxygen sensor is a device which measure the proportion of oxygen in the exhaust gas, can be found as lambda sensor in the global market. Total life of exhaust system significantly depends on the oxygen sensor, because of improper burning of fuel which can damage the internal components of exhaust system as well as impact the overall performance of the vehicles.
Based on arrangement, automotive oxygen sensor can be arranged before (upstream) or after (downstream) the converter. Most of the vehicles which are designed after 1990 are fitted with automotive oxygen sensor. Commonly, two automotive oxygen sensors are installed in one vehicle. However, the quantity of sensors depends on the vehicle variant or models.
Rising concern for efficiency of vehicles coupled with increasing number of stringent government regulations on the emission of harmful gases is expected to fillip the global demand of automotive oxygen sensor market over the slated time period.
Automotive Oxygen Sensor Market: Dynamics
Rising fleet of automotive vehicles coupled with strict government protocols pertaining to emission control is projected to drive the sales of automotive oxygen sensors over the coming years. Furthermore, rising digitalization in the automotive parts is also one of the major market driver. Moreover, increasing retrofitting of automotive oxygen sensor for old vehicle is projected to create significant opportunities for the stakeholders in the coming years.
Rising adoption of electric vehicles, alternate fuelled vehicles are expected to hamper the global sales of automotive oxygen sensor market over the coming decades. Furthermore, lack of cognizant pertaining to replacement and lifespan of automotive sensor is also projected to supress the global value of automotive oxygen sensor market in future.
Rapidly innovations in the coating materials for automotive oxygen sensors is anticipated to create new paradigms in the global automotive oxygen sensor market. Nowadays, most of the players are using High-Temperature Cofired Ceramic (HTCC) green tapes with oxygen sensors in order to make high strength and log lasting automotive sensors.
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Automotive Oxygen Sensor Market: Regional Outlook
Asia pacific is projected to hold noteworthy share in the global automotive oxygen sensor market as the region has larger share in the passenger car’s production. Europe is expected to follow by Asia Pacific in the global market and Germany is foreseen as the hub for Europe automotive industry.
Latin America is an emerging market for automotive oxygen sensor owing to rising public transport compared to personal transport in the coming years. Middle East and Africa is projected to grow with uptick growth rate in the global automotive oxygen sensors market over the stipulated time period. Although, SUV segment is projected to hold noteworthy command in MEA automotive oxygen sensor market by the end of 2029.
Automotive Oxygen Sensor Market: Key Participants
Some of the market participants in the Automotive Oxygen Sensor market identified across the value chain:
Fujikura Ltd.
Bosch Auto Parts
NGK SPARK PLUG CO., LTD.
Pricol Limited
RAE
Continental AG
Hella KGaA Hueck & Co.
SJ AUTOMOTIVE CO. LTD.
Federal-Mogul
DENSO EUROPE
Wells Vehicle Electronics
Sensirion AG Switzerland
The research report on the Automotive Oxygen Sensor market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Automotive Oxygen Sensor market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to mentioned market segments.
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The report covers exhaustive analysis on
Automotive Oxygen Sensor Market Segments
Automotive Oxygen Sensor Market Dynamics
Automotive Oxygen Sensor Market Size
New Sales of Automotive Oxygen Sensor
Current Trends/Issues/Challenges in the Automotive Oxygen Sensor Market
Competition & Companies Involved in Automotive Oxygen Sensor
New Technology for Automotive Oxygen Sensor
Value Chain of the Automotive Oxygen Sensor Market
Regional analysis includes
North America (The USA, Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, The United Kingdom, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The global Automotive Oxygen Sensor market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
