Automotive Oxygen Sensor Market Report 2024

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%. During the historic period, growth can be attributed to several factors including heightened focus on fuel economy, increasing consumer awareness, expansion of the automotive manufacturing sector, the popularity of diesel engines, and strategic partnerships and collaborations.

The automotive oxygen sensor market size is expected to see strong growth in the next few years. It will grow to $11.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. In the forecast period, growth can be attributed to the expansion of hybrid vehicles, the emergence of autonomous vehicles, integration of Internet of Things (IoT) and artificial intelligence (AI) technologies, increased focus on vehicle health monitoring, and sustainability initiatives. Key trends expected in this period include higher adoption rates of wideband oxygen sensors, advancements in sensor materials and manufacturing techniques, a trend towards integrated sensor solutions, growth within the commercial vehicle segment, and rising consumer demand for cleaner technologies.

The automotive oxygen sensor market is poised for growth, driven by the increasing production of vehicles worldwide. This growth is primarily fueled by rising global demand for transportation and economic expansion. Automotive oxygen sensors play a crucial role in vehicle production, monitoring and optimizing fuel efficiency as well as emissions control. For example, in May 2023, the European Automobile Manufacturers Association reported a significant uptick in global motor vehicle production to 85.4 million units in 2022, marking a notable 5.7% increase from the previous year. This surge underscores the pivotal role of rising vehicle production in propelling the automotive oxygen sensor market forward.

Leading companies in the automotive oxygen sensor market are adopting strategic partnership strategies to strengthen their market position. These partnerships involve collaborative agreements between companies to leverage their respective strengths and resources, aiming to achieve mutual goals and enhance their competitive edge. For instance, in December 2021, Napino Auto & Electronics Ltd., an India-based automotive component manufacturer, entered into a partnership with Kerdea Technologies Inc., a US-based oxygen sensor manufacturer. This collaboration involves the transfer of Kerdea's advanced resistive oxygen sensor technology to Napino. The sensors are tailored for the Indian automobile industry under the BSVI regime and upcoming OBD2 norms, offering benefits such as reduced emissions, improved fuel efficiency, and enhanced reliability with flexible mounting options.

In July 2023, Niterra Co. Ltd., a Japan-based automotive firm, acquired DENSO Corporation's business operations related to spark plug and exhaust gas sensor products, including oxygen sensors and air-fuel ratio sensors. This acquisition is expected to broaden Niterra's product portfolio in the spark plug and exhaust gas sensor markets, potentially boosting its market share and revenue. DENSO Corporation, also based in Japan, is renowned for manufacturing automotive components.

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.

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.

The countries covered in the automotive oxygen sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An automotive oxygen sensor is positioned within a vehicle's exhaust system to monitor oxygen levels in the exhaust gases. This data is transmitted to the engine control unit (ECU), enabling adjustments to the air-fuel mixture for optimized combustion efficiency, reduced emissions, and enhanced fuel economy.

The primary types of automotive oxygen sensors include binary exhaust gas oxygen sensors and universal exhaust gas oxygen sensors. Binary sensors, also known as narrowband O2 sensors, function by toggling between rich and lean states. These sensors are prevalent in older vehicle models and play a critical role in maintaining basic engine efficiency and emissions control. Available in designs such as ginger and planar, they are distributed through various channels including original equipment manufacturers (OEM), original equipment suppliers (OES), and independent automotive suppliers (IAS). Widely applicable in both gasoline and diesel vehicles, these sensors serve diverse end users such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

The automotive oxygen sensor market research report is one of a series of new reports that provides automotive oxygen sensor market statistics, including automotive oxygen sensor industry global market size, regional shares, competitors with an automotive oxygen sensor market share, detailed automotive oxygen sensor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive oxygen sensor industry. This automotive oxygen sensor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive oxygen sensor market consists of sales of dual-cell oxygen sensors, heated oxygen sensors (HO2S), and thimble-type oxygen sensors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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