Automobile Oxygen Sensor Market Report 2024

The automobile oxygen sensor market size has grown strongly in recent years. It will grow from $6.21 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to heightened awareness of environmental concerns, increased automotive production, a growing number of vehicle models, rising fuel prices, and a rise in electric vehicle production.

The automobile oxygen sensor market size is expected to see strong growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the increasing demand for advanced emission control systems, rising need for performance optimization in luxury vehicles, growing investment in research and development, a higher prevalence of fuel-efficient and hybrid technologies, and expanding global automotive sales. Major trends in this period include technological advancements, integration of advanced diagnostic systems, adoption of lightweight materials, development of long-lasting sensors, and the use of multi-sensor systems.

The anticipated increase in vehicle production is projected to drive growth in the automobile oxygen sensor market. Vehicle production involves the manufacturing of vehicles from initial design through to final assembly and delivery. This rise in vehicle production is attributed to growing consumer demand, economic expansion, supportive government policies, and expanding global markets. Automobile oxygen sensors are crucial in vehicle production, as they ensure optimal engine performance, fuel efficiency, and emissions control by monitoring oxygen levels in the exhaust gases. This monitoring helps in calibrating the air-fuel mixture and meeting regulatory standards. For example, in May 2023, the European Automobile Manufacturers Association, a Belgium-based trade association, reported that approximately 85.4 million motor vehicles were produced globally in 2022, reflecting a 5.7% increase from 2021. Thus, the increase in vehicle production is expected to drive the growth of the automobile oxygen sensor market.

Leading companies in the automobile oxygen sensor market are focusing on developing innovative products, such as OBD2 code readers, to enhance their offerings and maintain competitiveness. An OBD2 code reader is a diagnostic tool that connects to a vehicle's On-Board Diagnostics (OBD) system, which monitors and manages various vehicle performance, emissions, and other critical functions. For instance, in January 2024, Diabit, a China-based automotive diagnostic tool manufacturer, launched the B25 on-board diagnostics OBD2 code reader. This advanced device features wireless connectivity via Bluetooth 4.0, enabling users to easily access diagnostic data and trouble codes from the vehicle's OBD2 port. Notable features include I/M readiness status for emissions testing and live sensor data monitoring, covering oxygen sensors, coolant temperature, and fuel system performance. The B25 enhances vehicle diagnostics with its seamless wireless functionality and comprehensive data access.

In September 2023, Process Sensing Technologies, a UK-based producer of monitoring instruments and systems, acquired Sensore Electronic GmbH for an undisclosed amount. This acquisition aims to expand Process Sensing Technologies' portfolio of advanced sensing and monitoring solutions, enhance its technological capabilities, and strengthen its market position by integrating Sensore Electronic GmbH’s expertise in high-precision sensors and instrumentation. Sensore Electronic, based in Austria, specializes in the manufacturing of zirconia oxygen sensors.

Major companies operating in the automobile oxygen sensor market are Bosch Automotive Parts Inc., Hitachi Automotive Systems Ltd., Denso Corporation, Continental AG, Francisco Albero SAU, Mitsubishi Electric Corporation, Honeywell International Inc., Valeo, Kyocera Corporation, TE Connectivity Ltd., BorgWarner Inc., Analog Devices Inc., Fujikura Ltd., NGK Spark Plug Co. Ltd., Delphi Technologies, Yokogawa Electric Corporation, Standard Motor Products Inc., KEMET Corporation, CTS Corporation, Pricol Limited, Federal-Mogul Corporation, Honeywell International Inc., Walker Products Inc., SJ Automotive Co. Ltd., Ceradex Corporation.

North America was the largest region in the automobile oxygen sensor market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automobile oxygen sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Automobile oxygen sensors, commonly known as O2 sensors, are electronic devices that measure the level of oxygen in the exhaust gases of internal combustion engines. They are used primarily in the automotive industry to optimize engine performance and reduce emissions by adjusting the air-to-fuel ratio for better catalytic converter efficiency and ensuring its proper function.

The main types of automobile oxygen sensors include zirconia sensors, wideband zirconia sensors, and titania sensors. A zirconia sensor is an electrochemical device that measures oxygen concentration in gases. It uses zirconium dioxide to produce a voltage output based on the difference in oxygen levels between the exhaust gas and the surrounding air. These sensors are typically located in the catalytic converter and exhaust manifold, and are used in both gasoline-fueled and diesel-fueled vehicles. They are distributed through various sales channels such as original equipment manufacturers, original equipment suppliers, and independent automotive suppliers. The end users include passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

The automobile oxygen sensor market research report is one of a series of new reports that provides automobile oxygen sensor market statistics, including automobile oxygen sensor industry global market size, regional shares, competitors with an automobile oxygen sensor market share, detailed automobile oxygen sensor market segments, market trends and opportunities, and any further data you may need to thrive in the automobile oxygen sensor industry. This automobile 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 automobile oxygen sensor market consists of sales of heated oxygen sensors, lambda sensors, digital oxygen sensors and dual-function 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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