The automobile oxygen sensor global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automobile Oxygen Sensor Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 increasing awareness of environmental issues, increasing automotive production, growth in the number of vehicle models, rise in fuel prices, and growth 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 growing demand for advanced emission control systems, rising demand for performance optimization in luxury vehicles, growing investment in research and development, rising prevalence of fuel-efficient and hybrid technologies, and growing global automotive sales. Major trends in the forecast period include technological advancements, integration of advanced diagnostic systems, adoption of lightweight materials, long-lasting sensors, and adoption of multi-sensor systems.
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Scope Of Automobile 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.
Automobile Oxygen Sensor Market Overview
Market Drivers –
The increasing vehicle production is expected to drive the growth of the automobile oxygen sensor market. Vehicle production refers to manufacturing vehicles, from initial design to final assembly and delivery. The increase in vehicle production is due to rising consumer demand, economic growth, supportive government policies, and expanding global markets. Automobile oxygen sensors are used in vehicle production to ensure optimal engine performance, fuel efficiency, and emissions control by monitoring the oxygen levels in the exhaust gases, which helps calibrate the air-fuel mixture and meet regulatory standards. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based trade association, around 85.4 million motor vehicles were produced globally in 2022, a 5.7% increase from 2021. Therefore, increasing vehicle production is expected to drive the growth of the automobile oxygen sensor market.
Market Trends –
Major companies in the automobile oxygen sensor market are focused on developing innovative products, such as OBD2 code reader, to enhance their product offerings and stay competitive. An OBD2 code reader is a diagnostic tool that interfaces with a vehicle’s On-Board Diagnostics (OBD) system. This system monitors and controls various aspects of the vehicle’s performance, emissions, and other critical functions. For instance, in January 2024, Diabit, a China-based automotive diagnostic tool manufacturing company, introduced the B25 on-board diagnostics OBD2 code reader. This advanced device offers wireless connectivity via Bluetooth 4.0, allowing users to easily access diagnostic data and trouble codes from their vehicle’s OBD2 port. Key features include I/M readiness status for emissions testing and live sensor data monitoring, including information on oxygen sensors, coolant temperature, and fuel system performance. The B25 enhances vehicle diagnostics with its seamless wireless functionality and comprehensive data access.
The automobile oxygen sensor market covered in this report is segmented –
1) By Product Type: Zirconia Sensor, Wideband Zirconia Sensor, Titania Sensor
2) By Location: Catalytic Converter, Exhaust Manifold
3) By Application: Gasoline Fueled Vehicle, Diesel-Fueled Vehicle
4) By Sales Channel: Original Equipment Manufacturers, Original Equipment Suppliers, Independent Automotive Suppliers
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 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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Automobile Oxygen Sensor Market Characteristics
3. Automobile Oxygen Sensor Market Trends And Strategies
4. Automobile Oxygen Sensor Market – Macro Economic Scenario
5. Global Automobile Oxygen Sensor Market Size and Growth
….
32. Global Automobile Oxygen Sensor Market Competitive Benchmarking
33. Global Automobile Oxygen Sensor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automobile Oxygen Sensor Market
35. Automobile Oxygen Sensor Market Future Outlook and Potential Analysis
36. Appendix
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