Overview and Scope
An automotive oxygen sensor is a device located in the exhaust system of a vehicle that monitors the oxygen levels in the exhaust gases. This information is sent to the engine control unit (ECU), allowing it to adjust the air-fuel mixture for optimal combustion efficiency, reduced emissions, and improved fuel economy.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The automotive oxygen sensor market report table of contents includes:
1. Executive Summary
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