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Automotive Oxygen Sensor Market 2024 - Trend Analysis, Industry Growth, Key Players, Growth Opportunities And Outlook By 2033
Automotive Oxygen Sensor Market
As per the report, 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 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%.
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Rising Vehicle Production Fuels Growth In The Automotive Oxygen Sensor Market
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.
Strategic Partnerships Drive Innovation In The Automotive Oxygen Sensor Market
Major companies operating in the automotive oxygen sensor market are focusing on strategic partnership approaches to sustain their position in the market. A strategic partnership involves a collaborative agreement between two or more companies to leverage their individual strengths and resources to achieve mutual goals and enhance their competitive advantage. For instance, in December 2021, Napino Auto & Electronics Ltd., an India-based automotive component designing and manufacturing company, partnered with Kerdea Technologies Inc., a US-based manufacturer of oxygen sensors. The partnership will see the transfer of Kerdea's resistive oxygen sensor technology to Napino. The oxygen sensors will cater to the needs of the Indian automobile industry in the BSVI regime and the upcoming OBD2 norms. Kerdea's technology helps reduce emission levels and increase fuel efficiency, offering a significant cost advantage. It allows detection and control of engine misfires and has higher reliability with full 360-degree mounting flexibility.
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
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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.
Contents of the report:
1. Executive Summary
2. Automotive Oxygen Sensor Market Report Structure
3. Automotive Oxygen Sensor Market Trends And Strategies
4. Automotive Oxygen Sensor Market - Macro Economic Scenario
5. Automotive Oxygen Sensor Market Size And Growth
…..
27. Automotive Oxygen Sensor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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