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Automobile Oxygen Sensor Global Market Report 2024 Market Insights, Forecast, Growth, Trends 2024-2033
Automobile Oxygen Sensor Global Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Automobile Oxygen Sensor Market 2024 Key Insights:
• 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%.
• Growth Of The Automobile Oxygen Sensor Market Driven By Increasing Vehicle Production
• Diabit Launches Bluetooth-Enabled OBD2 Code Reader With Advanced Oxygen Sensor Diagnostics
• North America was the largest region in the automobile oxygen sensor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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