The global automotive oxygen sensor market is experiencing growth due to several factors, including increase in demand for fuel-efficient vehicles, stringent emission regulations, advancements in sensor technology, and rise in adoption of electric and hybrid vehicles.
PORTLAND, Ore., Aug. 14, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Automobile Oxygen Sensor (Lambda Seneor) Market by Type (Oxygen Sensor, and Dynamic Sensor), Distribution Channel (OEM, and Aftermarket), Vehicle Type (Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the automobile oxygen sensor (lambda seneor) market was valued at $30.5 billion in 2023, and is estimated to reach $50.3 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
Prime Determinants of Growth
Governments worldwide are enforcing stricter emission regulations to combat air pollution and climate change. Organizations such as the EPA in the U.S., the European Environment Agency (EEA), and other regional regulatory bodies impose limits on vehicle emissions. These regulations necessitate the use of advanced oxygen sensors to ensure that vehicles meet the required emission standards, thereby driving demand. Continuous innovation in sensor technology is leading to the development of more accurate, durable, and efficient oxygen sensors. This includes advancements in materials, wideband sensor technology, and integration with vehicle electronics. Enhanced sensor capabilities improve fuel efficiency and emissions control, making them essential for modern vehicles and increasing market adoption. The global automotive industry is experiencing growth, particularly in emerging markets. Higher vehicle production and sales volumes drive the need for more oxygen sensors. As the number of vehicles on the road increases, so does the demand for oxygen sensors, both for original equipment manufacturers (OEMs) and the aftermarket.
Request Sample of the Report on Automobile Oxygen Sensor (Lambda Seneor) Market Forecast 2033: https://www.alliedmarketresearch.com/request-sample/A115329
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2023
$30.5 billion
Market Size in 2033
$50.3 billion
CAGR
5.4 %
No. of Pages in Report
488
Segments Covered
Type, Distribution Channel, Vehicle Type, and Region
Drivers
Increase in consumer preference towards vehicles with advance features
Rise in Vehicle Production
Advancement in Sensor Technology
Opportunities
Expansion of military aircraft fleet
Restraint
High Costs of Advance Sensor
Durability and Maintenance Issues
Procure Complete Report (488 Pages PDF with Insights, Charts, Tables, and Figures):
https://www.alliedmarketresearch.com/checkout-final/automobile-oxygen-sensor-lambda-seneor-market-A115329
Segment Highlights
The oxygen sensor segment is expected to grow faster throughout the forecast period.
By type, the oxygen sensor segment is anticipated to dominate the automotive oxygen sensor market due to oxygen sensors being an essential component of car emission control systems. They monitor the amount of oxygen present in the exhaust gases and provide the engine control unit (ECU) with the information they find. This information aids in the reduction of unwanted emissions such as hydrocarbons (HC), carbon monoxide (CO), and nitrogen oxides (NOx), by modifying the air-fuel mixture for optimal combustion. Oxygen sensors not only reduce pollution but also increase fuel efficiency. They make engines run more efficiently by maintaining the proper air-fuel ratio, which is crucial considering the rising cost of fuel and consumer desire for greater fuel economy.
The aftermarket segment is expected to lead throughout the forecast period.
By distribution channel, the aftermarket segment is anticipated to dominate in the automotive oxygen sensor market due to oxygen sensors being critical components that have a limited lifespan. They need to be replaced periodically to ensure optimal vehicle performance and compliance with emissions regulations. The need for regular replacement drives substantial demand in the aftermarket. Furthermore, as vehicles age, their components, including oxygen sensors, are more likely to fail or degrade. With a significant portion of the global vehicle fleet being older vehicles, the demand for replacement parts, including oxygen sensors, remains high in the aftermarket.
The passenger cars segment is expected to lead throughout the forecast period.
By vehicles type, the passenger cars segment is anticipated to dominate in the automotive oxygen sensor market. Compared to other vehicle types such as commercial trucks or buses, the demand for oxygen sensors for passenger cars is inherently higher due to the fact that there are millions of them on the road globally. Stringent emission regulations are typically more rigorously enforced on passenger cars. These regulations necessitate the use of oxygen sensors to monitor and control exhaust emissions, ensuring compliance with environmental standards. As a result, every passenger car requires at least one oxygen sensor, often more, driving demand.
North America to maintain its dominance by 2032
By region, North America is expected to maintain its dominance in the automotive oxygen sensor market by 2032 owing to North America, particularly the U.S., having stringent emission regulations that require advanced emission control systems in vehicles. These regulations drive the demand for high-quality oxygen sensors to ensure compliance with environmental standards.
To Talk With Our Industry Expert @ https://www.alliedmarketresearch.com/connect-to-analyst/A115329
Key Players:
BBT Automotive Components GmbHBorgWarner Inc.Ceradex CorporationContinental AGDenso CorporationFrancisco Albero SAU.Fujikura LtdHELLA GmbH & Co. KGaANGK Spark Plug Co. LtdRobert Bosch GmbH
The report provides a detailed analysis of these key players in the global automotive oxygen sensor Market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In February 2024, China Southern Airlines and Lufthansa Technik have inked an exclusive eight-year contract, focusing on technical support for the auxiliary power units (APUs) within the Chinese carrier’s A350 fleet, totaling 20 aircraft. Under this long-term agreement, Lufthansa Technik will deliver comprehensive maintenance, repair, and overhaul (MRO) services for the Honeywell HGT1700 in the company’s dedicated APU workshops situated in Hamburg, Germany.In January 2023, Lufthansa Technik AG, and Air France S.A. inked a long-term deal for the technical support of the APUs for the airline’s entire fleet of Airbus A350 aircraft. Lufthansa Technik will provide substantial MRO (maintenance, repair, and overhaul) services for the Honeywell HGT1700 APUs at its Hamburg facility until 2029.In May 2023, Honeywell and MY Airline signed their first contract for APU maintenance on the airline’s fleet of Airbus A320 aircraft. As per the terms of the contract, Honeywell would provide APU maintenance services to MY Airline for its 131-9A APUs, to ensure sustained operational uptime, flight safety, and reliability for its fleet of 22 aircraft.In January 2021, Sichuan Airlines chose Honeywell’s 131-9A auxiliary power units (APUs) for its A320 fleet, marking a significant five-year agreement. Under this deal, Honeywell will supply the 131-9A APU for Sichuan Airline’s upcoming 93 new A320 aircraft, set to be operational by 2025.
Browse More Trending Reports
Cryogenic Liquid Transport Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report, by Vehicle Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032
Autonomous Mobile Robot Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2022-2032
Electric Two-Wheeler Lithium-Ion Battery Management System Market Size, Share, Competitive Landscape and Trend Analysis Report, by Topology, By Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2022-2031
Electric Boat Market Size, Share, Competitive Landscape and Trend Analysis Report, by Propulsion, by Battery Type, by Range, by Power, by Application: Global Opportunity Analysis and Industry Forecast, 2021-2031
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
AMR Resource Center: https://www.alliedmarketresearch.com/resource-center
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/automobile-oxygen-sensor-lambda-seneor-market-to-reach-50-3-billion-globally-by-2033-at-5-4-cagr-allied-market-research-302222125.html
SOURCE Allied Market Research
