LONDON-(BUSINESS WIRE)-The latest market research report by Technavio on the global automotive oxygen sensor market predicts a CAGR of more than 2% during the period 2017-2021.
The report segments the global automotive oxygen sensor market by application (passenger vehicles and commercial vehicles) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive oxygen sensor market according to Technavio automotive researchers:
- Rising penetration of downsized engines: a major market driver
- The passenger vehicle segment dominated the market in 2016 by occupying a market share of close to 83% in 2016
- In 2016, the market was dominated by APAC, which accounted for a share of around 50%.
- Delphi, DENSO, and Robert Bosch are the leading players in the market
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Rising penetration of downsized engines: a major market driver
Rising penetration of downsized engines is one of the major factors driving the global automotive oxygen sensor market. Downsized engines generate high amounts of heat because of lack of proper heat dissipation through constricted engine blocks. Increased amounts of heat would require high-density heat-resistant materials to be used in vehicles. Therefore, oxygen sensors that are used in vehicles with downsized engines should be manufactured with high-density heat-resistant materials to ensure their effectiveness. This will considerably increase the value of automotive oxygen sensors used in these vehicles.
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APAC: largest automotive oxygen sensor market
APAC is witnessing maximum growth in terms of employment and household spending. The rise in spending capabilities and the increase in purchasing power among the population of APAC are factors that are contributing to the rise in sales of passenger cars in the region. The increase in investments in infrastructural development and subsequent requirement of additional commercial vehicles by construction companies for transportation in countries such as China and India are factors that are driving the market for commercial vehicles in APAC.
According to Raj Gaurav Singh, a lead analyst at Technavio for research on automotive electronics, “Rising penetration of fuel injection mode of fuel delivery system in passenger cars and progressing stringency of emission norms being followed in developing countries in APAC such as China, India, and Indonesia are driving the number of automotive oxygen sensors in automobiles during the forecast period. The use of electronic fuel injection systems in fuel delivery systems increases the fuel efficiency of the vehicle and limits the formation of emissions.”
Competitive vendor landscape
The global automotive oxygen sensor market is moderately fragmented. The market is characterized by the presence of well-diversified global and regional vendors. But, as global players are developing technologically advanced systems, regional vendors are finding it difficult to compete with them on aspects such as quality, technology, and product features. The competitive environment in this market is expected to intensify further with the increase in the use of fuel injection systems due to strict emission and fuel economy norms and growing market for automobiles.
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