Automotive Oxygen Sensor Market is Anticipated to Grow (part 2)
Application Insights
In terms of application, the global automotive oxygen sensor market is segmented into Passenger Cars and Commercial Vehicles. The passenger cars segment is expected to account for the largest market share during the forecasted period. There has been an increase in luxury and sports car sales worldwide due to which the passenger car segment is expected to propel during the forecast period.
Sales Channel Insights
On the basis of sales channel, the automotive oxygen sensor can be characterized into original equipment manufacturer (OEM) and aftermarket. The production of oxygen sensors involves numerous major companies on the global level. To replace the oxygen sensor and lower the cost of replacement, the majority of buyers favor local manufacturers. Therefore, the aftermarket segment is expected to dominate the market during the forecast period.
Regional Insights
In terms of region, Asia pacific is anticipated to hold a major market during the forecast period, due to the high acceptance rate of automotive oxygen sensors and the increasing automotive sector leading to increased production of vehicles with automotive oxygen sensors, especially in India and China. Strong auto industry production and sales, new laws requiring the use of technology to increase safety and reduce pollution, and rising demand for high-end, feature-packed vehicles in developing nations like China and India are driving the growth of the market in the region.
Due to increased public transportation compared to personal transportation in the coming years, Latin America is an expanding market for automobile oxygen sensors. Over the stipulated time period, the Middle East and Africa are expected to develop at a faster rate in the global automotive oxygen sensors market over the projected period.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: Fujikura Ltd, Robert Bosch, and NGK SPARK PLUGS PVT. LTD, Pricol Ltd, Continental AG, HELLA GmbH & Co. KGaA, DENSO EUROPE, Spectra Premium, and Others. Prominent players operating in the market experiences intense competition owing to the presence of a large number of players on a global scale. Further, the inorganic strategies adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.
In 2021, DENSO expanded its line of first-time fit oxygen sensors. The company increased its product line to 1,362 part numbers and continues to lead the industry with its high-quality oxygen sensors covering 99% of vehicles made in the U.S., Europe, and Asia.
In 2021, Napino Auto & Electronics Ltd, a leading automotive component designing & manufacturing company, announced a partnership with Kerdea Technologies Inc. Under the licensing agreement between Korea and Napino, the technology will be transferred to Napino. The requirements of the Indian automobile industry will be met by oxygen sensors owing to the adoption of BS-6 and the upcoming OBD2 standards.
In 2020, NGK Spark Plugs India Private Limited invested nearly Rs 100 crores in setting up an additional oxygen sensor division in its Bawal Plant to strengthen the production capacity of automotive components. In the new division, the company will produce high-quality oxygen sensors for 2-wheeler vehicles.
