Narrow Domain Automotive Oxygen Sensor Market is Expected to Grow at a Lucrative Pace by 2028
Automotive oxygen sensors are sensors located in the exhaust system of automotive vehicles, that monitor the amount of oxygen present in the exhaust gases, that are leaving the engines of the vehicles. As the amount of oxygen leaving the engine is monitored, the unburnt oxygen amount can be determined, by these sensors, which are sent to the computer system of the engines, to determine the exact air-to-fuel (A/F) ratio for the engines. An appropriate A/F ratio enhances the efficiency of fuel injection and engine timing. Narrow Domain Automotive Oxygen Sensors measure A/F ratio over a narrow range, between 14:1 to 15:1 A/F ratio.
Rising automotive production volume, rapid urbanization rate, enhanced lifestyle standards, and increased demand for vehicle safety are some of the key factors that are augmenting the growth of the narrow domain automotive oxygen sensor market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns, forcing people to stay indoors to prevent the spread of the virus. Due to this, the demand, revenue, and supply chain of the automotive industry were disrupted. This, in turn, halted the expansion of the narrow domain automotive oxygen sensor market.
Globally, North America is dominating the narrow domain automotive oxygen sensor market and this dominance can be attributed to the increased expenditure power and enhanced demand for automotive vehicles, in the region. Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the economic growth and development, increased disposable incomes, and surging automotive industry in the region. Because of their enormous populations, Asia-Pacific countries may be the best place to build a fully functioning market. However, because of its climatic-driven restrictions, Europe, as an area of most developed countries, appears to be lagging behind in the survey.
Some of the major players operating in the global narrow domain automotive oxygen sensor market are NGK Spark Plugs Co. Ltd., Robert Bosch GmbH, Denso Corporation, Aptiv Plc, Hyundai Kefico Corporation, Volks Elektronik Co. Ltd., Pale International Co. Ltd., Pucheng Sensors Co. Ltd., and Trans Automotive Electronics Co. Ltd. among others.