According to a recent Fact.MR analysis, the global automotive exhaust sensor market will grow at a CAGR of 3.5 percent from 2017 to 2026 in terms of volume. Automotive exhaust sensors are expected to sell for nearly US$ 2,000 million by the end of 2026.
Since the recent past, miniaturisation of integrated circuits has boosted the development of vehicle exhaust sensors. The need for microelectromechanical system (MEMS) sensors, which are tiny versions of standard ICs created using microfabrication technology, has been on the rise. Microfabrication improves the accuracy and reliability of automobile exhaust sensors while also enhancing efficiency, communication capabilities, response time, and robustness.
Automotive Exhaust Sensor Market: 6 Key Projections
- North America is predicted to have the highest sales of automotive exhaust sensors, followed by Europe and Asia-Pacific excluding Japan (APEJ). However, until 2026, sales of vehicle exhaust sensors in Europe would grow at a faster rate than in APEJ and North America.
- The Middle East and Africa, as well as Latin America, are expected to continue to be the fastest-growing markets for vehicle exhaust sensors. In comparison, the Japanese market is expected to grow slowly until 2026.
- Automobile exhaust sensors are expected to be in high demand from both passenger cars and large commercial vehicles, with combined sales of these two vehicle types expected to approach 120,000,000 units by the end of 2026.
- Sales of automotive exhaust sensors in passenger cars, heavy commercial vehicles, and light commercial vehicles are forecast to grow at similar rates through 2026, with light commercial vehicles expected to grow at the fastest rate.
- Gasoline will continue to be the most popular engine type in the worldwide automotive exhaust sensor market, with sales expected to reach 98,000,000 units by 2026. However, through 2026, automobile exhaust sensor sales for gasoline engines are expected to grow at a slower rate than those for diesel engines.
- On the basis of sales channel, OEMs are likely to lead the global automotive exhaust sensor market. During the forecast period, OEM sales of automotive exhaust sensors are expected to account for more than half of the market.
Regional Automotive Exhaust Sensor Market
Because of a gap in production and increased competition from developing economies in Asia-Pacific except Japan (APEJ) and Latin America, the market for automobile exhaust sensors in Europe and North America has matured and is currently stable.
However, with the implementation of Euro VI standards in 2017, demand for exhaust sensors in Europe is likely to gradually increase in the near future. In terms of value, Europe will continue to be the largest market for vehicle exhaust sensors.
The dominance of passenger cars in the market can be attributed to the introduction of stringent emission norms, which require the installation of automotive exhaust sensors in passenger cars to control air pollutants, resulting in a significant increase in sales of emission-efficient passenger cars.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=474