Miniaturization of integrated circuits is likely to provide an impetus to the development of automotive exhaust sensors in the near future. Adoption of microelectromechanical system (MEMS) sensors, a miniaturized form of conventional ICs manufactured by using microfabrication technology, is witnessing a tremendous surge.
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Use of microfabrication technology enables automotive exhaust sensors in being more accurate and reliable, meanwhile enhancing their response time, efficiency, communication capabilities, and robustness. In addition, a large number of automotive exhaust sensor manufacturers are making enormous investments in research & development activities for coming up with better microfabrication technologies, which in turn will help them in boosting their revenue generation.
The market for automotive exhaust sensor in Europe and North America has reached a maturity stage, and is currently stable on the back of a slack in production and rising competition from developing economies in Asia-Pacific excluding Japan (APEJ) and Latin America. However, with implementation of the Euro VI norms in 2017, demand for exhaust sensors is expected to witness a gradual rise in Europe in the near future. Europe will remain the largest market for automotive exhaust sensor, in terms of value.
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In terms of value, passenger cars among vehicles type segments will account for the lionâ€™s share of the global automotive exhaust sensor market. Dominance of passenger cars in the market can be primarily attributed to the advent of stringent emission norms, which demand installation of automotive exhaust sensors in passenger cars for controlling air pollutants, thereby boosting sales of the emission-efficient passenger cars significantly. In addition, sales of automotive exhaust sensors in passenger cars and heavy commercial vehicles are projected to register an equal and the highest CAGR, in terms of value, through 2026, closely trailed by light commercial vehicles.
Automotive exhaust sensors will witness the highest demand for use in gasoline engines. However, growing penetration of diesel engines in developed nations has resulted into rapid adoption of automotive exhaust sensors for use in these engines recently. Automotive exhaust sensors are projected to register the fastest expansion for use in diesel engines through 2026, in terms of value. Although OEM remains the dominant sales channel for automotive exhaust sensors in terms of revenues, sales in aftermarket are poised to exhibit a relatively faster expansion through 2026.
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Nature of the global automotive exhaust sensor market is highly competitive and fragmented on the back of the occupancy of numerous international and regional players worldwide. As international players are concentrating on the expansion of their geographical reach, regional vendors are finding it difficult in competing against them based on product cost, safety, and quality.
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