DUBLIN, Sept. 1, 2022 /PRNewswire/ -- The "Global Vehicle Emission Sensor Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global vehicle emission sensor market is projected to grow at a CAGR of 2.01% during the forecast period to reach US$4.496 billion by 2027, from US$3.911 billion in 2020.
The ever-increasing demand for automobiles and the alarming increase in pollution has significantly fuelled the vehicle emission sensor market.
Furthermore, in the past few years, the automobile industry has seen an increase in the adoption of electric vehicles, which heavily use emission sensors to conserve the environment. Electric cars help protect the environment by reducing greenhouse gas emissions and promoting renewable energy sources that tend to leave a lower carbon footprint.
In September 2021, the Union Cabinet approved a Rs 26,058 crore production-linked incentive (PLI) scheme to accelerate the domestic manufacturing of electric and fuel cell vehicles in India. For example, in an effort to incentivize modern-day technologies and to fulfil the COP26 pledge to reduce carbon emissions to zero by 2070, India has begun aggressively promoting the adoption of electric vehicles.
India has also aimed to switch 30% of private cars, 80% of two and three-wheelers, and 70% of commercial vehicles to electric vehicles by the year 2030, further increasing the market for vehicle emission sensors in the said country. With the aim of selling 5 million electric cars globally by 2030, Stellntis has collaborated with LG Energy Solutions to invest about 4.1 billion dollars in a new facility in Canada, where the two will produce batteries for electric vehicles. Once the facility is all set up, the plant is expected to have an annual production of 45 gigawatt-hours, approximately. This initiative will also create more than 2,500 new jobs. Similar initiatives are taking place in several other countries across the globe.
Furthermore, the increasingly stringent emission norms and surging penetration of diesel vehicles have also propelled the automotive exhaust sensor market growth. According to WHO estimates, in 2021, 7 million people will die globally from various air pollution sources. Of those, 4.2 million die prematurely every year due to outdoor air pollution, while 3.8 million die from indoor air pollution. The implementation of euro VII, to be announced in 2022, is expected to have even more stringent regulations to reduce CO2 emissions. The Chinese government is also aggressively trying to curb emissions throughout the country. From January 1, 2021, and July 2021, all light-duty vehicles and high-duty vehicles, respectively, are required to meet the standards of 6a. The main objective of this norm was to remove thousands of tonnes of harmful pollutants from the country's environment. Such norms have led to an increase in the demand for vehicle sensors. During the forecasted period, Asia in particular is anticipated to dominate a significant proportion of the market.
Increasing growth in the automobile industry in the Asia Pacific, particularly in India and China, is estimated to support the market growth during the projected period.
According to OICA statistics, Asia Pacific produced about 4,67,32,785 units in 2021, with a 4% leap compared to 2020. In the Asia Pacific, China and India occupied the dominant positions. China produced about 25,225,242 units in 2021, showing a 3% increase in production compared to the previous year. At the same time, India had produced about 4,399,112 units in the same year. Following the Asia Pacific, America and Europe followed closely, with approximately 16 million production units.
By Sensor Type
By Vehicle Type
Light Commercial Vehicle
Heavy Commercial Vehicle
Middle East and Africa
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. Global Vehicle Emission Sensors Market Analysis, BY SENSOR TYPE
6. Global Vehicle Emission Sensors Market Analysis, BY VEHICLE TYPE
7. Global Vehicle Emission Sensors Market Analysis, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Delphi Auto Parts
BBT Automotive Components GmbH
NGK Spark Plugs
For more information about this report visit https://www.researchandmarkets.com/r/fzop27
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SOURCE Research and Markets