A fast response $CO_2$ analyzer has been developed to study transient characteristics on an SI engine. The analyzer has the delay time of 4.5 ms and time constant of 2.8 ms, which is fast enough to measure $CO_2$ concentration on a transient condition. Wide range of A/F(Air/Fuel) ratio can be estimated using the analyzer with an additional switch type oxygen sensor. The results of measurement of $CO_2$ concentration and A/F ratio on a transient condition including rapid acceleration/deceleration and EGR(Ehxaust Gas Recirculation) on/off are presented and compared with a commercial exhaust gas analyzer and UEGO(Universial Exhaust Gas Oxyzen) sensor.