NEWARK, Del, Dec. 29, 2022 (GLOBE NEWSWIRE) -- In the present year 2023, the net worth of the automotive ignition coil Market is estimated to be worth around US$ 3.2 Bn. As per the predictions of the FMI automotive ignition coil market analysis report, this value would reach up to US$ 5.5 Bn by 2033, by registering a CAGR of nearly 5.8% during the years 2023 to 2033.
The continued growth in automobile sales and vehicle manufacturing has strengthened the automotive ignition coils market in the last few years. The increased global demand for passenger vehicles is likely to drive significant growth for ignition systems including automotive ignition coils. Yet, due to a variety of economic factors, the automotive sector is now expanding at a modest pace.
Despite the fact that recent market situations have remained unpredictable, the global automobile sector has grown well, particularly in Asia Pacific countries. So china is figured out to be the market leader holding up to 40% of the global automotive ignition coils market.
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In recent years, car manufacturers discovered client needs in automobiles and began incorporating external as well internal modifications in new future vehicle models. Furthermore, automobile component makers are continuously inventing or employing advanced equipment for their future vehicles to minimize servicing requirements.
Moreover, buyers in developing nations are more likely to desire high-performance and fewer maintenance cars in the personal automobiles segment. So the global sales of automotive ignition coils have recently experienced a significant increase.
Nowadays, electric vehicles (EVs) are preferred more by consumers globally over ICE vehicles due to lesser maintenance, faster acceleration, and cheaper energy costs that may hamper the market growth in the coming days. Also, some international organizations as well as the governments of several nations are now providing advantages to consumers and adopting rules linked to fuel-efficient automobiles which have limited the emerging trends in the automotive ignition coil market.
Key Takeaways from the Automotive Ignition Coil Market Study
- China has developed to become a leading market for automotive ignition coil sales and its total sale value is expected to reach US$ 2.1 Bn by 2033.
- The sales of passenger automobiles in emerging countries have increased significantly and this segment is expected to reach a valuation of US$ 3.5 Bn by registering a CAGR of 5.5% over these forecast years.
- Based on product type, the pencil ignition coil segment is the major contributor to the market growth and is predicted to register a CAGR of 5.8% through 2033.
- Original equipment manufacturers (OEM) are the largest end-user verticals for the market and the demand for automotive ignition coils in this segment is expected to rise by 5.1% annually.
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Competitive Landscape for the Automotive Ignition Coil Market
Denso Corporation, Federal-Mogul Corporation, NGK Spark Plug Co. Ltd., BorgWarner Ludwigsburg GmbH, Valeo SA, Robert Bosch GmbH, Delphi Automotive PLC, Hitachi Automotive Systems Americas Inc., Mitsubishi Electric Corporation, Standard Motor Products, Marshall Electric Corp., and AcDelco among others are some of the top manufacturers of automotive ignition coil in the global market.
In February 2020, Denso Corporation expanded its aftermarket ignition coil line by adding four additional coil-on-plug (COP) product codes, extending its compatibility with 2012-2018 Honda and Acura vehicles. Denso currently comprises a collection of 136 high-performance ignition coil models with various model numbers available which are compatible with 6 million cars on the road currently.
Automotive Ignition Coil Market by Category
By Product Type:
- Can-Type Ignition Coil
- Electronic Distributor Coil
- Double Spark Coil
- Pencil Ignition Coil
- Ignition Coil Rail
- Others
By Vehicle Type:
- Passenger Cars
- LCV
- HCV
By Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
- Japan
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
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