The latest market report published by Credence Research, Inc. “Global Automotive Ignition Coil Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global automotive ignition coil market generated revenue of around USD 10.8 billion in 2022 and is anticipated to grow a CAGR of over 3.2% during the forecast period from 2023 to 2030 to reach around USD 13.4 billion in 2030.
The internal combustion engine (ICE) automobile sales and production dominated before COVID-19. Experts believe that trend will continue in those places where the virus has been vaccinated against. As individuals become more conscious of, or maybe prefer, transportation convenience, demand for luxury automobiles is rising. Production increases market share. Businesses use innovative features like the new integrated ignition coil for high-performance automobile cylinders. Growth in the worldwide automotive ignition coil market is expected to be spurred by the fact that these coils boost fuel economy and overall vehicle efficiency. Many ignition and spark coil manufacturers also adapt and invest heavily to synchronize their products’ frequencies with the system’s high-tech sensors.
The global automotive ignition coil market is bifurcated into type, operating principle, distribution channel, vehicle type, and geography. By type, the market can be split into block ignition coils, coil on plug, and ignition coil rail. By operating principle, the market can be differentiated between single spark technology and dual spark technology. By distribution channel, the market can be split between OEM and aftermarket. By vehicle type, the market can be fragmented across passenger cars and commercial vehicles. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
In 2022, Asia Pacific dominated the global automotive ignition coil market and accounted for a major market revenue share in terms of value. As home to more than 38% of the global population, countries like China and India are driving this growth. Also, several positive government initiatives to revitalize the automotive sector are anticipated to spur market expansion in these areas. Additionally, it is predicted that rising urbanization and smart cities will hasten the growth of the vehicle ignition coil market.
The automotive industry has witnessed a significant shift towards the development of electric vehicles, which has presented major challenges to the traditional internal combustion engine. As a result, the Automotive Ignition Coil Market is facing its own set of challenging circumstances. One of the most prominent challenges faced by this market is related to advancements in technology. The demand for high-performance ignition systems that can operate under extreme conditions while minimizing emissions has increased substantially over recent years. This pressure on manufacturers to deliver new and innovative products at an affordable price point often requires costly research and development efforts. Furthermore, strict emission regulations have forced manufacturers to prioritize eco-friendly solutions without compromising performance quality standards.
The Automotive Ignition Coil Market opportunities are vast and growing steadily. With advancements in technology, there has been a noticeable shift towards electric cars that rely heavily on ignition coils for their smooth functioning. This trend is expected to continue with an increasing demand for hybrid and electric vehicles worldwide. Additionally, the rise in disposable income levels of consumers has led to higher purchasing power, which translates into more sales of luxury vehicles that require premium quality ignition coils. The aftermarket segment also presents significant growth potential with the need for replacement parts and upgrades becoming increasingly necessary as older cars become obsolete.
The automotive ignition coil market is expected to experience significant growth worldwide due to several factors:
- Increasing demand for fuel-efficient vehicles: Fuel efficiency is becoming more important in the automotive industry as governments worldwide impose stricter fuel economy standards. Ignition coils play a crucial role in improving fuel efficiency by ensuring efficient combustion in the engine.
- Growing automotive industry: The global automotive industry is experiencing steady growth, which is expected to drive the demand for ignition coils. As more vehicles are produced and sold worldwide, the demand for ignition coils will also increase.
- Emphasis on vehicle performance: Consumers are increasingly demanding vehicles that offer high performance and power. Ignition coils play a critical role in delivering this performance by ensuring efficient combustion and consistent spark timing.
- Technological advancements in ignition coil technology: Ignition coil manufacturers are constantly innovating to improve the performance and efficiency of their products. For example, some manufacturers are developing ignition coils with higher output voltage and faster rise times, which can help improve engine performance.
- Increasing adoption of electric vehicles: Electric vehicles are becoming more popular worldwide, and many electric vehicles use ignition coils in their charging systems. As the adoption of electric vehicles continues to grow, the demand for ignition coils in these vehicles is also expected to increase.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global automotive ignition coil market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global automotive ignition coil market segmentation based on type, operating principle, distribution channel, and vehicle type.
- Major countries in each region with their import/export statistics
- The global automotive ignition coil market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.