ID: MRFR/AM/2717-HCR | February 2021 | Region: Global | 100 pages
The global automotive ignition system market is expected to grow at a CAGR of 8.5% during the forecast period, where the market value is projected to reach USD 10.8 billion by 2023.
As per MRFR analysis, Over the years, it has been analyzed that the automotive industry has come up with several technological advancements with respect to low fuel emission and consumption per vehicle. Moreover, the strict government regulation over fuel consumption and emission have boosted the demand for ignition system across the globe. Additionally, the increasing focus on R&D activities and focus on powertrain system have created an ample scope for ignition systems among the manufacturers. Furthermore, the rising demand for petrol engine vehicles, increasing income level and emerging automotive market have pushed the demand for ignition system in the global market. On the other hand, the growing demand for electric vehicle may hinder the growth of ignition system market.
Automotive ignition system plays a crucial role in generating sparks or heat in automotive vehicles except diesel engines. These systems are widely used in petrol engine vehicles such as passenger car, motorcycles, LCV, HCV and others. The main purpose of ignition system is to generate high voltage from car battery to flow through the spark plug's gap. In order to generate high power from fuel or air mixture, the spark must fire at the right moment during the compression stroke. Owing to these factors, the demand for ignition system is predominantly increasing in automotive applications. The global market for automotive ignition system has seen a potential growth over the last few years owing to the increasing demand for vehicles and it has been estimated that the global market will retain the same market during forecasted period.
For the purpose of these study, the global automotive ignition systems market has been segmented into types, components and regions. On the basis of type, the market is segmented into conventional, electronic and distributor-less, whereas, the components have been segmented into ignition coil, ignition switch, condenser, spark plug, ignition resistor and other.
Conventional and electronics are the most widely used ignition system across the globe followed by distributor less type.
Geographically, Asia-Pacific is one of the leading revenue generator of automotive ignition systems followed by North America and Europe. China, Japan and India re considered as the major market for investments owing to the rising demand for vehicles and growing economies.
The prominent players in the automotive ignition systems market include Delphi Automotive, Robert Bosch, DENSO, Borgwarner, Federal-Mogul Corporation, Mitsubishi Electric Corporation, Continental AG, Hitachi Automotive Systems, Diamond Electric and among others.
The report for Global Automotive Ignition Systems Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2023: USD 10.8 billion|
|CAGR||8.5% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW|
|Key Vendors||Delphi Automotive, Robert Bosch, DENSO, Borgwarner, Federal-Mogul Corporation, Mitsubishi Electric Corporation, Continental AG, Hitachi Automotive Systems, Diamond Electric|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The automotive ignition system market can thrive at 8.5% CAGR by 2023.
The automotive ignition system market can value at USD 10.8 Bn by 2023.
Mitsubishi Electric Corporation, Federal-Mogul Corporation, Hitachi Automotive Systems, Continental AG, and Diamond Electric are some reputed companies in the automotive ignition system market.
Conventional, distributor-less, and electronic are types of automotive ignition system.
Ignition Coil, ignition switch, ignition resistor, spark plug, and condenser are components of automotive ignition system.