According to the latest report, the global ignition coil market size is predicted to grow over the CAGR of around 3.8% during the forecast period.
According to the latest report, the global ignition coil market size is predicted to grow over the CAGR of around 3.8% during the forecast period. An igneous coil is basically an induction coil in the automobiles ignition system or an internal combustion engine and it is responsible for transferring a low voltage current into the thousand of volts to produce a spark to ignite the fuel.
The rise in the sales of automobiles is the major growth factor for the global ignition coil market value. Developing countries such as India, Thailand, Mexico, and Indonesia have witnessed satisfactory growth in the global automotive industry due to the high demand for automobiles in these sectors. Apart from that the increase in urbanization, the standard of living, and increase in per capita income are other major factors that are contributing to the growth of the automobile industry in these regions. The rising emphasis on sustainability and the initiative of the governments to reduce fuel consumption in order to reduce pollution are other major factors for the growth of the market.
This report contains all the information on the global ignition coil market trends, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global ignition coil market analysis and forecast to 2026 is also included in the report.
Covid 19 Analysis
The outbreak of the covid 19 pandemics has affected various countries around the globe. According to the reports, the economy is predicted to reduce by 3% globally in the year 2020 as compared to the year 2019. The slowdown in the economy is likely to affect several sectors including automotive and can hamper the ignition coil market. People around the world are focused on spending money on food and sanitization products more than luxury products.
The rise in the production of automotive is directly linked with sales of the automotive ignition coil. There has been a state of instability in the economic conditions in the recent past through the global automotive ignition coil market has experienced magnificent growth. The rise in urbanization improved living standards and rise in per capita income are the major factor that is contributing to the global ignition coil market growth.
The rise in e-tailing can create major business opportunities, e-tailing is the fastest-growing retail sector and it is becoming a magnificent revenue stream in sales of the auto parts in the automotive aftermarket. The major key manufacturers including Basch and Denso have launched their own portal where they are selling their products online. Some other e-tailing companies are auto parts, Amazon, and rock auro.
The demand for electric vehicles and plug-in hybrid vehicles is increasing rapidly across the globe in order to control the rising pollution in the environment. The governments of developing countries are taking initiative to adopt electric vehicles across the globe. Along with that the rise in the use of solar energy to provide power to automobiles is likely to intensify the growth of the marker of such vehicles further. However, these types of vehicles don’t use automotive ignition coil and can hamper the demand significantly. These factors are predicted to restraint the growth of the global ignition coil market outlook in the near future.
The rising emphasis on sustainability and the increasing demand for lesser fuel consumption are making the key players of the market invest in technological advancements and developments of better predicts to increase the overall efficiency of automobiles.
Moreover, the need for higher ignition voltage due to the restricted space in the compartments of the engine is increasing the demand for modern ignition coils. It is considered the major challenge for the players in the market. The stringent regulations of the government are likely to drive the demand in the overall market for the advanced version of the ignition coil.
Cumulative Growth Analysis
The government of developing countries is taking initiatives to increase the overall sales of vehicles. For instance, the Chinese government has unveiled various measures to increase the sales of cars in January 2019.
According to the reports, The National Development and Reform Commission (NDRC) has declared that the restriction will slacken on the second-hand automobile marker and suitable subsidies of some vehicles will be provided in order to boost the sales of such vehicles, and also the purchasing of new energy vehicles, which in turns is predicted to boost the demand for the vehicle sales in the country in the year 2019 but at a slow speed.
Value Chain Analysis
According to the report, the global ignition coil market has been segmented on the basis of type, by component, by vehicle type, and by region. On the basis of the type, the global ignition coil market is further segmented into compression ignition, spark ignition, battery, and others. On the basis of components, the global market is segmented into the spark plug, ignition coil, capacitor, and others. On the basis of vehicle type, the global ignition coil market is segmented into LCV, HCV, and passenger cars.
The passenger segment is predicted to account for the maximum ignition coil market share in the global market due to the rise in demand for passenger cars in developing countries and the rise in the disposable income of individuals.
The ignition coil market is segmented on the basis of the type, by component, by vehicle type, and by region. The global ignition coil market is expected to witness decent growth during the forecast period.
According to the reports, on the basis of regions, the global ignition coil market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia pacific region n is predicted to dominate the global ignition coil market due to the rise in urbanization and industrialization in this region. The quick growth of several industries including construction, automotive, mass transport, and aerospace is predicted to contribute to the growth of global ignition coil market revenue in this region.
The direct investment of foreign countries in developing countries and the continuous urge to minimize the emissions of the vehicles is likely to add fuel to the growth of the ignition coil market in this region.
Major Key players of the ignition coil market industry are focused on making strategic joint ventures so that they can enhance their presence in the global market. In the year 2016, Denso collaborated with Kingtec Technologies (Heyuan) Co. Ltd., it is a company in China that is responsible for designing, selling, and manufacturing truck refrigeration in other countries of the world and in China as well.
Major Key Players
The following report comprises of –
Key Market Segments:
By Vehicle Type
By Distribution Channel
|Market Size||2030: Significant Value|
|CAGR||3.8% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany) ,BorgWarner Ludwigsburg GmbH (Germany) ,Delphi Automotive PLC (UK) ,Denso Corporation (Japan), Federal-Mogul Corporation (US) ,Mitsubishi Electric Corporation (Japan) ,Hitachi Automotive Systems Americas, Inc. (U.S.) ,Wings Automobile Products Pvt. Ltd (India)|
|Key Market Opportunities||
|Key Market Drivers||High demand for automobiles|
The worldwide growth of automotive sales and industrialization is predicted to record a substantial market valuation in the global ignition coil market.
Hitachi Automotive Systems Americas, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Wings Automobile Products Pvt. Ltd (India) are the major key players operative in the global ignition coil market.
The HCV segment is expected to witness the highest growth in the global ignition coil market.