The Global Automotive ignition market is estimated to account for US$ 10,673.7 Mn in terms of value by the end of 2023. Demand for global automotive ignition market is expected to rise due to a high demand for passenger vehicles and private ownership.
An ignition coil is one of the elements of a car's ignition system. In order to help the car move, it is responsible for producing an electric spark that ignites the mixture of petrol and air in a compression chamber. Distributor-based, distributor-less, and coil-on plugs are a few common product types. Automotive ignition coils are comprised of premium metal components that are easy to install, reliable, durable, and resistant to wear and corrosion. They have two coils of copper wire surrounding a laminated iron core. They are often used in light and heavy commercial vehicles (L/HCVs), motorcycles, and passenger cars because they improve engine efficiency, emissions, and performance.
Global automotive ignition market: Drivers
Increasing ignition coil maintenance trends and the necessity to replace coils due to long car lifespans
Efficient technology has enabled us to elongate the working lives of our cars. This has led to increasing maintenance work and repair and replacement, which has in turn driven up the demand in the automotive ignition coil market. For instance, according to an article from 2109, USA today, has said cars last longer today and hence the interiors often get shabby and out of date.
Urbanization, increase in disposable income among consumers, leading to surging demand of cars
Factors such as rural to urban migration, increasing disposable income, coupled with the increase in private ownerships have impacted the sale of cars positively. This has created an indirect surge for the ignition coils.
Global automotive ignition market: Restraints
Defective ignition coil, a rising concern among consumers, resulting in push towards EV
A defective ignition coil can cause a range of mechanical problems and performance issues, which can affect both consumers and the manufacturer negatively, for instance, in December 2021, Royal Enfield, an Indian multinational motorcycle manufacturing company, had to recall 236,966 bikes owing to a defective ignition coil that caused misfiring and reduced vehicle performance and in rare cases, caused an electric short circuit.
Global Automotive Ignition Coil Market- Impact of Coronavirus (Covid-19) Pandemic
Stringent lockdowns and social isolation was necessary to stop the virus's transmission, hence the COVID-19 pandemic had a negative effect on the global automotive ignition market. Global automotive ignition market technology demand was impacted by the uncertain economic climate, the partial business shutdown, and poor consumer confidence. The decrease in demand for automobiles affected the ignition coils market negatively. However, in post Covid-19 scenario the global automotive ignition market is set to regain its pace during the post pandemic scenario due to the easing on the restrictions and the gradual increase in demand in the automobile sector.
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https://www.coherentmarketinsights.com/market-insight/automotive-ignition-coil-market-2812
Key Takeaways:
The Global automotive ignition market was valued at US$ 10.32 Bn in 2022 and is forecast to reach a value of US$ 14.56 Bn by 2030 at a CAGR of 4.4% between 2023 and 2030.
Passenger vehicle segment held dominant position in the Global automotive ignition market in 2022, accounting for 33.4% share in terms of value, increasing demand and production is expected to propel growth of the segment during the forecast period.
Global automotive ignition market: Competitive Landscape
BorgWarner Inc., DENSO Corporation, Diamond Electric MFG, Eldor Corporation S.p.A., HELLA GmbH & Co. KGaA (Faurecia SE), Hitachi Ltd., Mitsubishi Electric Corporation, NGK Spark Plug Co. Ltd., Robert Bosch GmbH Standard Motor Products Inc. and Valeo.
Global automotive ignition market: Recent Developments
- In June 2022, Standard Motor Products, a producer and distributor of automobile parts announced the launch of The Blue Streak Ignition Coil Multi-Pack Kits, which come with a full set of heavier-duty ignition coils. These coils give specialists every tool they need to finish coil maintenance.
- On 18th May 2022, Denso, a global automotive components manufacturer, launched its patented “stick type” ignition coils. DENSO invented the first automobile industry tiny stick-type ignition coil. This stick-type ignition coil, which assists with space optimization, is used by several top automakers. Its huge demand is mostly due to the fact that it reduces phantom misfires.
