Automotive Ignition Coil Market a will Register CAGR of 4.4% through 2031
Future Market Insights (FMI) has projected the global automotive ignition coil market to register 4.4% CAGR between 2021 and 2031. Growing adoption of dual spark ignition coils will continue increasing the demand in the market.
Sales of automotive
ignition coils is particularly high in emerging economies such as India, China,
and South Korea as these countries increase focus on improving fuel and engine
efficiency.
Burgeoning sales of
passenger vehicles across the globe also is augmenting the sales of automotive
ignition coils, especially across South Korea and Japan. Over 75% of
automotive ignition coil sales will be accounted by passenger cars, opines FMI.
As per Future
Market Insights, Japan and South Korea will collectively account for over 14% of
global market share over the forecast period
Due to the outbreak
of novel coronavirus, sales of automotive ignition coils declined, registering
growth at 0.1% CAGR by the end of 2020. However,
recovery in automotive industry post containment of the pandemic will steer
growth in the market.
According to the
FMI’s analysis, the global automotive ignition coils market is expected to
reach US$ 3.8 Bn in the next couple of years.
Key Takeaways from FMI’s Automotive Ignition Coil Market Study
·
By vehicle type, passenger cars will emerge as primary automotive
ignition coil end users
·
In terms of sales channel, original equipment manufacturers are likely
to emerge dominant
·
In terms of product type, pencil ignition coils are the most preferred
choice due to their accuracy and efficiency in reducing carbon emission and
improving engine efficiency
·
Double spark coils will emerge as the most lucrative segment in terms of
product, accounting for more than 50% of global
automotive ignition coil sales
·
Heavy commercial vehicle (HCV) segment will account for more than 5.1% of
global market share during the forecast period
·
Light commercial vehicle segment will register growth at over 3.1%
CAGR between 2021 and 2031
·
Germany and the U.K. are anticipated to lead the Europe’s automotive
ignition coil market on the back of increasing production of passenger cars
“Increasing production of passenger cars and higher integration of
double spark ignition coils in compact and mid-size passenger cars are
broadening prospects for the market players. To capitalize on existing
opportunities and counter the threat from alternatives, market players are
investing in technological advancements to develop innovative ignition coils
that offer higher engine efficiency,” says the FMI analyst.
Competitive Landscape
Denso Corporation,
Federal-Mogul Corporation, NGK Spark Plug Co. Ltd., BorgWarner Ludwigsburg
GmbH., Valeo SA, Robert Bosch, Delphi Automotive PLC, Hitachi Automotive
Systems Americas Inc., AcDelco, and Marshall Electric Corp among others are
some prominent players operating in the automotive ignition coil market.
As per the FMI’s
analysis, the market is consolidated with top 5 players dominating the
automotive ignition coil market, accounting for over 30% of
market share. Top 5 players include Denso Corporation, Diamond Electric,
Hitachi Astemo Ltd., NGK Spark Plug Co., Ltd., Robert Bosch.
Market segmentation
Product Type
·
Can-type Ignition Coil
·
Electronic Distributor Coil
·
Double Spark Coil
·
Pencil Ignition Coil
·
Ignition Coil Rail
·
Others
Vehicle Type
·
Passenger Cars
·
LCV
·
HCV
Sales Channel
·
OEM
·
Aftermarket
Region
·
North America
·
Latin America
·
Western Europe
·
Eastern Europe
·
Asia Pacific Excluding Japan
·
Middle East & Africa
·
Japan
More Insights on the Global Automotive Ignition Coil Market
In its latest
report, FMI provides an incisive coverage on the global automotive ignition
coil market, providing historical data for the period of 2016-2020 and forecast
statistics for the period of 2021-2031. In order to understand the global
market potential, its growth, and scope, the market is segmented on the basis
of vehicle type (passenger cars, light commercial vehicle, and heavy commercial
vehicle), product type (can-type ignition coil, electronic distributor coil,
double spark coil, pencil ignition coil, ignition coil rail, and others), and
sales channel (original equipment manufacturers and aftermarket) across seven
major regions (North America, Latin America, Eastern Europe, Asia Pacific
excluding Japan, Western Europe, Japan and Middle East & Africa)
For more information:
https://www.futuremarketinsights.com/reports/automotive-ignition-coil-market
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