PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238821
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238821
Automotive Ignition Coil Market size was valued at USD 11,208.7 Million in 2022, expanding at a CAGR of 4.1% from 2023 to 2030.
An ignition coil is a type of induction coil in an automobile ignition system and plays a major role in the smooth and efficient operation of the engine. Additionally, it is used to deliver the battery's low voltage to thousands of volts needed to create an electric spark in a combustion engine. Different types of ignition coil include pencil ignition, double spark, ignition coil rail, and electronic distributor coil. Moreover, the Ignition coil enhances emissions, performance, and efficiency. As a result, they are globally utilized in passenger cars, light & heavy commercial vehicles, and motorcycles.
Rising adoption of modern technologies including start/stop system automobiles, turbochargers, and direct injection system. This may result in fewer emissions from vehicles and increased fuel efficiency thus in turn projected to drive the automotive ignition coils market growth. Additionally, the growing use of 3D (three-dimensional) printing technologies to enhance product quality and reduce cost is expected to propel market growth during the forecast period. However, the increased demand for hybrid and electric vehicles may hamper the automotive ignition coils market growth.
Furthermore, the advanced technologies adopted by automobile manufactures in their vehicles due to drastic emission norms are expected to create lucrative opportunities for automotive ignition coils. The COVID-19 pandemic has had a negative impact on the global automotive ignition coils market. Because of the lockdown in various countries, manufacturers were temporarily shut down due to a shortage of components, lack of labor, and financial crises. Additionally, during the pandemic, the demand for vehicles decreased which further impacted the demand for automotive ignition coils.
The Automotive Ignition Coil Market is segmented on the basis of type, vehicle type, sales channel, and by region.
The market is divided into five categories based on type: can-type ignition coil, electronic distributor coil, double spark coil, pencil ignition coil, ignition coil rail, and others. The double spark coil segment is expected to dominate the market. It is a spark plug with two electrodes. The first side electrode is on the right side that fires first after that another electrodes fire. Thus such advantages are expected to fuel the double spark coil segment growth.
The market is divided into two categories based on vehicle type: passenger cars, and commercial vehicles. The passenger cars segment is expected to possess the market share. It is used in petrol engines to ignite the fuel-air mixture.
The market is divided into two categories based on sales channel: OEM, and aftermarket. The OEM segment is expected to hold the market share. In addition, by entering and collaborating in long-term partnership with OEMs.
Rise in living standards, growing urbanization, and per capita income growth the emerging economies play an important role in automotive ignition coils market growth. The increasing demand for passenger cars in the automotive ignition coil market is making it one of the competitive sectors globally. Additionally, manufacturers are focusing to develop ways to expand their business by using cutting-edge technologies. Additionally, companies are constantly focusing on increasing their presence by adopting collaboration strategies, R&D activities, and mergers & acquisitions to oppose competition in the market. Moreover, factors such as growing automobile production, increasing expenditure capabilities of consumers, product innovation, and extensive development & research a result market players gain a foothold globally.
This proposed research study on automotive ignition coil market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for automotive ignition coil market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the automotive ignition coil market.
Impact of COVID-19 on automotive ignition coil market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on automotive ignition coil market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Automotive Ignition Coil Market, we have also included competitive landscape and key innovator analysis for the automotive ignition coil market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the automotive ignition coil market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global automotive ignition coil market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: