The recent study by Future Market Insights (FMI) provides in-depth insights into key dynamics such as drivers and opportunities facilitating the growth in automotive ignition coil market. It offers 10-year demandoutlookfor various segments on the basis of product type, vehicle type, and sales channel across seven regions.
DUBAI, UAE, Nov. 25, 2021 /PRNewswire/ -- As per the latest survey by FMI, the global automotive ignition coil market is poised to total US$ 2.6 Bn in 2021. Rising integration of dual spark ignition coil in mid-size and compact passenger cars is augmenting the growth in the market.
Rising production and sales of passenger cars and commercial vehicles across India, Germany, China, and Japan will result in higher demand for automotive components. In response to this, the automotive ignition coil market is anticipated to expand at a CAGR of 4.4% during the forecast period from 2021 to 2031.
According to the India Brand Equity Foundation (IBEF), approximately 3.49 million units of passenger cars and commercial vehicles were sold across India in 2020. Hence, growing sales of automotive vehicles is expected to create a high revenue generation opportunity in the market.
The automotive ignition coil market experienced significant impact amid the unprecedented outbreak of COVID-19, registering sales at 0.1% CAGR between 2016 and 2020. However, rising expansion of automotive aftermarket and growing adoption of ignition coil to reduce pollution and improve the engine efficiency is estimated to drive the market in the coming years.
Based on product type, pencil ignition coils are projected to emerge as highly sought-after coils in the market, accounting for more than 33% of the sales through 2031. Attributes such as increasing performance of the vehicles by improving magnetic fields in the engine is driving the growth in the segment.
"Implementation of stringent government regulations to curb carbon footprints and rising emphasizing to enhance the performance of automotive vehicles by original equipment manufacturers (OEMs) is expected to accelerate the growth in the market in the forthcoming years," says a FMI analyst.
Key Takeaways from Automotive Ignition CoilMarket Study
North America automotive ignition coil market is estimated to expand at a CAGR of 3.1% through 2031, with the U.S. spearheading the growth in the market.
Sales of automotive ignition coils in Europe are expected to increase at a CAGR of 3% through 2031 with Germany accounting for lion's share in the market.
South Korea and Japan are anticipated to emerge as highly remunerative markets, accounting for around 14% of revenue share in 2021.
In terms of end user, the OEMs segment is projected to dominate the market, accounting for over 90% of the demand over the assessment period.
On the basis of vehicle type, the passenger car segment is projected to account for more than 3/4th of market share, expanding at 4.8% CAGR through 2031.
Rising demand for compact and mid-size passenger cars across China, India, Japan, the U.S., and others are spurring the sales of automotive ignition coils in the passenger car segment.
Increasing adoption of double spark coils by automotive manufacturers to improve fuel efficiency and downsize the engine is propelling the demand for automotive ignition coils across the OEM segment.
Increasing demand for plug-in hybrid and electric automotive vehicles across prominent regions such as North America, Europe, and Asia Pacific is hampering the growth of the market.
Less adoption of heavy commercial vehicles (HCV) owing to their extravagant cost is posing a challenge for the sales of automotive ignition coils in the HCV segment.
As per the FMI's analysis, the top 5 players in the global automotive ignition coil market are Denso Corporation, Diamond Electric, Hitachi Astemo Ltd., NGK Spark Plug Co., Ltd., and Robert Bosch. These companies are projected to account for more than 30% of the market share in 2021.
Leading players are focusing on investing in technological advancements to develop innovative ignition coils that offer enhance the engine performance to expand their portfolio and gain the competitive edge. For instance,
In February 2020, Denso Products and Services Americas, Inc., an automotive components sales and distribution company, announced introducing new coil-on-plug (COP) part numbers for Acura and Honda models. The product launch will assist the company to expand its product portfolio.
In 2017, NGK Spark Plug, a Germany-based automotive components manufacturer, announced expanding its portfolio of its aftermarket products by launching five new ignition coils for recent models of General Motors, Range Rover, Peugeot-Citroën and Ford.
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Automotive Ignition CoilMarket
The latest report by FMI provides a detailed analysis of the global automotive ignition coil market, providing exclusive insights into key factor driving the market through 2021 and beyond. The study also discloses sales projections on in automotive ignition coil market with detailed segmentation:
The report offers insight into automotive ignition coil market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for automotive ignition coil market between 2021 and 2031
Automotive ignition coil market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Automotive ignition coil market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.