VALLEY COTTAGE, New York, May 9, 2019 /PRNewswire/ --Consistently challenged by the evolving vehicle emission regulations, the automotive ignition system market is likely to observe steady growth prospects, prominently driven by soaring sales of EVs, HEVs, and two-wheelers. The ever-stringent regulatory framework continues to govern the emission control standards scenario, directly influencing the automotive ignition industry. Triggered by the EPA's recent emission standards, manufacturers of automotive ignition systems are maintaining their strategic focus on raising the sustainability quotient by technological innovations.
Electrification of the automotive industry has underpinned the industry's major shift to electronic ignition systems, away from conventional counterparts. The escalating demand for EVs is anticipated to create lucrative opportunities in the automotive ignition systems market in forthcoming years.
Steady Growth Prospects Poised for Automotive Ignition System Market
The global revenues of automotive ignition system market will exceed a US$ 15 billion mark by this year's end. According to a new research study of Research Report Insights (RRI), the global sales of automotive ignition system will expand at a modest pace, translating into an estimated 4% CAGR during the projection period 2019-2027.
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Accounting for a substantial share in the global revenues, Asia Pacific excluding Japan (APEJ) will remain the leading regional market for manufacturers of automotive ignition systems. Analyzing the billowing sales of automobiles, particularly two-wheelers, the report envisages approximately 1.5X growth for the APEJ's automotive ignition system market, between 2019 and 2027. In addition to towering vehicle sales, economic labor costs and relatively cheaper accessibility to raw materials will prominently uplift APEJ's position as a lucrative market for investors.
South Korea, China, and India are cited as the most profitable investment pockets for investors in the automotive ignition system industry. The report further highlights that in the light of mounting sales of hybrid electric vehicles (HEVs), the demand for automotive ignition system will also see a robust hike in other developing regions such as Middle east and Africa (MEA) and Latin America.
Despite Entering the Mainstream Vehicles, Keyless Ignition System Continues to Face Challenges
Successfully rising on the back of multiple recalls in the recent past, keyless ignition system is gradually entering the mainstream vehicles, creating a considerable impact on the futuristic automotive industry. With ever-surging demand for convenience in modern vehicles, it is likely that keyless ignition systems will gain momentum in terms of sales. However, associated challenges such as carbon monoxide poisoning, emission concerns, lack of defined standards, and safety concerns among others, continue to account for disapproval.
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Introduction of Laser Ignition Continues to Create a Multitude of Opportunities
Introduced as an effective alternative to electric spark plug ignition, laser ignition system is compact and delivers superior ignition operations when compared to conventional spark plug ignition systems. While manufacturers and technology experts are investing in R&D to determine the operability of laser ignition system in variable combustion conditions and fuel mixtures. The position of laser ignition systems as the potential replacer for conventional spark plug ignition systems marks a significant factor influencing market performance.
Continental AG, Denso Corporation, Delphi Automotive LLP, BorgWarner, Federal-Mogul, Robert Bosch, Hitachi Automotive Systems Americas, Inc., CEP Technologies Corporation, Wells Vehicle Electronics, Valeo, and Diamond Electric Mfg. Corp. among others are some of the leading players, actively operating in the global automotive ignition system landscape.
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Product innovation and acquisition strategies mark the automotive ignition systems market landscape. Some of the leading automotive components suppliers have acquired other players for their novel ignition technologies targeting delivery of better fuel economy, reduced emission, and superior engine performance.
This report offers a deep-dive analysis of the global automotive ignition system market during the projection period 2019-2027, based on the various industry trends, dynamics, and potential opportunities likely to influence the automotive ignition systems market. It also sheds light on the competition scenario and recent strategic developments in the automotive ignition system market.
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