PORTLAND, Oregon, March 11, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Vehicle Ignition Coil Market by Type (Coil-On-Plugs, Distributor-Based Ignition Coils, Distributor-Less, Others), Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle), and Distribution channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global vehicle ignition coil industry garnered $5.59 billion in 2018, and is estimated to reach $7.55 billion by 2026, growing at a CAGR of 3.9% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in vehicle production, increase in sales of luxurious vehicles in developing countries, and surge in disposable income fuel the growth of the global vehicle ignition coil market. On the other hand, increase in trend of shared mobility, and rise in demand for electric vehicles curtail down the growth to some extent. However, untapped developing markets in Africa and Asia are expected to create multiple opportunities in the near future.
The coil-on plugs segment to lead the trail by 2026-
Based on type, the coil-on plugs segment accounted for more than two-fifths of the global vehicle ignition coil market share in 2018, and is expected to retain its dominance by the end of 2026. The same segment is also projected to cite the fastest CAGR of 4.5% from 2019 to 2026. Increased efficiency in the operation and reduction of single cylinder with the capability of generating higher voltages along with hotter spark help to improve the performance of the engine, the accuracy of spark timing, and increase the adoption of new models by major companies, which aids the segment to grow.
The passenger car segment held the largest share in 2018-
Based on vehicle type, the passenger car segment contributed to more than two-thirds of the global vehicle ignition coil market revenue in 2018, and is projected to dominate till 2026. The same segment would also manifest the fastest CAGR of 4.1% throughout the forecast period. Rise in disposable income in countries such as India and China propel the growth of the segment. In addition, higher adoption of strategies and increase in sales across the globe fuels the growth of the segment.
Asia-Pacific to dominate the market, North America to grow at a moderate pace-
Based on geography, the region across Asia-Pacific held the major share in 2018, garnering more than half of the global vehicle ignition coil market. The same province is also anticipated to register the fastest CAGR of 4.4% during the estimated period. This is due to increase in disposable income in the Asian countries. Furthermore, development in newer vehicles, increase in automobile sales and rapid industrialization in this region fuel the growth in this region. On the other hand, North America is expected to manifest the CAGR of 3.0% throughout the study period.
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