Pune, India, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global Automotive Ignition Coil Market was USD 10.55 billion in 2020. The global market size is expected gain momentum by reaching USD 13.18 billion by 2028, exhibiting a CAGR of 3.06% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, "Automotive Ignition Coil Market, 2021-2028."
According to our analysts, the factors such rising use of luxury comfort features vehicles and rising demand for improving fuel economy are expected to increase the footprint of the market during the forecast period. Additionally, factors such as constant innovations such as using lightweight materials for productions will boost market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 3.06 % |
| 2028 Value Projection | USD 13.18 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 10.55 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | By Type, By Sales Channel, By Vehicle Type and By Region |
| Growth Drivers | Rising Production of Gasoline Powered Vehicles to Augment Growth |
| Asia Pacific to Capture Fastest Growing CAGR due to Favorable Government Initiatives |
COVID-19 Impacts:
COVID-19 Pandemic to Affect Market Heavily due to Production Delays
The COVID-19 pandemic has affected several sectors across the globe and the sector of automotive ignition coil is no different. Imposed lockdowns and economic backlash due to the pandemic has caused a dire impact on the production of ignition coils, which has triggered sales in a negative manner. Movement restrictions and transportation delays have further affected the market causing big projects to be hampered. However, the market is expected to revive due to loosening of previously imposed restrictions and opening of global trade routes.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-ignition-coil-market-106414
Drivers and Restraints:
Rising Production of Gasoline Powered Vehicles to Augment Growth
Factors such as increasing awareness for personal mobility and rising demand for luxurious features in automobiles will boost the automotive ignition coil market growth during the forecast period. Risen vehicle production and rising disposable income among consumers will increase the footprint of the market. Also, rapidly growing industrialization and improved standards of living will boost the growth of the market.
However, rising electrification of vehicles is expected to hinder the growth of the market during the forecast duration. Additionally, measures such as downsizing engines will further limit the growth of the market.
Industry Developments:
January 2021: Denso Corporation launched the latest generation of ignition coils on the market. They offer various features such as maximum available voltage under all operating conditions, ease of installation, and reliability that ensures high temperature suppresses noise and eliminates phantom misfires.
List of Key Players Mentioned in the Report:
- BORGWARNER INC (MICHIGAN, U.S.)
- DIAMOND ELECTRIC MFG. CORP (OSAKA, JAPAN)
- DENSO CORPORATION (KARIYA, JAPAN)
- FEDERAL-MOGUL (MICHIGAN, U.S.)
- HELLA KGAA HUECK & CO. (LIPPSTADT, GERMANY)
- HITACHI, LTD. (HITACHI AUTOMOTIVE SYSTEMS, LTD.) (KENTUCKY, U.S.)
- MITSUBISHI ELECTRIC CORPORATION (TOKYO JAPAN)
- NGK SPARK PLUGS (AICHI, JAPAN)
- ROBERT BOSCH GmbH (GERLINGEN, GERMANY)
- VALEO (PARIS, FRANCE)
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Segments:
On the basis of type, the market can be divided into coil-on-plugs, distributor based, distributor less, and others.
Based on vehicle type, the market is broken into passenger cars and commercial vehicles.
With respect to sales channel, the market is segmented across OEMs and aftermarket.
Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Key Benefits for Automotive Ignition Coil Market:
- The Automotive Ignition Coil market analysis covers in-depth information of major industry participants.
- Porter's five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Automotive Ignition Coil market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Automotive Ignition Coil market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
Asia Pacific to Capture Fastest Growing CAGR due to Favorable Government Initiatives
Asia Pacific is expected to witness the fastest growing automotive ignition coil market share owing to high population in emerging economies such as China and India coupled with favorable government initiatives to name a few. Additionally, higher rate of urbanization and increasing number of smart cities will boost the growth of the market.
Europe holds the second largest market share, of which Germany holds the lion share in the regional outlook. Presence of major auto manufacturers in the region is expected to drive the market growth. Also, rising production of vehicles and increased adoption of advanced technologies in IC engines will increase the footprint of the market during the forecast period.
Competitive Landscape:
The automotive ignition coil sector is highly fragmented due to a high number of competitive players present. Dominant players are often striving to capture maximum revenue by launching innovate products and updating their product offerings. For example, in August 2021, BorgWarner invested Enexor BioEnergy, LLC for integrating with BorgWarner's existing turbine product line, which uses remaining waste heat for generating electrical energy.
Other players in the automotive ignition coil space are constantly employing strategies such as mergers and acquisitions to increase their respective consumer base. For example, in December 2020, NGK Spark Plugs (U.S.A.) announced a collaboration with Advance Auto Parts for integrating all of NGK ignition coils and NTK technical sensors within Advance and Carquest locations, including online retailers.
Global Automotive Ignition Coil Market Size Segmentation:
By Type
- Coil-on-plug
- Distributor based
- Distributor less
- Others
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Porter's Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Impact of COVID-19
5. Global Automotive Ignition Coil Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Vehicle Type
5.2.1 Passenger Car
5.2.2 Commercial Vehicle
5.3. Market Analysis, Insights and Forecast – By Type
5.3.1 Coil-on-plug
5.3.2 Distributor based
5.3.3 Distributor less
5.3.4 Others
5.4. Market Analysis, Insights and Forecast – By Sales Channel
5.4.1 OEM
5.4.2 Aftermarket
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6. North America Automotive Ignition Coil Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Vehicle Type
6.2.1 Passenger Car
6.2.2 Commercial Vehicle
6.3. Market Analysis, Insights and Forecast – By Type
6.3.1 Coil-on-plug
6.3.2 Distributor based
6.3.3 Distributor less
6.3.4 Others
6.4. Market Analysis, Insights and Forecast – By Sales Channel
6.4.1 OEM
6.4.2 Aftermarket
6.5. Market Analysis – By Country
6.5.1 U.S.
6.5.1.1. By Vehicle Type
6.5.2 Canada
6.5.2.1. By Vehicle Type
6.5.3 Mexico
6.5.3.1 By Vehicle Type
Continued…
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