Global Automotive Ignition Coil Market - Insights
An ignition coil is an induction coil in an automobile's ignition system. An ignition coil transforms the 12-volt current from a battery into the high-voltage current required by spark plugs to ignite the combustible gas. The demand for automotive ignition coil is high in the automobile industry, owing to increasing demand for vehicles and growing need for efficient fuel combustion system. For instance according to International Organization of Motor Vehicle Manufacturers the production of passenger cars increased from 3,961,327 in 2017, to 4,064,774 in 2018.
Global automotive ignition coil market is expected to witness a significant growth during the forecast period (2019–2027). According to Coherent Market Insights’ analysis, China is expected to account for major market share in Asia Pacific automotive ignition coil market during the forecast period. The market growth is majorly attributed to rapid development in the automotive industry. Automotive production is expected to be significant in emerging countries as compared to that in the developed economies. This is mainly attributed to increasing urbanization, growth in per capita income, and rise in living standards. For instance, according to India Brand Equity Foundation (IBFE), passenger vehicle production in India is expected to touch 10 million figure by 2020. The number of on-road vehicles is expected to increase worldwide, thereby providing opportunities for growth of the automotive ignition coil market. According to European Automobile Manufacturers Association, there are around 308.3 million vehicles on Europe's roads.
Figure 1. Global Automotive Ignition Coil Market Share (%), by Region (2017 & 2027)
Source: Coherent Market Insights, 2018-19
Asia Pacific is expected to be the largest and fastest growing market for automotive ignition coil during the forecast period, owing to increasing demand for vehicles in the countries such as India and China.
However, growing trend of electric vehicles that do not require ignition coil is expected to restrain growth of the automotive ignition coil market. For instance, in developed countries such as North America and Europe the adoption of electric cars such as battery electric vehicle (BEV) and plug-in hybrid electric vehicles has increased in the recent past. According to International Energy Agency, in 2018, the global electric car fleet exceeded 5.1 million units, from 2 million units in 2017, thus almost doubling the number of new electric car sales.
Increasing research and development to harness solar energy to power automobiles further intensify the market growth for electric vehicles. Therefore, the above-mentioned factors are expected to hinder growth of the global automotive ignition coil market over the forecast period.
Figure 2. Global Automotive Ignition Coil Market Share (%), By Vehicle Type (2017 & 2027)
Source: Coherent Market Insights, 2018-19
New product development and strategic partnerships with original equipment manufacturers (OEMs) is creating growth opportunities for the automotive ignition coil vendors in the global market. Vendors are focused on offering diverse product portfolio to OEMs and also capitalizing growth opportunities through partnerships and strategic alliances with other technology players in order to develop innovative products. For instance, in October 2017, NGK Spark Plug Europe added five ignition coils for recent models from Ford General Motors, Peugeot-Citroën, and Range Rover to its aftermarket range. According to Coherent Market Insights’ analysis, the pencil ignition coils segment is expected to be the fastest growing segment during the forecast period. Engine downsizing plays a crucial role in increasing the overall fuel efficiency of the vehicle by reducing its overall weight. Modern engines are more compact and require efficient components that occupy small space inside the engine assembly. Pencil ignition coil is very compact in size and takes a little space in the engine bay. High ignition voltage of upto 40kV are needed and the risk of disruptive discharge or interference increases, owing to higher pressure and faster mixture movements in the combustion zone. The pencil type ignition coils are installed directly on the spark plug, where they generate high voltage pulse, reducing the risk of voltage flashover or power loss.
Some of the key players operating in the global automotive ignition coil market include, Delphi Automotive LLP, Continental AG, Marshall Electric Corp, DENSO Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Toyota, Nissan Motor Co., Ltd, Hitachi Automotive Systems Americas, Inc., BorgWarner Inc., and others.
An ignition coil in an automobile's ignition system create an electric spark in the spark plugs to ignite the fuel. The demand for automotive ignition coils is significantly increasing, owing to high number of vehicles produced and implementation of fuel efficiency norms and stringent emission regulations. However, increasing demand for electric and hybrid cars may decrease usage of ignition coil as these cars do not require ignition coil. This can be one of the major factors restraining growth of the automotive ignition coil market during the forecast period.
Increasing demand for vehicles and rapid development in automotive sector are the major factors driving growth of the automotive ignition coil market. For instance, According to Indian Brand Equity Foundation (IBEF), India automotive sales increased 9.5% year-on-year to 4.02 million units (excluding two wheelers) in 2017. Further, sales of compact or mid-size cars accounts for 55%-63% share of the global car sales. Increasing demand for cars create significant requirement of deploying ignition coils in these cars thus offering lucrative growth opportunities for the growth of automotive ignition coils market.
Furthermore, key vendors in the automotive ignition coil market are focused on development and launch of new products and are adopting strategic partnerships to enhance their market share. For instance, in October 2017, NGK Spark Plug Europe added five ignition coils for recent models from Ford General Motors, Peugeot-Citroën, and Range Rover to its Aftermarket range. Through this launch, NGK Spark Plug Europe is expected to expand its application in Groupe PSA and General Motors cars.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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