The global automotive ignition coil market is projected to reach US$ 4,042.5 million by 2027, exhibiting a CAGR of 6.8% over the forecast period (2019-2027), according to Global Automotive Ignition Coil Market Report, by Product Type (Can-type Ignition Coil, Double Spark Coil, Electronic Distributor Coil, Ignition Coil Rail, Pencil Ignition Coil, and Others), by Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, and Passenger Cars), by Sales Channel (Aftermarket and OEM), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by . An ignition coil is an induction coil in an automobile's ignition system. A vehicle’s ignition system transforms the battery's low voltage to high voltage, which produces electric discharge in spark plugs to ignite the fuel. The major factor for growth of the global automotive ignition coil market is increasing automotive sales. 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. High number of fleet on road is also expected to boost growth of the market. Stringent fuel efficiency and emission norms have led to investment in technological advancements in order to enhance efficiency of vehicle. For instance, Denso Corporation’s stick-type ignition coil eliminates phantom misfire. Such developments drive the global automotive ignition coil market growth. Furthermore, urbanization, increasing disposable income, and rising standard of living in developing countries are also expected to contribute to growth of the automotive industry in turn, fuelling the growth of automotive ignition coil market. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/market-insight/automotive-ignition-coil-market-2812 Key Trends and Analysis of the Global Automotive Ignition Coil Market:
- A major trend in the market is growing demand for pencil ignition coil due to its compact size and compatibility. A pencil ignition coil uses full electronic ignition and is directly mounted on the spark plug. Due to this arrangement, a high voltage pulse is generated directly at the spark plug. The advantage of using a pencil ignition coil is that there is no cable loss. Its compact design is compatible with almost all engines.
- The passenger cars segment is expected to witness significant growth in the market, owing to increasing demand for compact cars and increasing fleet size of passenger cars over the forecast period. According to ’ analysis, worldwide sale of passenger cars was around 75% of the total vehicle production in 2018. It was one of the highest among all car categories in the global market.
Key Takeaways of the Market:
- Asia Pacific is expected to hold dominant position in the global market, owing to large presence of automotive hubs in the region. China, Japan, and India are reconsidered as the major market for investments due to rising demand for vehicles in this region.
- The vehicle type segment of passenger cars is expected to witness significant growth in the region, owing to large production and sales of passenger vehicles. For Instance, according to Indian Brand Equity Foundation (IBEF), during April 2018-January 2019, automobile production in India increased by 9.84% year-on-year to reach 26.26 million vehicle units.
- Europe is also expected to witness significant growth in the automobile ignition coil market due to export of various automotive parts. For instance, according to India Brand Equity Foundation, Europe accounted for a volume share of 35% in 2017 in Indian auto component exports. Furthermore, increasing demand for automobiles in Germany and the U.K. is also expected to lead to high demand for automobile ignition coil system.
- Some of the major players operating in the global automotive ignition coil market include, Marshall Electric Corp, Delphi Automotive LLP, BorgWarner Inc., Continental AG, DENSO Corporation, Hitachi Automotive Systems Americas, Inc., Mitsubishi Electric Corporation, Nissan Motor Co., Ltd., Robert Bosch GmbH, Toyota, and others