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 Coherent Market Insights.
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.
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Key Trends and Analysis of the Global Automotive Ignition Coil Market:
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