Ignition Coil Market Size Overview
The global Ignition Coil Market Size has been growing rapidly mainly due to the growth in the automotive and OEM sectors. The automotive industry has been witnessing a constant rise in sales over the past few years, especially in emerging economies such as India, Mexico, Thailand, and Indonesia.
Moreover, factors such as the growing emphasis on sustainability and reduced fuel consumption so as to reduce air pollution are escalating the market on the global platform. According to Market Research Future (MRFR), the global Ignition Coil Market Size is expected to gain a thriving growth by 2027, registering around 3.8% CAGR throughout the anticipated period (2020-2027).
Additional factors that are positively impacting the growth of the market are rising urbanization, rise in per capita income and standard of living, especially in emerging regions such as the APAC and the Middle East.
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Technological advancements transpired in the ignition products alongside the demand for more efficient and responsive, and manufacturing processes are providing impetus to the growth of the market.
On the other hand, high investment capital and the concerns associated with the establishment of processes are impeding the market growth. Nevertheless, the increasing number of automotive unit sale worldwide is expected to support the growth of the market, attracting multiple investors.
Major Players
Key players leading the global Ignition Coil Market Size include BorgWarner Ludwigsburg GmbH (Germany), Robert Bosch GmbH (Germany), Delphi Automotive PLC (UK), Federal-Mogul Corporation (US), Denso Corporation (Japan), Mitsubishi Electric Corporation (Japan), Wings Automobile Products Pvt. Ltd (India), and Hitachi Automotive Systems Americas, Inc. (US), among others.
Industry/Innovation/Related News
May 23, 2019 --- Walker Products, Inc. (the US), a leading manufacturer and distributor of fuel system components and automotive engine management devices for the automotive aftermarket industry announced the expansion of its offering of coil-on-plug boots & boot kits. Walker supplies OE replacement ignition products that are designed to meet or exceed original equipment fit, form and function. The new products remain within Walker’s strict quality requirements to exactly match the original equipment specifications.
Global Ignition Coil Market Size – Segments
For the convenience of the report, the market has been segmented into four key dynamics.
By Type : Compression Ignition, Spark Ignition, and Battery among others.
By Component : Spark Plug, Ignition Coil, and Capacitor, among others.
By Vehicle Type : LCV, HCV, and Passenger Cars, among others.
By Region : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Ignition Coil Market Size – Regional Analysis
The Asia Pacific region, heading with the rapid industrialization, would dominate the global Ignition Coil Market Size size. Besides, the rapid growth in the industries such as automotive, aerospace, and mass transport, would contribute to the growth of the regional market. Moreover, continuous efforts to minimize vehicle emissions add to the growth of the Ignition Coil Market Size in the APAC region.
The region has been attracting foreign investors with its ample availability of logistics required for the production of ignition coils such as raw materials, land, and cost-competitive workforce, encouraging them to shift their production bases to rapidly emerging countries such as India and China. This, as a result, provides a huge impetus to the growth of the market, widening the scope of foreign direct investments in the regional market.
The Ignition Coil Market Size in the North American region accounts for the second largest market, globally. Factors such as the increased investments in recent times coupled with the development of new technologies and innovations are pushing up the growth of the regional market. The region is expected to retain its substantial share in the Ignition Coil Market growing at a steady pace during the forecast period.
The European Ignition Coil Market Size accounts for another lucrative market. The demand for these coils is expected to be driven by the well-established automotive market in key countries such as Germany and the UK.
Ignition Coil Market Size Size - Competitive Analysis
Highly competitive, the Ignition Coil Market Size appears to be fragmented characterized by the presence of several well-established players. These players incorporate strategic initiatives such as collaboration, acquisition, partnership, expansion, and technology launch in order to gain advantage and to maintain their position in the market. They compete with each other on pricing, technology, reputation, and services. Strategic partnerships support the growth and expansion plans of the key players.
Well established players try to offer customized products and strive to deliver safe, cost-effective solutions for virtually any operational challenge, including high-pressure/high-temperature applications.
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