Automotive Ignition Coil Market Industry Analysis, Trend and Growth, 2016-2026
With the growing focus towards engine and component downsizing, lower fuel consumption, better efficiency, lower emissions and higher ignition voltage, the need for advancement of ignition coil is constantly increasing. The fuel- air mixture should be ignited at accurate timing with optimum energy so as to ensure proper combustion and hence proper functioning of the vehicle. Thus for a perfect ignition system, there is no scope for a faulty ignition coil. This brings the ignition coils to forefront and makes the automotive ignition coil market a hotspot for research and development. Despite being niche, the market is very opportunistic with increasing demand for novel ignition technology so as to increase efficiency and reduce fuel consumption.
The automotive ignition system has evolved from the conventional magneto ignition system to the modern electronic assisted systems and the future is further anticipated to witness significant advancement in ignition coil technology, which will create new growth opportunities in the automotive ignition coil market. The global automotive ignition coil market is principally driven by healthy growth of global automotive production. The robust growth of automotive production in developing countries such as China, India and Mexico is expected to spur the global ignition coil market. Giant automotive markets such as North America and European Union are expected to create significant aftermarket demand in the automotive ignition coils market over the forecast period.
Over the past years, there has been instances of vehicle recalls due to faulty ignition coils, this has been major challenge for the automakers as such instances could significantly hamper their brand image. Hence quality remains the major focus for OEMs. Furthermore, the market for ignition coil is highly fragmented and supply of counterfeit products remains the next most burning issue in the global automotive ignition coil systems market. Key players in the market are centering to increase their market share by availing diverse product portfolio to the OEMs and capitalizing opportunities through strategic alliances and partnerships with technology leader to develop new products.
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GlobalAutomotive Ignition Coil Market Dynamics:
Increasing vehicle production particularly in emerging markets, is one of the key factors driving the demand for automotive ignition coils. Also rapidly increasing vehicle parc is anticipated to create significant aftermarket demand in the global automotive ignition coil market. Advancement in engine technology so as to achieve higher fuel efficiency and fewer emissions is expected to bring new and advanced products in the market, supplementing growth of ignition coil market.
A major force restraining the growth of automotive ignition coil market is the shift of industry towards EVs (electric vehicles). As pure electric vehicles will eliminate use of ignition system from an automotive.
GlobalAutomotive Ignition Coil Market Segmentation:
Global automotive ignition coil market can be segmented on the basis of vehicle type into:
- Passenger Cars
- LCV (Light Commercial Vehicle)
- HCV (Heavy Commercial Vehicle)
Global automotive ignition coil market can segmented on the basis of sales channel into:
- OEM (Original Equipment Manufacturer)
Global automotive ignition coil market can be segmented on the basis of product type as follows:
- Can-type Ignition Coils
- Electronic Distributor Coils
- Double Spark Ignition Coils
- Plug Shaft Ignition Coils
- Dual Coil Ignition Coils
Global Automotive Ignition Coil Market: Regional Outlook
On the basis of region, Asia Pacific is expected to witness high growth in the global automotive ignition coil market and is expected to maintain dominant share over the forecast period. The key market driving countries in the Asia-Pacific region are China and India, as these countries holds a significant share of new vehicle production and vehicle par. Japan, Latin America and Middle East & Africa are expected to grow at a steady rate over the forecast period. North America and Europe are expected to witness fast adoption of newer technologies, as compared to other markets.
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Global Automotive Ignition Coil Market: Key Players
Some of the key market participants in the global automotive ignition coil market are:
- Robert Bosch GmbH
- BorgWarner Ludwigsburg GmbH
- Delphi Automotive LLP.
- DENSO CORPORATION
- Federal-Mogul Corporation
- Wings Automobile Products Pvt. Ltd.
- NGK Spark Plug Europe GmbH
- Standard Motor Products, Inc.
- Prenco Progress and Engineering Corporation