Future Market Insights (FMI) has projected the global automotive ignition coil market to register 4.4% CAGR between 2021 and 2031. Growing adoption of dual spark ignition coils will continue increasing the demand in the market.
Sales of automotive ignition coils is particularly high in emerging economies such as India, China, and South Korea as these countries increase focus on improving fuel and engine efficiency.
Burgeoning sales of passenger vehicles across the globe also is augmenting the sales of automotive ignition coils, especially across South Korea and Japan. Over 75% of automotive ignition coil sales will be accounted by passenger cars, opines FMI.
As per Future Market Insights, Japan and South Korea will collectively account for over 14% of global market share over the forecast period
Due to the outbreak of novel coronavirus, sales of automotive ignition coils declined, registering growth at 0.1% CAGR by the end of 2020. However, recovery in automotive industry post containment of the pandemic will steer growth in the market.
According to the FMI’s analysis, the global automotive ignition coils market is expected to reach US$ 3.8 Bn in the next couple of years.
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Key Takeaways from FMI’s Automotive Ignition Coil Market Study
- By vehicle type, passenger cars will emerge as primary automotive ignition coil end users
- In terms of sales channel, original equipment manufacturers are likely to emerge dominant
- In terms of product type, pencil ignition coils are the most preferred choice due to their accuracy and efficiency in reducing carbon emission and improving engine efficiency
- Double spark coils will emerge as the most lucrative segment in terms of product, accounting for more than 50% of global automotive ignition coil sales
- Heavy commercial vehicle (HCV) segment will account for more than 5.1% of global market share during the forecast period
- Light commercial vehicle segment will register growth at over 3.1% CAGR between 2021 and 2031
- Germany and the U.K. are anticipated to lead the Europe’s automotive ignition coil market on the back of increasing production of passenger cars
“Increasing production of passenger cars and higher integration of double spark ignition coils in compact and mid-size passenger cars are broadening prospects for the market players. To capitalize on existing opportunities and counter the threat from alternatives, market players are investing in technological advancements to develop innovative ignition coils that offer higher engine efficiency,” says the FMI analyst.
Denso Corporation, Federal-Mogul Corporation, NGK Spark Plug Co. Ltd., BorgWarner Ludwigsburg GmbH., Valeo SA, Robert Bosch, Delphi Automotive PLC, Hitachi Automotive Systems Americas Inc., AcDelco, and Marshall Electric Corp among others are some prominent players operating in the automotive ignition coil market.
As per the FMI’s analysis, the market is consolidated with top 5 players dominating the automotive ignition coil market, accounting for over 30% of market share. Top 5 players include Denso Corporation, Diamond Electric, Hitachi Astemo Ltd., NGK Spark Plug Co., Ltd., Robert Bosch.
- Can-type Ignition Coil
- Electronic Distributor Coil
- Double Spark Coil
- Pencil Ignition Coil
- Ignition Coil Rail
- Passenger Cars
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East & Africa
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More Insights on the Global Automotive Ignition Coil Market
In its latest report, FMI provides an incisive coverage on the global automotive ignition coil market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (passenger cars, light commercial vehicle, and heavy commercial vehicle), product type (can-type ignition coil, electronic distributor coil, double spark coil, pencil ignition coil, ignition coil rail, and others), and sales channel (original equipment manufacturers and aftermarket) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.