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The global automotive ignition coil market, valued at USD 10.56 billion in 2020, is poised for growth from USD 10.68 billion in 2021 to USD 13.18 billion by 2028, exhibiting a CAGR of 3.09%. The market faced a challenging period in 2020, contracting by -4.3% due to the adverse effects of the COVID-19 pandemic, causing a negative demand shock globally. However, a rapid rebound is expected as the market experiences a surge in demand and expansion post-pandemic.
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The ignition coil is a crucial component of a vehicle's ignition system, responsible for generating high voltage to ignite the fuel or air mixture in gasoline engines. The system, known for its reliability, transforms the 12-volt battery power into higher voltage, creating a spark at the spark plug. Modern vehicles typically feature one ignition coil per cylinder, while some use combined coil packs for all cylinders. Older models with distributors may use a single-coil/pencil coil for all cylinders.
The COVID-19 pandemic disrupted the automotive supply chain and led to a decline in vehicle sales, impacting the ignition coil market. Supply chain disturbances and resource constraints, compounded by the U.S.-China trade war, affected global players, delaying shipments for over 70% of companies. However, with the anticipated recovery in the second half of 2021 and the availability of COVID-19 vaccines, the industry is expected to regain momentum. Automotive companies are adopting safety measures, resuming production, and exploring untapped markets through new product introductions and technological advancements.
The automotive ignition coil market is witnessing trends such as the increasing adoption of luxury vehicles and the use of lightweight materials and advanced technology. Automotive manufacturers are aligning with consumer preferences, emphasizing luxury comfort features in developing countries. Luxury vehicle sales have surged globally, and manufacturers are incorporating lightweight materials to reduce overall vehicle weight. Key players, like BorgWarner, are introducing plug top technology in ignition coils, enhancing engine performance, fuel economy, and reducing emissions.
The growth of the automotive ignition coil market is driven by the increasing sales and production of gasoline-powered vehicles. Despite the impact of the COVID-19 pandemic, internal combustion engine (ICE) vehicles are regaining momentum, driven by personal mobility preferences, demand for luxury features, and innovation in ignition coil technology. The integration of advanced ignition coils in vehicles enhances fuel economy and overall efficiency, contributing to market growth.
The market faces challenges due to the electrification of vehicles and engine downsizing measures, hindering market growth. Consumers worldwide are increasingly favoring electric vehicles for their low maintenance, rapid acceleration, and low energy costs. Governments are incentivizing fuel-efficient vehicles, posing a challenge for ignition coil manufacturers. Additionally, ignition coil maintenance costs are relatively high, and failure rates are elevated, impacting the growth of the automotive spark coil market.
· Coil-on-plug
· Distributor-based
· Distributor-less
· Others
· Passenger Cars
· Commercial Vehicles
· OEM
· Aftermarket
· REGIONAL INSIGHTS
· Dominated by high adoption of new technologies in vehicles
· Growth driven by rising vehicle sales and presence of leading automotive players
· Rapid urbanization and smart cities accelerating market development
· Second-highest market position, with Germany leading the regional market
· Increased vehicle production and adoption of advanced IC engine technologies contributing to market growth
· Predicted to be the third-highest position in the global market
· Enhanced sales of vehicles and rising consumer demand for comfortable driving experience supporting market expansion
· Includes the Middle East, Latin America, and Africa
· Middle East impacting the market with early adoption of innovative technologies and policies in the automotive industry
Major players dominating the automotive ignition coil market include BorgWarner Inc., Diamond Electric Mfg. Corp., Denso Corporation, Federal-Mogul, Hella KGaA Hueck & Co., Hitachi, Ltd., Mitsubishi Electric Corporation, NGK Spark Plugs, Robert Bosch GmbH, and Valeo. These companies focus on improving existing product lines, expanding market presence, and investing in research and development activities.
· Denso Corp. expanded its aftermarket ignition coil line with four new coil-on-plug (COP) part numbers, extending coverage to 2012-2018 Honda and Acura models.
· BorgWarner invested in Enexor BioEnergy, LLC, securing a stake in the company through a $10 million investment in August 2021.
· In conclusion, the automotive ignition coil market is poised for growth, driven by the rebound from the COVID-19 pandemic, increasing sales of gasoline-powered vehicles, and technological advancements. The market faces challenges from the electrification of vehicles, but key players are actively addressing these challenges through innovation and strategic investments.
The global automotive ignition coil market, valued at USD 10.56 billion in 2020, is poised for growth from USD 10.68 billion in 2021 to USD 13.18 billion by 2028.
The global market is projected to grow at a CAGR of 3.09% during the forecast period, 2023-2028.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65455
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