Press release
Automotive Ignition Systems Market is expected to grow at CAGR of 8.3% during the forecast period, and Market key players are - NGK, Federal-Mogul Corp, Bosch, Autolite, ACDelco, Torch, Delphi Automotive, and Others
The ignition system of the automobile plays a crucial role in generating sparks or heat in motor vehicles, except for diesel engines. These systems are widely used in motorized gasoline vehicles, such as passenger cars, motorcycles, light commercial vehicles, high performance vehicles and others. The main purpose of the ignition system is to generate a high voltage from the car's battery to cross the gap of the spark plug. To generate high power from the fuel and air mixture, the spark must be activated at the correct time during the compression stroke. Due to these factors, the demand for ignition system increases mainly in automotive applications. The global market for automotive ignition systems has experienced a potential growth in recent years due to the growing demand for vehicles and it has been estimated that the global market would maintain the same market during the forecast period.
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Automotive Ignition Systems Market Value:
The Automotive Ignition Systems Market is expected to grow at an average annual rate of 8.3% during the forecast period, reaching USD 10.6 billion by 2023.
Automotive Ignition Systems Market Drivers and restraints:
Over the years, it has been analysed that the automotive industry has developed several technological advances to reduce the consumption of fuel per vehicle. In addition, strict government regulations on fuel consumption and emissions have stimulated the demand for ignition systems throughout the world. In addition, the growing focus on R&D and powertrain systems has created great potential for manufacturers' ignition systems. In addition, the growing demand for gasoline vehicles, the increase in income levels and the emerging automobile market have driven the demand for ignition systems to the global market. On the other hand, the growing demand for electric vehicles could hamper the growth of the automotive ignition system market.
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Market Detailed Segmentation Study:
Automotive Ignition System Market Segment Analysis – By Type:
Spark Plug
Ignition Coil
Automotive Ignition System Market Segment Analysis – By Industry:
OEM Market
Aftermarket
Automotive Ignition System Market Segment Analysis – By Channel:
Direct Sales
Distributor
Automotive Ignition Systems Market Geographical segmentation:
Geographically, Asia-Pacific is one of the largest revenue generators of automobile ignition systems, followed by North America and Europe. China, Japan and India are considered the main investment market due to the growing demand for vehicles and economic growth.
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Automotive Ignition Systems Market Key Players:
NGK
Federal-Mogul Corp
Bosch
Denso
Autolite
ACDelco
Torch
Delphi Automotive
Robert Bosch
Borgwarner
Federal-Mogul Corporation
Mitsubishi Electric Corporation
Continental AG
Hitachi Automotive Systems
Diamond Electric and others
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