Automotive Ignition Coil Market Market Forecast Covering Growth Inclinations & Development Strategies until 2026
Automotive ignition coil is an induction coil in a vehicle’s ignition system that converts the low voltage of battery into thousands of voltage required to produce an electric spark for igniting the mixture of air and gasoline. The automotive ignition coils are also known as spark coils. Ignition coil plays an important role in smooth and efficient operation of the engine. On the macroeconomic scale, the demand for automotive ignition coil is driven by the growth of per-capita income, urbanization and population. Also, rising automotive production and vehicle parc, stringent fuel efficiency and emission control norms are the key reasons driving the growth of global automotive ignition coil market. Automotive ignition coil market anticipated to register a value CAGR of 4.5% between 2016 and 2026.
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However, the global ignition coil market is expected to face some challenges. Increasing demand for vehicles which do not require ignition coil is one of the major challenge identified in the market. This factor is expected to impact the sales of automotive ignition coils over the coming years. On the other hand, new product development and strategic partnerships with OEMs are the major reasons providing the significant growth opportunities over the forecast period
The automotive ignition coil market is segmented on the basis of product type into can-type ignition coil, electronic distributor coil, double spark coil, pencil ignition coil, ignition coil rail and others. Among product types, the pencil ignition coil segment is anticipated to continue to dominate the market in terms of value over the forecast period.
Pencil ignition coils are the coils which can be directly mounted on the spark plug. There is no requirement of ignition cables for this type of coils. The electronic distributor coil segment is expected to represent a total incremental opportunity of US$ 143.1 Mn between 2016 and 2026
Ignition coil rail segment is expected to represent an incremental opportunity of US$ 186.9 Mn between 2016 and 2026
Regional market projections
APEJ is the leading market for automotive ignition coils accounting for over 41.0% market share in terms of revenue in the global automotive ignition coil market by the end of 2016. China is expected to hold dominant revenue share in the APEJ automotive ignition coil market over the forecast period. The APEJ automotive ignition coil market is projected to hold significant market share in terms of value in the global automotive ignition coil market over the forecast period, exhibiting a CAGR of 5.8% over the forecast period. Sales of automotive ignition coil in the APEJ market is expected to increase to 66,064 ‘000 Units by 2026 end from 41,951 ‘000 Units in 2016.
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The report highlights some of the key companies operating in the global automotive ignition coil market such as, Denso Corporation, Federal-Mogul Corporation, NGK Spark Plug Co., Ltd., BorgWarner Ludwigsburg GmbH, Valeo SA, Robert Bosch GmbH, Delphi Automotive PLC, Hitachi Automotive Systems Americas, Inc., Mitsubishi Electric Corporation, Standard Motor Products, Marshall Electric Corp, and AcDelco
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