Press release
Automotive Ignition Parts Market Size, Share and Global Report 2023-2029
The global automotive ignition parts market size was valued at USD 6.8 billion in 2022 and is poised to grow at a significant CAGR of 9.8% during the forecast period 2023-29. The primary factors that drive the market are the growing prevalence of pollution-free ignition the demand for the automotive ignition parts market is increasing globally, the development of new products rise in the increase in parts of ignition plugs.View the detailed report description here - https://precisionbusinessinsights.com/market-reports/automotive-ignition-parts-market
The automotive ignition parts market is segmented based on components, ignition type, distribution channel, and region.
Based on the type of component, the market is segmented into the following:
• Ignition Plug
• Spark plug
• Glow plug
• Ignition Coil
• Ignition Control Module
• Crankshaft
Based on the ignition type, the market is segmented into the following:
• Coil-in plug
• Simultaneous
• Compression Plug
Based on the distribution channel, the market is segmented into the following:
• Retail stores
• E-commerce
• Online distributor
• Hypersmart
Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Coil-on-plug Dominate the Automotive Ignition Parts Market:
Based on type, coil-on-plug holds the highest market share. The major factor for the rise of this segment is the use of the latest technology in the ignition system, coil-on-plug is the latest technology in the ignition parts system. It is designed to convert low voltage to high voltage to fire the spark plug. Coil-on-plug is used in electric vehicles to converting low voltage to maximum high voltage spark to fire the spark in the vehicle.
Asia Pacific Automotive Ignition Parts Market:
Asia Pacific region is expected to grow significantly in the Automotive ignition parts market over the forecast period. Asia Pacific region with total revenue of USD 3.6 billion is likely to be a growing market in the future. It is attributed to an increase in the sales of automotive ignition parts as the highest number of populations is in China and India which covers 40% of market revenue in the forecast years.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The Automotive ignition parts market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.
In June 2022, Transient Plasma Systems launched the "Transient plasma Ignition system" for internal engine combustion.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=159306
Key players' profiles in the automotive ignition parts market report are; Denso Corporation, Hitachi Automotive Systems, Diamond electric holdings, Bosch Limited, Marshall Electric Corporation, NGK spark Plug Limited, Delphi Automotive PLC, Mitsubishi Corporations, Standard motor products, Valeso SA
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