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Vehicle Ignition Coil Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Becton, Dickinson and Company, Strykar Healthcare, Boston Scientific Corporation
Vehicle Ignition Coil Global Market Report 2024
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According to The Business Research Company's, The vehicle ignition coil market size has grown steadily in recent years. It will grow from $6.08 billion in 2023 to $6.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to rise in automotive production and sales, rise in demand for fuel-efficient vehicles, rise in demand for electric and hybrid vehicles, increase in maintenance and repair needs, and rise in stringent emission regulations.
The vehicle ignition coil market size is expected to see steady growth in the next few years. It will grow to $7.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to increasing disposable income, increasing collaborations and partnerships, rise in global trade in automotive parts, increasing research and development investments, and growing popularity of turbocharged engines. Major trends in the forecast period include adoption of high-performance ignition systems, integration with advanced vehicle diagnostics, adoption in electric and hybrid vehicles, development of energy-efficient coils, and adoption of lightweight materials.
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Market Drivers and Trends:
The rising automotive production and sales are expected to propel the growth of the vehicle ignition coil market going forward. Automotive production refers to the process of designing, manufacturing, and assembling motor vehicles, including cars, trucks, and other types of vehicles, using various materials, components, and technologies. The increase in automotive production is due to advancements in industrial manufacturing processes, automation technologies, consumer demand for vehicles, and innovations in materials and engineering. Vehicle ignition coil helps automotive by converting the low voltage from the car's battery into the high voltage needed to ignite the air-fuel mixture in the engine's cylinders, enabling the engine to start and run efficiently. For instance, in May 2023, according to the European Automobile Manufacturers' Association (ACEA), an Italy-based motor vehicle manufacturing association, around 85.4 million motor vehicles were produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, the rising automotive production and sales are driving the growth of the vehicle ignition coil market.
Major companies operating in the vehicle ignition coil market are focused on developing innovative products, such as high-performance ignition coils to enhance engine performance and reliability. High-performance ignition coils help vehicles by delivering a stronger, more consistent spark, improving engine performance, fuel efficiency, and throttle response while reducing emissions and ensuring smoother acceleration, particularly in high-stress or high-speed driving conditions. For instance, in January 2024, Niterra, a Japan-based motor vehicle parts manufacturing company, launched MOD Performance Ignition Coils, a specific line of high-performance ignition coils designed for high durability and consistent voltage output optimized for hybrid engines. The MOD Performance Ignition Coils are engineered to withstand the demanding conditions of performance vehicles and hybrid engines, ensuring reliable operation over time. These coils provide stable and consistent voltage for optimal engine performance and efficiency.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
General Motors Company, Robert Bosch Gmbh, Hitachi Ltd., Denso Corporation, Mitsubishi Electric Corporation, Marelli Holdings, Borgwarner Inc., Standard Motor Products, Eldor Corporation S.P.A., Niterra Co Ltd., Holley Performance Products, Lucas Electrical, Zhuzhou Torch Spark Plug Co. Ltd., Federal-Mogul, Yura Corporation, United Automotive Electronic Systems, Wells Vehicle Electronics, Diamond Electric Mfg. Corp, Prenco Progress & Engineering Corp. Ltd., Walker Products, Marshall Electric Corp., Triscan A/S
Vehicle Ignition Coil Market 2024 Key Insights:
• The vehicle ignition coil market size is expected to see steady growth in the next few years. It will grow to $7.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Automotive Production and Sales Drive Growth in the Vehicle Ignition Coil Market
• Technological Advancements Driving Vehicle Ignition Coil Innovation
• Asia-Pacific was the largest region in the vehicle ignition coil market in 2023
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