Press release
Vehicle Ignition Coil Industry Set to Achieve $7.77 Billion Milestone by 2029 | Steady 4.2% CAGR
Vehicle Ignition Coil
What Is the Long-Term Growth Forecast for the Vehicle Ignition Coil Market Size 2025?
In recent years, the market size for vehicle ignition coils has seen a consistent increase. It is predicted to expand from $6.36 billion in 2024 to $6.58 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.5%. This growth during the historical period can be traced back to a surge in automotive production and sales, an uplift in demand for fuel-efficient vehicles, a growing interest in electric and hybrid vehicles, the escalating need for maintenance and repair, as well as stricter emission regulations.
What CAGR is Forecasted for the Vehicle Ignition Coil Market Through 2029?
Expectations have been set for the vehicle ignition coil market size to experience consistent growth in the upcoming years, with projections indicating a rise to $7.77 billion by 2029. This growth translates to a compound annual growth rate (CAGR) of 4.2%. Factors contributing to this growth during the forecast period include increased disposable income, stronger collaborations and partnerships, growth in international automotive parts trading, escalated investment in research and development, as well as surging popularity of turbocharged engines. The forecast period will also see the dominance of certain trends such as the acceptance of advanced ignition systems, amalgamation with superior vehicle diagnostics, application in hybrid and electric cars, production of coils that are energy-efficient, and preference for lightweight materials.
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What Are the Critical Factors Driving Vehicle Ignition Coil Market Development?
The growth of the vehicle ignition coil market is expected to be propelled by the increasing production and sales of automobiles. The term automotive production encompasses the design, manufacture, and assembly of various types of motor vehicles including cars, trucks, among others, utilizing a variety of materials, parts, and technologies. Developments in manufacturing procedures for industries, automation technologies, public demand for vehicles, and innovations in materials and engineering are contributing to the surge in automotive production. By transforming the car battery's low voltage into the high voltage necessary to fire the air-fuel mix in the engine cylinders, the vehicle ignition coil aids automobiles, allowing the engine to start and function optimally. In May 2023, the Italy-based motor vehicle manufacturing association, the European Automobile Manufacturers' Association (ACEA), reported that 85.4 million motor vehicles were produced worldwide in 2022, up 5.7% from 2021. Thus, the surge in automotive production and sales is fuelling the expansion of the vehicle ignition coil market.
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How Does the Vehicle Ignition Coil Market Break Down Across Major Segments?
The vehicle ignition coil market covered in this report is segmented -
1) By Type: Coil-On-Plug, Distributor Based, Distributor Less, Other Types
2) By Technology: Single Spark Technology, Double Spark Technology
3) By Vehicle Type: Passenger Vehicle, Commercial Vehicles
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Coil-On-Plug: Integrated Coil Type, Separate Coil Type
2) By Distributor Based: Conventional Distributor Type, Electronic Distributor Type
3) By Distributor Less: Ignition Coil Pack Type, Individual Ignition Coil Type
4) By Other Types: High-Performance Ignition Coils, Specialty Ignition Coils
What Are the Major Trends Transforming the Vehicle Ignition Coil Industry?
Principal players in the vehicle ignition coil market, like Niterra, are emphasizing the creation of innovative goods, for example, high-efficiency ignition coils in order to bolster the performance and reliability of the engine. These advanced ignition coils provide vehicles with a potent, constant spark, thereby enhancing engine performance, fuel effectiveness, and throttle response while also lessening emissions and ensuring a smoother acceleration, particularly in intensive or high-speed driving circumstances. As an illustration, Niterra, an automotive parts manufacturer from Japan, introduced MOD Performance Ignition Coils in January 2024. This particular line of ignition coils specially crafted for hybrid engines has been designed for superior durability and stable voltage output. The demanding conditions of high-performance vehicles and hybrid motors are well catered to by the MOD Performance Ignition Coils, guaranteeing a dependable operation over extended periods. By delivering a consistent and stable voltage, these coils significantly contribute to maximizing engine performance and efficiency.
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Which Players Are Driving Innovation in the Vehicle Ignition Coil Market?
Major companies operating in the vehicle ignition coil market are 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
Which Regions Are Driving Global Vehicle Ignition Coil Market Expansion?
Asia-Pacific was the largest region in the vehicle ignition coil market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle ignition coil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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