Global Automotive Ignition Coil Market is Expected to Witness a CAGR of 6.8% During the Forecast Period (2019-2027)

SEATTLE, July 10, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global automotive ignition coil market is projected to exhibit an impressive CAGR of 6.8% over the forecast period (2019 – 2027).

Key Trends and Analysis of the Automotive Ignition Coil Market:

The rate of consumption of automotive ignition coil is highly influenced by production of automobiles. The consumption pattern of ignition coil differs across different original equipment manufacturers (OEMs). Many OEMs utilize different types of ignition coils based on their need. Therefore, strategic contracts and contracts with OEM automotive manufacturers is expected to create growth opportunities for market players.

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Increasing sales of electric and hybrid cars is expected to lead to low demand for automotive ignition coils as electric and hybrid vehicles do not require these coils. According to International Energy Agency, in 2018, the global electric car fleet exceeded 5.1 million units, from 2 million units in 2017, thus almost doubling the number of new electric car sales. This is a major factor restraining growth of the automotive ignition coil market. Moreover, increasing air pollution and ongoing development in powering cars with solar energy is also expected to have negative impact on the automotive ignition coil market growth during the forecast period.

The global automotive ignition coil market is segmented on the basis of product type, vehicle type, sales channel, and region. Among product type, pencil ignition coil segment is expected to witness significant growth during the forecast period. This is owing to the need for engine downsizing that requires efficient components for engine's assembly. Among vehicle type, passenger vehicle segment held the dominant share in the automotive ignition coil market in 2018.

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Among vehicle type, passenger cars segment is expected to account for major share and hold dominant position in the market during the forecast period. This is owing to increasing demand for compact cars. Moreover, stringent fuel efficiency and emission standards and increasing demand for advanced ignition coils is also expected to propel growth of the automotive ignition coil market. Key vendors in the automotive ignition coil market are focused on innovative product launch and strategic partnership with other leading players in the market. For instance, in October 2017, NGK Spark Plug Europe added five ignition coils for recent models from Ford General Motors, Peugeot-Citroën, and Range Rover to its aftermarket range. Through this launch, NGK Spark Plug Europe is expected to expand its application in Groupe PSA and General Motors cars.

Asia Pacific held dominant position in the global automotive ignition coil market in 2018, and is projected to maintain its dominance during the forecast period. This is owing to increasing demand for passenger vehicles in developing countries such as India, China, and Japan. According to Coherent Market Insights' analysis, the sale of passenger cars was around 75% of the total vehicle production globally in 2018. Moreover, Europe is expected to be the second fastest growing market for automotive ignition coil, owing to increasing automotive production and presence of prominent players in the region.

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Key Market Takeaways:

• The market is expected to witness a CAGR of 6.8% during the forecast period (2019–2027), owing to increasing demand for vehicles in developing countries. Growing automotive industry is also expected to drive growth of the automotive ignition coil market.
• However, increasing adoption of electric cars is one of the factors that is expected to hamper growth of the automotive ignition coil market. In developed countries such as Japan, the U.S., the U.K., and France, the adoption of electric hybrid vehicles is growing due to the stringent emission standards and increasing demand for fuel-efficient vehicles. This might hamper the growth of automotive ignition coil market over the forecast period from 2019 to 2027.
• Some of the major players operating in the global automotive ignition coil market include, Delphi Automotive LLP, Continental AG, Marshall Electric Corp, DENSO Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Toyota, Nissan Motor Co., Ltd., Hitachi Automotive Systems Americas, Inc., BorgWarner Inc., and others

Report Segmentation:

Global Automotive Ignition Coil Market, By Product Type:

• Can-type Ignition Coil
• Double Spark Coil
• Electronic Distributor Coil
• Ignition Coil Rail
• Pencil Ignition Coil
• Others

Global Automotive Ignition Coil Market, By Vehicle Type:

• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Cars

Global Automotive Ignition Coil Market, By Sales Channel:

• OEM
• Aftermarket

Global Automotive Ignition Coil Market, By Geography:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• Italy
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• ASEAN
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa
• Company Profiles

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/automotive-ignition-coil-market-2812

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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SOURCE Coherent Market Insights