Global Vehicle Ignition Coil Market Growth Rate 2024, Forecast To 2033
12 Nov, 2024
The vehicle ignition coil market has shown steady growth in recent years. It will increase from $6.08 billion in 2023 to $6.36 billion in 2024, at a CAGR of 4.5%. Contributing factors include the rise in automotive production and sales, growing demand for fuel-efficient, electric, and hybrid vehicles, higher maintenance and repair needs, and stringent emission regulations. The vehicle ignition coil market is forecasted to see steady growth, reaching $7.69 billion by 2028 with a CAGR of 4.9%. This growth is attributed to increasing disposable income, collaborations, global trade in automotive parts, R&D investments, and turbocharged engine popularity. Trends include high-performance ignition systems, advanced vehicle diagnostics, adoption in electric and hybrid vehicles, energy-efficient coils, and lightweight materials.
Major Driver In The Vehicle Ignition Coil Market
The increase in automotive production and sales is expected to drive the growth of the vehicle ignition coil market. Automotive production encompasses the design, manufacturing, and assembly of motor vehicles, influenced by advancements in manufacturing processes, consumer demand, and innovations in materials. Vehicle ignition coils convert low battery voltage into high voltage needed to ignite the air-fuel mixture in an engine, essential for efficient engine operation. The European Automobile Manufacturers' Association reported that around 85.4 million motor vehicles were produced worldwide in 2022, reflecting a 5.7% increase from 2021. Therefore, rising automotive production and sales are fostering growth in the vehicle ignition coil market.
Request A Free Sample Of The Vehicle Ignition Coil Market ReportVehicle Ignition Coil Market Competitive Landscape
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
Key Vehicle Ignition Coil Market Trend
Major companies in the vehicle ignition coil market are focusing on creating innovative products, such as high-performance ignition coils, to improve engine performance and reliability. These ignition coils provide a stronger, more consistent spark, enhancing fuel efficiency, throttle response, and engine performance while reducing emissions and ensuring smoother acceleration, particularly in high-stress or high-speed driving scenarios. For example, in January 2024, Niterra, a Japan-based motor vehicle parts company, introduced MOD Performance Ignition Coils, which are specifically designed for durability and consistent voltage output, optimized for hybrid engines. These coils are engineered to perform reliably under the demanding conditions of performance vehicles and hybrid engines, delivering stable voltage for optimal engine performance.
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Global Vehicle Ignition Coil Market Segmentation
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), Aftermarket
By Geography:The regions covered in the vehicle ignition coil market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the vehicle ignition coil market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Vehicle Ignition Coil Global Market Report 2024 furnishes information about the global vehicle ignition coil market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.