The global Automotive Ignition Coil Market is estimated to be valued at US$ 10.32 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive ignition coils are high voltage devices that deliver voltage to spark plugs for ignition of fuel. Spark plug coils helps in improving engine efficiency and reducing emissions.
Market key trends:
One of the key trends in the automotive ignition coil market is the increasing adoption of multi-spark ignition coils. Multi-spark ignition coils offer enhanced combustion by igniting the fuel multiple times in a single ignition cycle. This improves engine efficiency and reduces emissions. Many automakers are integrating multi-spark ignition coils especially in their gasoline-powered vehicles. For instance, NGK Spark Plug Co. Ltd offers their multi-spark plug ignition coil called MS-IGN coil that can generate three sparks per plug per combustion cycle improving the efficiency of small gasoline engines.
Market key trends:
The automotive ignition coil market is witnessing increasing adoption of distributorless ignition systems. Modern vehicles are equipped with distributorless ignition coils that perform the same function as conventional ignition coil but without the distributor. These ignition coils help improve fuel efficiency and reduce emissions. The growing demand for fuel-efficient vehicles is encouraging major automakers to replace conventional ignition systems with advanced distributorless ignition coils.
SWOT Analysis
Strength: Integrated ignition coils that replace the need for separate coil and distributor provide more space saving design solutions.
Weakness: The higher cost of manufacturing integrated coils compared to conventional coils is a challenge.
Opportunity: Growing demand for electric vehicles provides an opportunity to develop new ignition technologies suitable for electric powertrains.
Threats: Stiff competition from local players producing lower cost conventional coils threatens established brands.
Key Takeaways
The global automotive ignition coil market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand for fuel efficient vehicles. Asia Pacific dominates the market and is expected to maintain its lead position during the forecast period, with China and India being the major markets.
Regional analysis
Asia Pacific accounts for more than 35% of the global automotive ignition coil market led by China, India, and Japan. This can be attributed to the large production of passenger and commercial vehicles in these countries. The availability of inexpensive labor and raw materials are encouraging major automotive OEMs to establish manufacturing facilities in the region.
Key players
Key players operating in the automotive ignition coil market include BorgWarner Inc., DENSO Corporation, Diamond Electric MFG, Eldor Corporation S.p.A., HELLA GmbH & Co. KGaA (Faurecia SE), Hitachi Ltd., Mitsubishi Electric Corporation, NGK Spark Plug Co. Ltd., Robert Bosch GmbH Standard Motor Products Inc., Aptiv PLC and Valeo.
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