MARKET OVERVIEW
The ignition coil market size, from the recent research reports, is anticipated to grow from 9 billion in 2020 to 14 billion by 2028 with a compound annual growth rate (CAGR) of 5%. Spark or ignition coils are induction coils present in the automobile vehicle's ignition system which helps in transforming the battery’s low voltage to thousands of volts which in turn generate the electric spark in the spark plug and ignite the fuel. These coils also help in the smooth and efficient working of engines. Some of them include an internal resistor and some include an external resistor that helps in limiting the current flow.
Looking at the latest research analysis, the automotive ignition coil market size can be bifurcated based on product and vehicle type. Out of all the segments of this market, the passenger car segment will experience significant growth during the forecast period because of its continuous rising demand. Also, the pencil ignition coil segment will account for the largest market with a CAGR of 7.03%. A very high voltage impulse is generated when this pencil ignition coil is directly mounted or connected to spark plugs which in turn is very important for efficiency.
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MARKET SEGMENTATION
If we look at this industry then based on product, it has Pencil Ignition Coil, Ignition Coil Rail, Electronic Distributor Coil, Can-type Ignition Coil, Double Spark Coil, and Others.
And based on vehicle type, it has Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV).
Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | XX % CAGR |
Revenue forecast in 2022-2030 | USD XX billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
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REGIONAL ANALYSIS
If we look at automotive ignition coil market size share and other details, this industry is remarkably working in three major regions of the world the Asia Pacific, Europe, North America, and the rest of the world. During the forecast period, the Asia Pacific region will dominate this market because of the rapidly growing automobile manufacturing industries in its developing nations like China, India, Japan, and Malaysia. Also, the rising adoption of second-hand passenger cars and increasing investments from key players in the automobile sector are some other factors that will supplement the growth of the market in this region. China will be the number one contributor to the growth of this market, in terms of volume and revenue, in the Asia Pacific region. Based on the data obtained from ignition coil market size analysis, the most valuable players of this market are NGK SPARK PLUG CO., LTD (Japan), Wells Vehicle Electronics (US), BERU (Germany), VALEO (France), and Hitachi (Japan).
INDUSTRY NEWS
In April 2021, a huge investment of 15.5 million aimed to develop a next-generation ignition coil that too specifically for ford motor company was announced by a US-based company Diamond Electric Mfg. Corp.
In February 2021, MPULSE, a new type and line of ignition coils were launched by transit Canada. This new product is manufactured with good quality premium copper windings which have high-performance insulation capacity. This coil will also reduce hesitation and misfiring and increase the response time and mileage of the vehicle.
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