The global Automotive Ignition Coil Market is estimated to be valued at US$ 10.32 Bn 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:
The automotive ignition coil is an induction coil in an automobile’s ignition system which transforms the battery’s low voltage to the high voltage needed to produce an electric spark in the spark plugs to ignite the fuel. Modern automotive ignition coils provide better voltage regulation and improved efficiency.
Market key trends:
Electronic ignition system has become a standard fitment in modern vehicles due to benefits like improved fuel efficiency, low maintenance and better starting capability. Earlier ignition systems were mechanically timed but electronic ignition systems precisely time the spark and improve engine performance over a wide rpm range. They also eliminate the need for periodic tune-ups. This trend towards technologically advanced ignition systems is expected to fuel the demand for automotive ignition coils during the forecast period.
Segment Analysis
The global automotive ignition coil market can be segmented by ignition type, vehicle type, and sales channel. Based on ignition type, the inductive coil segment dominates the market and accounts for around 60% share. Inductive coils provide greater voltage output using a simpler design compared to solid-state coils.
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 automotive production and demand for fuel-efficient vehicles.
Regional analysis: Asia Pacific dominates the global market and accounts for over 35% share due to large automobile production hubs in China, India, Japan, and South Korea. Asia Pacific is expected to witness the fastest growth due to increasing disposable incomes and rising vehicle ownership in the region.
Key players analysis: Key players operating in the automotive ignition coil market are 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.
