Ignition Coil Market Size, Share, Growth, And Industry Analysis, By Type (Single-Spark and Multi-Spark), By Application (OEM and Aftermarket), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Ignition Coil Market Report Overview

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The global ignition coil market size was USD 2692.7 million in 2022 and market is projected to touch USD 4141.6 million by 2031, exhibiting a CAGR of 4.9% during the forecast period.

One of the components of a car's ignition system is the ignition coil. It is in charge of generating an electric spark that ignites the mixture of fuel and air in a compression chamber, aiding in the movement of the vehicle. Some typical product kinds are distributor-based, distributor-less, and coil-on plugs. A laminated iron core is encircled by two coils of copper wire in an coil, which is made of high-quality metal materials, is simple to install, strong, long-lasting, and resistant to wear and corrosion. They are frequently employed in passenger cars, motorbikes, and light and heavy commercial vehicles (L/HCVs) as they increase engine economy, emissions, and performance.

A favorable picture for the market is being produced by the expanding automobile sector around the world. Vehicles employ automotive coils to increase performance and fuel economy. Accordingly, the market is growing as a result of increased consumer preference for personal mobility, expanding output of gasoline-powered cars, and rising demand for luxury cars. Another growth-promoting aspect is the growing application of three-dimensional (3D) printing technology to lower costs and improve product quality.

COVID-19 Impact: Rise in Logistics During the Lockdown to Boost Market Growth

Numerous factories that make vehicles and their components had to temporarily close because to the COVID-19 outbreak. However, the demand for automobiles has marginally increased as lockdowns have gradually been lifted in a number of nations. The effects were particularly noticeable in the car sector, as numerous businesses experienced disruptions in their supply chains and production processes. The OEMs are optimistic about the post-pandemic period as they work through this crisis because they anticipate that the economies will recover and support the market's expansion. Additionally, as e-commerce has grown in popularity, so has the demand for commercial cars. There has been a rise in logistics and freight activities as several nations reopen their international borders. It is anticipated that all of these causes will increase demand for ignition coil market.

Latest Trends

"Growth of Automotives to Augment Market Growth"

The sales of automotive coils are positively impacted by the increase in vehicle production and global auto sales. The current economic climate has been turbulent, yet the worldwide car sector has grown satisfactorily. In contrast to industrialized nations, automotive production is anticipated to be particularly substantial in emerging economies. In these emerging economies, rising urbanization, rising per capita income, and rising living standards all significantly contribute to ignition coil market growth.

Ignition Coil Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into single-spark and multi-spark.

In terms of product, single-spark is the largest segment.

• By Application Analysis

Based on application, the market can be divided into OEM and aftermarket.

In terms of application, OEM is the largest segment.

Driving Factors

"Pencil-Shaped Coil to Provide Impetus to the Market"

The development of a pencil-shaped ignition coil that increases the magnetic field in an automobile engine and provides electrical, mechanical, and thermal isolation between the magnetic core is fueling the market's expansion. Additionally, the downsizing of engines is boosting demand for compact and miniaturized coils, which is driving the market's expansion. Other factors that used to fuel market expansion include increased consumer spending power, the introduction of supportive government policies supporting energy-efficient systems, rising auto production, and intensive research and development efforts.

"Rising Demand for the equipment to Propel Market Growth"

The lengthening of vehicle lifespans has expedited maintenance and repair tasks, such as changing coils. As a vehicle travels more miles, coils need to be replaced more frequently. This creates demand for coils in the aftermarket. In order to prevent backfiring and stalling of the car, which will certainly increase the market, the coil needs to be well-maintained. Engine backfiring is a sign that the coil has failed since it leads to low fuel efficiency and backfiring if the spark is not produced in the combustion chamber.

Restraining Factors

"Growing Demand for Electric Vehicles Hindering the Market Growth"

The market for electric vehicles is expanding due in part to favorable government initiatives and the rising number of environmental concerns. The competition between emerging energy-efficient technologies and rising energy costs are also anticipated to drive market expansion. The policy environment continues to play a significant role in the growth of electric vehicles. The top adopting nations for electric vehicles all have a variety of regulations in place to encourage the use of these vehicles.

Ignition Coil Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Rising Demand for Commercial Cars"

Asia Pacific dominates the market and owns largest portion of ignition coil market share. In nations like India, China, Malaysia, and Thailand in the area, logistics activity is being driven by rapid urbanization and the growth of the construction, e-commerce, and mining industries. As a result, the market for automobile engine coils in Asia Pacific is growing due to the region's increasing need for commercial cars. Given their high power and superior performance, multiple vehicle coils are a standard feature in most opulent vehicles. Sales of luxury vehicles have significantly increased in developing countries.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The research also includes complete information on a number of insights. The global ignition coil market study offers a thorough overview of the major companies functioning in the industry. As part of the competitive landscape analysis, it also looks into the important firms' revenue growth and other strategies that are likely to lead to a positive growth in the market. Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Bosch (Germany)
• Denso (Japan)
• Delph (U.K.)
• Tenneco (Federal-Mogul) (India)
• BorgWarner (U.S.)
• AcDelco (U.S.)
• Hitachi (Japan)
• NGK (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.