Asia-Pacific Automotive Ignition Coil
AfterMarket Market Overview
According to a Comprehensive Research Report by Market Research
Future (MRFR), Asia-Pacific Automotive Ignition Coil
AfterMarket Market Information by Product, Vehicle Type, and Region - Forecast
till 2032", The Asia-Pacific
Automotive Ignition Coil AfterMarket market will take a massive jump from USD
7.5075 Billion it touched in 2023 to an astounding USD 11.0919 billion by 2032,
at a rate of 5.00% between 2023 and 2032.
One component of a car's ignition
system is the ignition coil. The high voltage required to ignite the fuel or
air mixture in petrol engines or vehicles is produced by these coils. The car
ignition system is tough and dependable, and it is built to transform the
on-board battery's 12 voltage into a higher voltage to ignite the spark plug.
Modern passenger and commercial cars
also have one ignition coil fitted over the spark plug in each cylinder. Major
automobiles do, however, occasionally use a single set of coil packs for every
cylinder. Furthermore, single-coil/pencil coils are used for all cylinders in
older vehicles with distributors. Additionally, businesses in this sector are
proactively launching new products, creating new technology, and putting new
strategies into place in order to grow their business in an unexplored
market.
Market Competitive Landscape:
·
NGK SPARK PLUG
CO. LTD (Japan)
·
Wells Vehicle
Electronics (US)
·
Denso Corporation
(Japan)
·
Delphi
Technologies (UK)
·
Robert Bosch GmbH
(Germany)
·
BorgWarner Inc.
(US)
·
Hitachi
Automotive Systems Ltd (Japan)
·
Standard Motor
Products Inc. (US)
·
Valeo (France)
Market Drivers:
Increasing knowledge of or choice for personal mobility and
increased demand for luxury/advanced features in vehicles have led to a boom in
the sales and manufacturing of internal combustion engine (ICE) vehicles
globally. Growing market penetration is directly correlated with an increase in
vehicle production. The businesses are also engaged in innovation by using the
new integrated ignition coil for the upgraded cylinders of the cars. The market
for automotive ignition coils is expected to develop as a result of these
coils' improvements to the fuel efficiency and general performance of
automobiles. Additionally, a lot of ignition/spark coil producers are adapting
to the new, changing environment and investing extensively to match frequency
with the system fitted with modern sensors.
Additionally, increased demand for new vehicle sales and
production would result in a sizeable market share for this industry globally
due to factors such as rising disposable income, rapid industrialization
expansion, rising purchasing power per capita, and enhanced quality of life.
Automakers recognized the improvements that were needed in the
new, future car models and began implementing them. Consumers in emerging
nations are more likely to employ luxury comfort amenities in cars. The growth
rate of luxury vehicles has sharply increased recently all around the world.
Additionally, to lessen the overall weight of vehicles, makers of automotive
components are actively developing or utilizing lightweight materials for their
next automobiles.
Additionally, businesses in the ignition coil industry are
implementing methods to expand their operations with cutting-edge technologies.
For instance, BorgWarner has implemented plug top technology of ignition coils
with integrated electronics during the past five years, which enhances engine
performance and increases fuel efficiency while lowering emissions. As a
result, these factors are accelerating the market's expansion.
Market Restraints:
The development of the market can be hampered
by factors like the surging electric vehicle demand and the rise in shared
mobility trends. Additionally, factors that limit the growth of the vehicle
ignition coil market include the rise in demand for vehicles without ignition
coils, the need for more compact ignition coils as a result of engine
downsizing, an increase in air pollution, technological advancements towards
solar energy powered vehicles, and an increase in air pollution. Untapped
growing markets, however, will present opportunities for market expansion in
Africa and Asia.
Market Segmentation
The Pencil Ignition Coil, Ignition
Coil Rail, Electronic Distributor Coil, Can-type Ignition Coil, Double Spark
Coil, and other products are included in the report.
Passenger cars, light commercial
vehicles, and heavy commercial are the vehicle types considered in the study.
Regional Insights
Given its high vehicle sales and growing consumer desire for a
comfortable driving environment and a pollution-free commute, North America
should hold the top spot in the global market during the study period.
Technology behemoths and cutting-edge infrastructure can also be accredited for the market's expansion.
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