The ignition coil market , from the recent research reports, is anticipated to grow from 9 billion in 2023 to 14 billion by 2030 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.
According to the most recent study analysis, the market size for automotive ignition coils can be divided based on the product and vehicle types. Because of its consistently increasing demand, the passenger car segment of this market will rise significantly during the projection period. With a CAGR of 7.03%, the pencil ignition coil sector will also represent the largest market. When this pencil ignition coil is directly placed or connected to spark plugs, a very high voltage impulse is produced, which is crucial for efficiency.
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).
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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