Automotive Ignition Components Market: Introduction
- Rising demand for ignition components, which reduce the vehicle start-up time and increase fuel efficiency, is driving research and development of automotive ignition components and subsequently, fueling the global automotive ignition components market
- Ignition components are part of a vehicle ignition system, which is responsible for starting the vehicle. For instance, proper functioning of the ignition coil ensures a timely spark and ensures no delay in combustion of fuel, thereby starting the vehicle on time.
Key drivers of global automotive ignition components market
- Regulations enacted by government authorities and regulatory bodies are compelling automakers to improve vehicle economy, which in turn are boosting the global automotive ignition components market. Engine noise, longer time taken for the engine to start, and engine backfire are a few signs that indicate that the ignition system needs a maintenance check. When the ignition components of an engine ignition system fail, the vehicle takes longer to start and also consumes more fuel, subsequently resulting in more emissions.
- Vehicle regulations and standards including Clean Air Act Amendments (CAAA), California Standards (CARB), Japanese emission standards for gasoline and LPG passenger cars, and Euro 5/6 standards have compelled automakers to boost fuel efficiency of their vehicles. Therefore, majority of vehicle manufacturers are investing to develop innovative solutions in order to enhance vehicle performance. This, in turn, is anticipated to drive the global automotive ignition components market.
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Increasing trend toward electric vehicles (EVs) to hamper global automotive ignition components market
- Rising need for sustainable energy source to power a vehicle has led to several technological innovations in electrical vehicles. These innovations make an EV independent of conventional ignition systems required to start vehicles. Moreover, increased awareness about climate change and significance of reducing air pollution in conjunction with the fact that EVs do not emit harmful emission are compelling consumers to adopt EVs over conventional IC-engine powered vehicles. All the aforementioned factors are anticipated to hamper the global automotive ignition components market.
Aftermarket segment to offer lucrative opportunities to automotive ignition components market
- Automotive ignition components are required by law to improve vehicle economy and enhance performance. For instance, Federal laws in the U.S. prompt automakers to install an ignition coil and ignition module on new vehicles that should be warranted for at least two years or 24,000 miles, whichever occurs first. Ignition components need to be maintained, as they are responsible for optimal performance of the engine and subsequently, of vehicle economy. Government regulations on mandatory regular replacements of ignition components in conjunction with mandatory vehicle emission certificates such as PUC to ensure vehicle’s optimal start time are key factors propelling the global automotive ignition components market.
Asia Pacific to dominate global automotive ignition components market
- Major vehicle manufacturers including Tata Motors, Dongfeng Motors, Nissan Motors. KIA Motors, Suzuki Motors, Subaru Corporation, and Mahindra and Mahindra are based in Asia Pacific. These automakers are focused on improvement of vehicle technologies and investment in research and development activities that enhance vehicle economy and performance.
- Japan, China, South Korea, and India are among the top consumers of two-wheeler and three-wheeler vehicles globally. Moreover, these countries have well-established supply chains and witness significant presence of aftermarket players in the automotive industry in their respective countries. Therefore, the region witnesses an intense competition among automakers and aftermarket players, driving the automotive ignition components market in the region. All the factors mentioned above are propelling the automotive ignition components market in Asia Pacific.
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Key players operating in global automotive ignition components market
The global automotive ignition components market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive ignition components market are:
- BorgWarner Inc.
- Delphi Auto Parts
- Denso Corporation
- Diamond Electric Mfg. Co. Ltd.
- FARM GROUP IP LLC
- HELLA GmbH & Co. KGaA
- Hitachi Automotive Systems Ltd.
- MARSHALL ELECTRIC, CORP
- Mitsubishi Electric Corp.
- NGK Spark Plug Co. Ltd.
- Robert Bosch GmbH
- Walker Products, Inc.
- Weichai Power Co. Ltd.
Global Automotive Ignition Components Market: Research Scope
Global Automotive Ignition Components Market, by Vehicle Type
- Two-Wheeler Vehicle
- Three-Wheeler Vehicle
- Passenger Vehicle
- Hatch Back
- Commercial Vehicle
- Light Commercial
- Heavy Commercial
Global Automotive Ignition Components Market, by Ignition Technology
- Conventional Ignition (CI)
- Distributor Ignition (DI)
- Electronic Ignition (EI)
Global Automotive Ignition Components Market, by Propulsion
Global Automotive Ignition Components Market, by Fuel
- LPG/ CNG
Global Automotive Ignition Components Market, by Sales Channel
Global Automotive Ignition Components Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.