Vehicle Ignition Coil Market: Introduction
An ignition coil is a key component in the ignition system of gasoline engine vehicles. It is designed to transform the battery's low voltage to thousands of volts that are needed to create an electric spark in the spark plugs. This spark is used to ignite the air-fuel mixture in the combustion process of the engine.
Key Drivers of Vehicle Ignition Coil Market
- Demand for modern ignition coils is increasing owing to evolving market conditions that demand fewer emissions, lower fuel consumption, higher ignition voltage, and restricted space in the drive unit and engine compartment. The design demands on modern ignition coils are constantly increasing. The task of spark-ignition engines remains the same; however, the fuel or air mixture must be ignited at the right time with the optimum ignition energy so that complete combustion occurs. Therefore, ignition coils are being precisely adapted to the requirements of modern spark-ignition engines such as turbocharging, downsizing, direct injection, lean mix, high exhaust gas recirculation rates, thereby contributing to reduced fuel consumption and emissions and subsequently, driving the vehicle ignition coil market.
Restrains in Vehicle Ignition Coil Market
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing, and R&D operations and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations. Thus, COVID impact on the industry seems to reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive is witnessed in the last few months despite concerns around the risk of a second wave of infection in numerous countries.
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Opportunities in Vehicle Ignition Coil Market
- In April 2020, U.S National Highway Traffic Safety Administration and Environmental Protection Agency have amended the Corporate Average Fuel Economy (CAFE) and greenhouse gas emissions standards for passenger cars and light trucks and established new less stringent standards, covering model years 2012 to 2016 in phase 1 and model years 2017 to 2025 in phase 2. Introduction of these standards is likely to boost the adoption of fuel-efficient, emission technologies such as vehicle ignition coil, thus offering significant opportunity for the vehicle ignition coil market.
Asia Pacific to Dominate Vehicle Ignition Coil Market
- Asia Pacific is projected to dominate the global vehicle ignition coil market during the forecast period due to a rise in the production and sale of conventional fuel-based vehicles in the region. In China, gasoline cars dominate the market. EVs are presently a key part of the economic reboot plan enacted by authorities in China; however, gasoline is by far the most popular fuel among consumers. In H1 2019, 92% of passenger car sales featured this fossil type. The other major automotive market in the region, India, is expected to be dominated by fossil-fuel based vehicles, moreover, the Government of India, Ministry of Power, issued average fuel consumption standards for cars on April 23, 2015. The second standard assumes car average weight of 1145 kg in 2022, and requires the average fuel consumption to be less than 4.77 l/100km at this average weight. Therefore, the scope for conventional fuel vehicles and the introduction of vehicle emission norms to curb pollution and to enhance fuel efficiency in vehicle systems is estimated to propel the vehicle ignition coil market in the region.
Key Players Operating in Vehicle Ignition Coil Market
The global vehicle ignition coil market is moderately fragmented with many players. A few of the key players operating in the global vehicle ignition coil market are:
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- NGK Spark Plug
- Diamond Electric Mfg. Corp
- Denso Corporation
- Hitachi Automotive Systems Ltd
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Global Vehicle Ignition Coil Market: Research Scope
Global Vehicle Ignition Coil Market, by Type
- Canister-type ignition coils
- Electronic distributor ignition coils
- Double spark ignition coils
- Ignition coil rails
- Plug top- / pencil- / Smart- coils
Global Vehicle Ignition Coil Market, by Vehicle Type
- Passenger Cars
- Buses and Coaches
- Light-Duty Commercial Trucks
Global Vehicle Ignition Coil Market, by Sales Channel
Global Vehicle Ignition Coil Market, by Region
- North America
- Nordic Region
- 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
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The following regional segments are covered comprehensively:
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- Latin America
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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?
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