Automotive Ignition Coil Aftermarket Market Size, Predicted to Grow at High CAGR, Complete Business Overview by 2027
Automotive Ignition Coil Aftermarket Industry Overview:
The global automotive ignition coil aftermarket industry size is expected to gain an unprecedented value of USD 5,973.3 million by 2025 with a CAGR of 4.93%, in terms of volume and 5.50% CAGR, in terms of value during the forecast period (2020–2027). The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Automotive ignition coil is used to generate electric spark sent to spark plugs, which further ignite the air-fuel mixture in the vehicle. In modern vehicles, it is cast up with epoxy resins compared to traditional coils, which are made with varnish and paper insulated high-voltage windings. There are various types of ignition systems, such as single-spark ignition system, dual-spark ignition system, and mixed-spark ignition system. Automotive ignition coil is only used in the internal combustion (IC) vehicles and not in fully electric vehicles. The vehicle generally uses ignition distributor to distribute electric spark to different spark plugs, but in modern vehicles it is a substitute with one ignition coil per cylinder system..
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Regional Analysis
On the basis of region, the market is segmented in to Asia-Pacific (APAC), Europe, North America, and the rest of the world. The global automotive ignition coil aftermarket is estimated to register a 5.50% CAGR during the forecast period, 2020–2027. In 2017, the market was led by Asia-Pacific with a 37.27% share, followed by Europe and North America with shares of 29.96% and 24.36%, respectively. The growth of Asia-Pacific can be attributed to various factors, such as the growing automotive manufacturing industry, shifting preference of the consumers from mileage-centric to feature-loaded vehicles, and cheap availability of customizable parts in the aftermarket. Moreover, the premium automotive parts and component manufacturers, such as Denso Corporation, Hitachi Automotive Systems, Ltd, and NGK Spark Plug Co., Ltd are rapidly expanding their domestic presence in the region to cater to the rising needs of the consumers.
The global automotive ignition coil aftermarket Industry growth is expected to reach USD 5,973.3 million at a CAGR of over 5.50%, in terms of value and 4.93%, in terms of volume, by the end of the forecast period.
Taste the market data and market information presented through more than 160 market data tables and 30 figures spread over 147 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Automotive Ignition Coil Aftermarket industry Research Report- Forecast to 2025.”
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Segmental Analysis
The global automotive ignition coil aftermarket industry trend is segmented based on product and vehicle type.
On the basis of product, the pencil ignition coil segment held the largest market share of 32.71% in 2017 and was valued at USD 1,230.3 million; it is projected to exhibit at a CAGR of 7.72% during the forecast period. In 2017, it had a market volume of 36,879.67 thousand units at a CAGR of 7.03% during the forecast period.
The pencil ignition coil segment dominated the market with a share of 32.7%, accounting for 36,879.7 thousand units in 2017; it is expected to register the highest CAGR of 7.03% from 2018 to 2025. The ignition coil rail segment was the second largest with a share of 24.6% in 2017, sized at 27,694.8 thousand units; it is projected to exhibit a CAGR of 5.00%.
On the basis of vehicle type, passenger car segment held the largest market share of 68.18% in 2017 and was valued at USD 2,674.9 million; it is projected to exhibit a CAGR of 5.18% during the forecast period, while the market volume was 76,346.01 thousand units sold in 2017 at a CAGR of 4.18%, during the forecast period
The passenger car segment accounted for the largest market share of 69.3% in 2017, with a market value of USD 2,719.8 million; it is expected to register a CAGR of 5.09% during the forecast period. The light commercial vehicle segment was the second largest market in 2017, valued at USD 773.0 million; it is projected to register the highest CAGR of 7.26%.
Competitive Analysis
Some of the prominent players in the global automotive ignition coil aftermarket industry share are 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), ACDelco (US), Beru (Germany), and Spectra Premium (Canada).
Beru is focused on expansion to cater to the increasing demand from neighboring regions. It aims to strengthen its presence in Europe and Asia-Pacific and gain market share in the aftermarket industry in North America. Furthermore, it plans to invest in expanding its network of distributors and retailers, across the globe. It focuses on enhancing the quality of its products through innovation, which is expected to create opportunities for market development and achieving a larger customer base.
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Standard Motor Products, Inc. aims to maintain its competitive position in the engine management and temperature control businesses, which cater to the demand from the aftermarket. Additionally, it strategizes to improve its low-cost products through an increase in manufacturing at low-cost manufacturing plants, increase global sourcing, and increase strategic transactions with the other manufacturers in low-cost regions such as Asia-Pacific. The company plans to expand its product line under the engine management and temperature control segments to grow its customer base.
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