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A08904 | Pages: 322 | Charts: 51 | Tables: 156 |
The global automotive ignition system market size was valued at $12.8 billion in 2022, and is projected to reach $22.9 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
The automotive ignition system is a circuit that generates sparks or heat. The ignition switch, coil, high tension cable, distributor, and spark plug are all components of the system. These components provide high voltage current to the spark plugs, causing sparks to form in the gaps between them. The heat generated by these sparks ignites the compressed air-fuel mixture in the combustion chamber, causing the vehicle to energize. As a result, automotive ignition systems are commonly employed in gasoline-powered automobiles.
In terms of low fuel emissions and consumption per car, the automotive industry has made tremendous technological advances. Government limitations on fuel usage and pollution have increased demand for ignition systems around the world. In addition, the increased emphasis on R&D and powertrain systems has created numerous prospects for ignition system manufacturers.
In addition, as people become more environmentally conscious, there is an increasing need for ignition systems that improve operating efficiency and fuel economy. This, together with the growing use of ignition systems, is helping to drive the market ahead. Other growth-promoting factors include increased electrification of the automotive industry and the development of electronic ignition systems using sensors, switches, and transistors.
The automotive ignition system market is segmented into type, vehicle type, distribution channel, and region. By type, the market is divided into ignition coils, spark plugs, glow plugs and others. By vehicle type, the market is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. By distribution channel, it is categorized into OEM and aftermarket.
Region wise, the automotive ignition system market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina and Rest of Latin America) and Middle East and Africa(Saudi Arabia, UAE, Israel, Africa and Rest of Middle East and Africa).
By distribution channel, it is categorized into OEM and aftermarket. This aftermarket channel includes a variety of components such as spark plugs, ignition coils, ignition modules, and ignition wires, allowing customers to customise their vehicles for better performance, fuel efficiency, and dependability.
Another key component of the aftermarket ignition system market is its capacity to meet a wide range of consumer wants and preferences. Enthusiasts and performance-oriented drivers frequently look for high-performance ignition components from aftermarket vendors to improve engine power output, throttle response, and overall driving experience.
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By type, the automotive ignition system market analysis is divided into ignition coils, spark plugs, glow plugs and others.Vehicle sales and manufacturing have an impact on demand for ignition coils. As new car sales increases which in turn drive the need for ignition coils among OEMs. With global pollution requirements expanding, manufacturers are creating cleaner-burning engines. Improved ignition coil technology can result in better combustion and lower emissions, increasing the demand for improved ignition coils.
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Asia-Pacific is expected to be the largest market shareholder with a CAGR of 5.49% from 2022 to 2032 owing to the consistent demand for automotive ignition system market forecast.Asia-Pacific consists of emerging and developing economies such as India, China, Japan, and South Korea, and is undergoing rapid population expansion. China, Japan, India, and South Korea are among the main countries. This region is expected to be the largest market for automotive ignition systems. Major suppliers, including as Denso and Robert Bosch GmbH, have a strong presence in this region.
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Stringent environmental pollution rules play a major role in driving up global sales of Automotive ignition system industry through 2032. Reducing car emissions has become more important on a global level to solve environmental problems.
For example, in April 2023, the Environmental Protection Agency proposed more stringent regulations with the goal of reducing hazardous air pollutant emissions from light- and medium-duty cars even more starting with the 2027 model year. The EPA's previously set federal greenhouse gas emissions criteria for cars and light trucks for the model years 2023 through 2026 are strengthened by this proposal. environment, and force multipliers-related software.
Furthermore, through leveraging advances in clean automobile technology, the new rules aim to help the American people in several ways, such as lowering greenhouse gas emissions, improving public health, and saving drivers money on fuel and maintenance. Such factors are fuelling the automotive ignition system market growth.
Consumers prefer electric vehicles over internal combustion engines (ICE) because they require less upkeep, accelerate quickly, and consume less energy. The governments of the corresponding countries are also enforcing laws pertaining to fuel-efficient cars and providing consumers with several benefits. The automotive ignition system growth will be hampered by the anticipated increase in electric vehicles over the next several years, as these coils are not utilised in EV operations.
Furthermore, the maintenance and repair costs associated with ignition coils tend to be slightly higher. In addition, their placement in the hottest and most vibration-prone parts of vehicles increases the chances of failure. Despite these challenges, the automotive industry's ongoing evolution toward sustainability presents opportunities for innovation and adaptation. Companies within the automotive ignition system market develop alternative technologies or enhance the durability & efficiency of existing ignition systems to remain competitive in this changing landscape. Therefore, it is anticipated that these factors will have a major effect on the growth of the automotive ignition system industry.
The automotive ignition system market will be improved by the quick incorporation of cutting-edge ignition technologies. Advanced ignition technologies such as coil-on-plug, direct, and smart ignition systems are expected to see a sharp increase in industry use. The technologies are designed to increase engine performance overall, decrease emissions, and improve fuel efficiency. In June 2022, California-based Transient Plasma Systems (TPS) created a cutting-edge plasma-based ignition system that can increase fuel combustion efficiency by up to 20%.
The ignition system of TPS does this by producing many plasma pulses within the ignition module, which significantly increases fuel combustion efficiency. It is anticipated that new ignition methods will become more popular if automakers maintain their emphasis on sustainability and efficiency.
The Russia-Ukraine conflict has the potential to significantly impact on the automotive ignition system market, both in the short and long term. As a significant player in the global supply chain for automotive components, including ignition systems, any disruptions to Russia production and export capabilities could reverberate throughout the industry. This may manifest as supply chain disruptions, leading to shortages of key components essential for ignition systems.
The geopolitical instability could affect market perspective and investment decisions, potentially influencing the long-term trajectory of the automotive ignition system market. As the situation continues to unfold, stakeholders in the automotive industry are expected to closely monitor developments and assess their implications for the supply, pricing, and overall stability of automotive ignition systems.
Furthermore, there is a rise in emphasis on enhancing automotive ignition systems and readiness among organizations and contractors to mitigate the evolving cyber risks. The ongoing conflict serves as a catalyst for the expansion and evolution of the automotive ignition systems market as stakeholders prioritize safeguarding their digital assets amidst the uncertainty and instability of the geopolitical landscape.
In addition, the economic impact of the Russia-Ukraine conflict can affect throughout the automotive ignition systems market. Fluctuations in currency values, trade restrictions, and geopolitical instability can disrupt financial markets and impact the overall economic outlook. Such economic uncertainties can affect demand for automotive ignition systems.
Competitive analysis and profiles of the major global automotive ignition system market players that have been provided in the report include Magneti Marelli Parts & Services, BorgWarner, Robert Bosch GmbH, Denso Corporation, Diamond Electric, Hella Inc., Hitachi Ltd, Mitsubishi Electric, Ford Motors, and Valeo Service. The key strategies adopted by the major players of the global market are product launch and mergers & acquisitions.
The global automotive ignition system market is expected to witness notable growth registering a CAGR of 5.49%, owing to a rise in demand for stringent regulations. Rapid integration of advanced ignition technologies creates lucrative growth opportunities. On the other hand, downsizing engine measures and electrification of vehicles are projected to hinder the market growth.
Key Market Segments
Key Market Players