Vehicle Ignition Coil Market Report 2024

This Vehicle Ignition Coil market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The vehicle ignition coil market size has grown steadily in recent years. It will grow from $6.08 billion in 2023 to $6.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth during the historic period can be attributed to several factors, including an increase in automotive production and sales, a rising demand for fuel-efficient vehicles, greater interest in electric and hybrid vehicles, an uptick in maintenance and repair requirements, and the implementation of stricter emission regulations.

The vehicle ignition coil market size is expected to see steady growth in the next few years. It will grow to $7.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to several factors, including rising disposable income, an increase in collaborations and partnerships, a boost in global trade of automotive parts, growing investments in research and development, and the increasing popularity of turbocharged engines. Key trends expected during this period include the adoption of high-performance ignition systems, integration with advanced vehicle diagnostics, use in electric and hybrid vehicles, development of energy-efficient coils, and the incorporation of lightweight materials.

The anticipated rise in automotive production and sales is likely to drive growth in the vehicle ignition coil market in the future. Automotive production encompasses the design, manufacturing, and assembly of motor vehicles, including cars, trucks, and other types, utilizing a variety of materials, components, and technologies. This increase in automotive production can be attributed to advancements in industrial manufacturing processes, automation technologies, consumer demand for vehicles, and innovations in materials and engineering. Vehicle ignition coils play a crucial role in automotive systems by converting the low voltage from a car's battery into the high voltage necessary to ignite the air-fuel mixture in the engine's cylinders, allowing the engine to start and operate efficiently. For example, in May 2023, the European Automobile Manufacturers' Association (ACEA), an Italy-based organization representing motor vehicle manufacturers, reported that approximately 85.4 million motor vehicles were produced globally in 2022, marking a 5.7% increase from 2021. Consequently, the rising automotive production and sales are propelling the growth of the vehicle ignition coil market.

Key players in the vehicle ignition coil market are concentrating on developing innovative products, such as high-performance ignition coils, to improve engine performance and reliability. High-performance ignition coils contribute to vehicle efficiency by providing a stronger and more consistent spark, which enhances engine performance, fuel efficiency, throttle response, reduces emissions, and ensures smoother acceleration, especially in high-stress or high-speed driving scenarios. For instance, in January 2024, Niterra, a Japan-based manufacturer of motor vehicle parts, introduced the MOD Performance Ignition Coils, a specialized line of high-performance ignition coils designed for durability and consistent voltage output tailored for hybrid engines. These ignition coils are engineered to endure the challenging conditions faced by performance vehicles and hybrid engines, ensuring reliable operation over time and providing stable voltage for optimal engine performance and efficiency.

In June 2022, Robert Bosch GmbH, a Germany-based software company, acquired MoTeC Group for an undisclosed sum. This acquisition is part of Bosch's strategy to expand its footprint in the motorsport industry, catering to a wide range of racing categories, from elite competitions to grassroots events. Additionally, Bosch aims to offer comprehensive motorsport technology solutions globally by merging MoTeC's specialized expertise and dealer network with Bosch's resources and product offerings. MoTeC Group is an Australia-based manufacturer focused on motorsport electronics, particularly known for developing RaceGrade high-output ignition coils.

Major companies operating in the vehicle ignition coil market are General Motors Company, Robert Bosch Gmbh, Hitachi Ltd., Denso Corporation, Mitsubishi Electric Corporation, Marelli Holdings, Borgwarner Inc., Standard Motor Products, Eldor Corporation S.P.A., Niterra Co Ltd., Holley Performance Products, Lucas Electrical, Zhuzhou Torch Spark Plug Co. Ltd., Federal-Mogul, Yura Corporation, United Automotive Electronic Systems, Wells Vehicle Electronics, Diamond Electric Mfg. Corp, Prenco Progress & Engineering Corp. Ltd, Walker Products, Marshall Electric Corp., Triscan A/S.

Asia-Pacific was the largest region in the vehicle ignition coil market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle ignition coil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the vehicle ignition coil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A vehicle ignition coil is a crucial component of the ignition system, responsible for converting the low voltage from the battery into the high voltage needed to generate a spark at the spark plugs. This spark ignites the air-fuel mixture within the engine cylinders, facilitating combustion and driving the engine. Ignition coils are essential for both starting the engine and ensuring its efficient operation, with modern systems often utilizing variations such as Coil-On-Plug (COP) for improved performance.

The main types of ignition coils in the vehicle market include coil-on-plug, distributor-based, distributor-less, and others. Coil-On-Plug (COP) systems feature an ignition coil dedicated to each spark plug, mounted directly on top of it, thereby eliminating the need for spark plug wires. Various technologies include single spark technology and double spark technology, catering to different types of vehicles, such as passenger cars and commercial vehicles. Sales channels for ignition coils comprise original equipment manufacturer (OEM) and aftermarket options.

The vehicle ignition coil market research report is one of a series of new reports that provides vehicle ignition coil market statistics, including vehicle ignition coil industry global market size, regional shares, competitors with a vehicle ignition coil market share, detailed vehicle ignition coil market segments, market trends, and opportunities, and any further data you may need to thrive in the vehicle ignition coil industry. This vehicle ignition coil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vehicle ignition coil market consists of sales of ignition coils, spark plugs, ignition control modules, wiring harnesses, and ignition coil connectors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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