Wilmington, Delaware, May 28, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automotive Ignition System Market by Type (Ignition Coils, Spark Plugs, Glow Plugs, and Others), Vehicle (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Vehicle), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the automotive ignition system market was valued at $12.8 billion in 2022, and is estimated to reach $22.9 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
Prime determinants of growth
The global automotive ignition system market is driven by factors such as 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.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2033 |
| Base Year | 2023 |
| Market Size In 2022 | $12.8 Billion |
| Market Size In 2032 | $22.9 Billion |
| CAGR | 6.3% |
| No. Of Pages In Report | 324 |
| Segments Covered | Type, Vehicle, Distribution Channel, And Region. |
| Driver | Rise In Demand For Stringent Regulations |
| Opportunity | Rapid Integration Of Advanced Ignition Technologies |
| Restraints | Downsizing Engine Measures And Electrification Of Vehicles |
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The ignition coils segment to maintain its leadership status during the forecast period.
By type, the ignition coils segment held the highest market share in 2022, accounting for more than two-fifth of the global automotive ignition system market revenue and is estimated to maintain its leadership status during the forecast period.
Surge in high-voltage electricity is then transmitted through the distributor in older ignition systems or directly to the spark plugs, where it jumps the gap between the electrodes at the tip of the spark plug, igniting the compressed air-fuel mixture in the engine's cylinders. This controlled combustion process powers the engine and drives the vehicle forward.
The passenger cars segment to maintain its leadership status during the forecast period
By vehicle, the passenger cars segment held the highest market share in 2022, accounting for more than two-fifth of the global automotive ignition system market and is estimated to maintain its leadership status during the forecast period. However, the light commercial vehicle segment is projected to attain the highest CAGR of 5.34% from 2023 to 2033. Moreover, light commercial vehicles (LCVs) are experiencing several notable trends that are shaping the industry. One significant trend is rise in demand for electric and hybrid LCVs, driven by environmental concerns, government regulations promoting cleaner transportation, and advancements in battery technology.
The aftermarket segment to maintain its leadership status during the forecast period
By distribution channel, the aftermarket segment held the highest market share in 2023, accounting for more than half of the global automotive ignition system market and is estimated to maintain its leadership status during the forecast period.
The aftermarket sector in automotive ignition systems plays a crucial role in providing consumers with a wide range of options for enhancing performance, reliability, and customization of their vehicles' ignition systems. Aftermarket ignition components include ignition coils, spark plugs, ignition wires, distributors, ignition control modules, and performance ignition systems. These aftermarket parts are designed to offer improvements over stock components, catering to the needs and preferences of automotive enthusiasts, racers, and those seeking better performance from their vehicles.
North America to maintain its dominance by 2033
Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global automotive ignition system market revenue and is likely to dominate the market during the forecast period. The North America automotive ignition system market is characterized by technological innovation, regulatory dynamics, and evolving consumer demands, driving manufacturers to develop advanced ignition solutions tailored to the region's diverse automotive landscape.
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Leading Market Players:
- Magneti Marelli Parts & Services
- BorgWarner
- Robert Bosch Gmbh
- Denso Corporation
- Diamond Electric
- Hella Inc.
- Hitachi Ltd
- Mitsubishi Electric
- Ford Motors
- Valeo Service
The report provides a detailed analysis of these key players in the global automotive ignition system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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