Market Scenario
As per the research by Market Research Future Reports (MRFR), the global ignition coil market is projected to thrive at a CAGR of 3.8% during the forecast period. The surging demand for automobiles sales is the major factor driving the global ignition coil market 2020. The increase of disposable income and a higher standard of living is estimated to be another significant factor driving the market. Besides, the market growth is also assisted by the increasing inclination towards sustainability and lessened fuel consumption to regulate air pollution. Moreover, there has been an exponential enlargement of the automotive industry. The ignition coil market is entirely dependent on the automotive industry. There has been a rise in the demand for four wheeler production and is projected to expand exponentially.
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Furthermore, technological development is playing an essential role in augmenting the market. The automotive industry is demanding. It needs a constant and massive investment to meet the consumer’s demand and maintain its position in the market. This factor is estimated to act as a restricting factor that will rein in the market.
Also, the outbreak of COVID-19 has resulted in the daily business operations to come at a standstill. Several markets have come to stagnancy due to the observation of lockdown in several countries.
Key Players
The established players of the worldwide ignition coil market are BorgWarner Ludwigsburg GmbH (Germany), Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), Federal-Mogul Corporation (U.S.), Denso Corporation (Japan), Mitsubishi Electric Corporation (Japan), Wings Automobile Products Pvt. Ltd (India), and Hitachi Automotive Systems Americas, Inc. (U.S.).
Market Segmentation
The global ignition coil market can be segregated on the basis of component, vehicle type, type, and region.
On the basis of component, the worldwide ignition coil market can be segmented into an ignition cell, spark plug, capacitor, and others.
On the basis of vehicle type, the worldwide ignition coil market can be segmented into LCV, HCV, and passenger cars.
On the basis of type, the worldwide ignition coil market can be segmented into compression ignition, spark ignition, battery, and others.
On the basis of region, the worldwide ignition coil market can be segmented into North America, Asia-Pacific, Europe, and the Rest of the World (Row).
Regional Analysis
The geographical evaluation of North America, Asia-Pacific, Europe, and the Rest of the World (Row) has been performed. As per the analysis, the Asia-Pacific region is estimated to dominate the market. The area has been witnessing a sudden expansion of various industries such as aerospace and mass transport, automotive, construction, and aerospace. Moreover, there has been a rise in urbanization and industrialization in the region, which has augmented the regional market. In addition, the increasing scope of FDIs in emerging nations like India, China, and Japan has contributed significantly to expanding the market. The developed automotive players such as BMW, Toyota, Volkswagen, and Ford are entering the APAC region to expand their reach.
Moreover, the stringent rules employed by the government to contain the vehicle emissions are anticipated to propel the market expansion in the region further. Europe and the North American region is estimated to expand significantly during the forecast period. The regions are technically advanced, which plays an important role in strengthening the market. Moreover, the presence of established players in the region is further likely to people the market. Also, these regions tend to adapt to the latest technology rapidly.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics.
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