Customization Trend Boosting Automotive Ignition Coil Aftermarket 2021 | Key Fin

Posted by Market Research Future on February 15th, 2021

Ignition coil failure caused due to prolonged usage, is among the common engine faults which can hinder fuel efficiency and performance gains. If not replaced, ignition coils can result in a misfire. The global automotive ignition coil aftermarket is anticipated to reach a valuation of USD 5,973.3 Mn at a CAGR of 4.93% in terms of volume and 5.50% in terms of value over the forecast period of 2018-2025, asserts Market Research Future (MRFR) in its latest study.

Growing sales of automobiles across the globe is the primary factor substantiating the growth of the automotive ignition coil aftermarket. Economic progress in various countries has led to the increased purchasing power of consumers which has, in turn, driven the automotive ignition coil aftermarket. Increased sales of vehicles globally along with a general shift in preference from mileage-centric to feature-loaded vehicles are fostering the growth of the market.

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Stringent government regulations pertaining to emissions and fuel efficiency have impacted the market growth considerably. Strict norms have resulted in increased demand for higher ignition voltage, which leads to a shift towards modern ignition coils which boosts the growth of the aftermarket.

Easy availability of automotive parts along with the rise in the trend of customization is driving the market growth. In addition, technological progress in ignition coils leads to the replacement of traditional ones with improved versions. Other factors substantiating the market growth include burgeoning sales of refurbished vehicles which generally require servicing and replacement of old automotive components.

On the contrary, the growth of the market can be hampered by the rising sale of fully electric cars which do not require ignition coils.

Segmentation

The global automotive ignition coil aftermarket has been segmented based on product and vehicle type.

By product, the automotive ignition coil aftermarket has been segmented into pencil ignition coil, ignition coil rail, electronic distributor coil, can-type ignition coil, double spark coil, and others. The pencil ignition coil segment is anticipated to capture the largest share of the market over the forecast period. The growth of the segment can be attributed to extensive use of pencil ignition coils by premium automakers which creates opportunities for aftermarket players who are engaged in the manufacture and sale of aftermarket parts of premium cars.

By vehicle type, the automotive ignition coil aftermarket has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. The passenger car segment is envisioned to garner the maximum share of the market due to an upsurge in demand for passenger vehicles.

Regional Analysis

By region, the automotive ignition coil aftermarket has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

The APAC led the automotive ignition coil aftermarket in 2017 with a share of 37.27% and Europe and North America followed with respective CAGRs of 29.96% and 24.36%. The same growth pattern and likely to be continued over the forecast period.

The APAC market is driven by a variety of factors, including rising investment in the APAC region from international automotive players. Companies such as Denso Corporation, Hitachi Automotive Systems, Ltd, and NGK Spark Plug Co., Ltd., who are engaged in the manufacturing of premium automotive components are increasing their presence in the APAC region to capitalize on the opportunity provided by augmenting consumer needs. The prolific growth of the automotive industry and the presence of a robust automotive manufacturing base in the region are key factors. Moreover, economic upturn and expansion of spending capabilities have resulted in the increased sale of premium as well as secondhand cars. This has induced high demand within the automotive ignition coil aftermarket.