Automotive Ignition System Market Research Report - Global Forecast till 2023

Posted by Market Research Future on March 12th, 2020

Market Synopsis:

Ignition system in automotive facilitates the conversion of low voltage to high voltage between the car battery and automotive ignition coil. It creates ignition in the compression chamber to move the vehicle. It is a key component of an automobile and is likely to witness rising demand in the years to come. In this observation offered by Market Research Future (MRFR), the global automotive ignition system market is expected to expand at 8.5% over the assessment period. The valuation of the global market is supposed to reach USD 10.8 Bn by 2023.

Automobile ignition system being a crucial auto component is expected to witness exponential growth in demand due to the rising demand for automobiles. Increasing income levels of the population, in conjunction with rising middle-income population, is anticipated to drive the proliferation of the automotive ignition system market in the forthcoming years. Also, the investments being made by governments to improve public transportation infrastructure is prognosticated to have a positive influence on the growth of the automotive ignition system market across the forecast period.

The automotive ignition system market is also expected to benefit from the growth of the automotive aftermarket. The elongated lifespan of the vehicles has led to increasing inclination towards servicing and maintenance. It is presumed to generate demand for ignition systems for automobiles in the upcoming years. In addition, the shift towards electric vehicles is also projected to catalyze market growth rate over the assessment period.

Market Segmentation:

On the basis of type, the automotive ignition system market has been segmented into electronic, conventional, and distributor-less.

On the basis of component, the automotive ignition system market has been segmented into ignition coil, condenser, spark plug, ignition switch, ignition resistor, and others.

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Regional Analysis:

The regional evaluation of the global automotive ignition system market is covered in this MRFR in detail. The regional segments identified for the study are – North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). These segments based on region are further studied on the basis of countries. Asia Pacific is one of the leading segments of the global market. The region is investing massively in the automotive industry, especially in China. This, in turn, is prognosticated to boost the expansion of the automotive ignition system market in the region across the forecast period. However, the slowdown of the auto industry in India might have some impact on the regional growth rate of the market.

North America is another major market which is expected to witness demand generation due to its economic development. Increasing demand for automobiles in the region is supposed to drive the growth of the regional market. Europe has a developed automotive industry. The regional market is likely to grow steadily with the developments in the product portfolios of the key players.

Competitive Dashboard:

Delphi Automotive, DENSO, Robert Bosch, Borgwarner, Mitsubishi Electric Corporation, Federal-Mogul Corporation, Continental AG, Diamond Electric, and Hitachi Automotive Systems are few of the prominent players of the global automotive ignition system market. These players are assessed in this MRFR report for offering a comprehensive view of the competitive landscape. Investments in regional expansion to capitalize on the potential unleashed by the thriving automotive industry is poised to drive the competition among the players in the automotive ignition system market. Also, the key players are conducting research & development for enhancing the efficiency of their product lines. This, in turn, is anticipated to fuel competitiveness among the players over the next couple of years. The inorganic growth approaches that are leveraged to capture market share are – collaborations, agreements, partnerships, mergers & acquisitions, and alliances, among others.