Technavio analysts forecast the global automotive ignition system market to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The development of pencil and stick-type ignition coil is one of the major trends being witnessed in the global automotive ignition system market 2018-2022. Pencil ignition coils use full electronic ignition as they are attached directly to the spark plug. With this arrangement, a high voltage pulse is generated directly at the spark plug. The advantage of pencil ignition coil is that there is no cable loss. Moreover, its compact design is compatible with almost all engine types.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive ignition system market is the increasing demand for passenger vehicles globally:
Global automotive ignition system market: Increasing demand for passenger vehicles globally
The increasing sales of various passenger vehicles, such as sedans, hatchbacks, minicars, sports utility vehicles, multipurpose vehicles, crossovers, and passenger vans, is driving the growth of the automotive ignition systems market. Sedan and hatchback segments contribute significantly to the global passenger vehicle market. Countries such as China and the US witnessed maximum sales of SUVs and crossovers.
According to a senior analyst at Technavio for research on automotive electronics, The US governments policy to ease vehicle credit facilities has enabled consumers to buy large and expensive vehicles. Automobile manufacturers are focused on increasing their passenger vehicle production. The economic growth in BRIC nations has also fueled growth in the auto industry. In countries such as China, the passenger vehicle segment is growing steadily with maximum contribution from the SUV and crossover segments.
Global automotive ignition system market: Segmentation analysis
The global automotive ignition system market research report provides market segmentation by application (passenger cars and commercial vehicles) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger cars segment held the largest market share in 2017, accounting for nearly 78% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 54%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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Five Forces Analysis
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