AUTOMOTIVE IGNITION COIL MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Automotive Ignition Coil Market Analysis:

The estimated size of the Automotive Ignition Coil Market is USD 10.34 billion in 2023, with an expected growth to USD 12.78 billion by 2028, at a CAGR of 4.32% during the forecast period (2023–2028).

The COVID-19 pandemic caused temporary shutdowns of vehicle and component manufacturing facilities, resulting in disruptions to production activities and supply chains. However, with the gradual lifting of lockdowns in several countries, the demand for vehicles has slightly increased. The automotive industry has been recovering from the pandemic, aided by the growing electrification of the industry. Despite this growth, the rise of electrification may lead to a potential market demand slowdown for ignition coils, which could reduce market value in the coming years.

The sales of automotive ignition coils are positively affected by the increase in global automobile sales and vehicle production. Despite recent economic instability, the global automotive industry has witnessed satisfactory growth, particularly in emerging economies where automotive production is expected to be significant. Rising urbanization, per capita income growth, and an increase in living standards in these emerging economies also play a crucial role in market growth.

The growing demand for automobiles worldwide is expected to increase the demand for ignition systems. However, vehicle demand is currently increasing at a slow growth rate due to various reasons, including the US-China trade war. This factor is likely to result in a slow growth rate for the ignition system in the near future.

The increase in the average life of vehicles has accelerated maintenance and repair activities, including the replacement of ignition coils. As the number of miles traveled increases, the replacement of ignition coils also increases, further boosting the demand for the automotive ignition coil market in the aftermarket segment.

Per capita income, which varies from country to country, may influence the average age of vehicles. Despite high per capita incomes in the United States, China, India, and some European countries, such as France and Germany, the average age of vehicles has been increasing and was approximated to 10 years for passenger cars and 11–14 years for commercial vehicles.

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