Automotive Ignition Coil Market Size, Share, Growth Analysis, By Type(Coil-on-Plug, Distributor-based, Distributor less, Others), By Product Type(Can-type Ignition Coil, Electronic Distributor Coil, Double Spark Coil, Pencil Ignition Coil), By Vehicle Type(Passenger Cars, Commercial Vehicles, Others), By Distribution Channel(OEM, Aftermarket), By Region - Industry Forecast 2024-2031

Global Automotive Ignition Coil Market size was valued at USD 10.2 billion in 2022 and is poised to grow from USD 10.6 billion in 2023 to USD 14.39 billion by 2031, growing at a CAGR of 3.90% during the forecast period (2024-2031).

The COVID-19 forced quite a number of car and automobile component manufacturing plants to shut down temporarily. However, whenever lockdowns began to ease in most countries, car demand increased very slightly. It hit the automobile industry the hardest as most companies within this industry experienced interruptions to their supply chain and manufacturing activities. Higher vehicle manufacturing and improving automobile sales across the globe boost the sales of car ignition coils. However, the economic scenarios are at a very unpredictable level now, yet there has been moderate growth witnessed in the automobile sector across the world. This is especially true in developing countries, wherein more automobile manufacturing will take place than in affluent nations. Increasing urbanization, growth in per capita income, and improvements in living standards, are all critical factors for market expansion in these developing countries. Global demand for automobiles is expected to grow during this period, but this would predict to translate to an increase in demand for ignition systems. Slow growth in demand, however, is currently recorded for vehicles for several reasons. This means that, US-China trade war remains the critical factor affecting car sale and production globally, so the ignition system is most anticipated to going to increase slowly in the near term.