While stringent emission standards continue to be the stranglehold of the automotive ignition industry, a research by Fact.MR reveals that the automotive ignition system market is expected to evolve around consistent product innovations targeted at introducing the most environment-friendly technology. The automotive ignition system sales have increased by almost 25% from 2012 to 2017 and expected to cross US$ 7 billion by 2022.
Recent EPA emission standards related to small spark-ignition engines and similar regulations across different nations continue to challenge the automotive ignition system market. However, as manufacturers thrive to align innovations to the evolving emission standards, regulations are streamlining the global ignition system production.
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With the ongoing electrification of the automotive industry, the number of electronic component in the automobiles has increased significantly. The electronic ignition system has significantly replaced mechanical ignition systems owing to efficiency and improved reliability. Fact.MR research shows that electronic ignition systems are likely to dominate the ignition type segment in terms of value sales worth US$ 2.1 billion by 2022. Conventional ignition segment is expected to follow suit with the CAGR over 5%.
The study estimated that the passenger cars (PC) segment of the automotive ignition system market is at the helm with over two-fifth revenue share of the market and is poised to touch US$ 3 billion by 2022 end. Asia Pacific Excluding Japan (APEJ) is leading the value sales with the record high sales of passenger cars in the region. The heavy commercial vehicles (HCV) segment is expected to grow at a steady CAGR through 2022.
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Countries including India, South Korea and China are expected to remain at the forefront of the most lucrative market of APEJ during the forecast period. Proliferating automotive parts industry against the backdrop of low labor costs and accessibility of raw materials and incremental sales of vehicles in APEJ are prime factors responsible for the robust CAGR of over 6% during the forecast period.
Despite the challenges of fluctuating fuel prices and emergence of EVs, reliance on gasoline is here-to-stay during and beyond the forecast. The research estimates the impressive dominance of gasoline ignition system with over 57% of the total market share. However, diesel ignition systems are expected to gain 41 BPS through 2022 with the proposed recovery in the diesel engine market.
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OEMs segment in the automotive ignition system market is expected to dominate with over 60% market share and surpass US$ 4.2 billion by 2022. While OEM is expected to grow steadily during the forecast period, the aftermarket segment is expected to gain 71 BPS by 2022 as manufacturers capture opportunities arising from the evolving consumer preferences.
The comprehensive analysis of the automotive ignition system market has identified interesting market avenues that are expected to transform the global market landscape in the coming years. Past incidences of recalls related to defective ignition systems have significantly influenced the market performance. The recalls were mainly targeted at faulty ignition system that can stall the engine during driving and prevent inflation of airbags. Recalls by leading automotive market players have generated urgent need in the industry to produce effective and reliable ignition systems.
The study has identified business strategies such as product innovation and expansion in the automotive ignition system market. While majority manufacturers are inclined towards developing single spark ignition for the dominating gasoline engine segment, R&D efforts in the laser ignition systems and their efficacy hold potential to resolve unsettling issues of emission of conventional ignition systems.