Key Findings – Automotive Ignition System Market
The estimated market size for automotive ignition system in 2019 – Over US$ 15 Bn
Global automotive ignition system market value to expand at nearly 4% CAGR over 2019-2027.
RRI anticipates approximately 1.4X growth in the revenue, for automotive ignition system market, between 2019 and 2027.
Asia Pacific excluding Japan (APEJ) is cited as a highly lucrative regional market for automotive ignition system manufacturers.
Two-wheeler sales to remain most prominent in developing regions, providing a strong impetus to the growth of automotive ignition system market.
Top 3 Factors Shaping Automotive Ignition System Market
Automotive Ignition System Sales Remain Highly Influenced by Ever-tightening Emission Control Standards
Gasoline has been the preferred fuel for a majority of vehicles, which necessitates a defined regulatory framework regarding the vehicular fuel emission standards. While vehicle emission regulations continue to play a decisive role in shaping the entire automotive industry’s development, the automotive ignition systems will remain at a forefront, facing the direct impact of emission regulations. The Environmental protection Agency (EPA) has recently imposed multiple emission control standards to regulate exhaust and evaporative emissions for small spark-ignition engines.
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Automotive Manufacturers Switching to Electronic Ignition Systems
In line with the global sustainability drive, the electronic automotive ignition system is gaining ground, which delivers an additional benefit in form of superior fuel economy. Research finds that the cleaner flaring of fuel and air in the cylinder accounts for the reduced pollution levels of engine, thereby improving chances of vehicles to clear the emission test parameters.
While automotive electrification has been mitigating the consistent upsurge in electric vehicle (EV) demand, a stronger push has been cited from the volatility of fuel prices. In addition, tightening fuel emission regulations are compelling manufacturers to follow the mass shift from conventional to electric automotive ignition systems. Estimated for a significant incremental opportunity over the forthcoming years, electronic automotive ignition systems account for over 2/3rd of the global market value.
Automotive Ignition System Market Benefits from Ever-climbing Sales of Two-wheeler Vehicles
Strongly driven by economic price point, relatively effortless maneuverability, lesser emission, and better fuel economy, two-wheelers continue to enjoy robust sales – particularly in developing Asian economies, which represent the largest two-wheeler market. Automotive ignition system sales for two-wheelers are thus highly likely to gather momentum over the coming years. According to the research findings of RRI, the global sales of automotive ignition system for two-wheeler vehicles will exceed the revenues worth US$ 6 Bn, by 2027 end.
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