Automotive Ignition Coil Industry share forecast to witness considerable growth from 2020 to 2027

1. Automotive Ignition Coil Industry share forecast to witness considerable growth from 2020 to 2027 Market Overview An ignition coil is an induction coil in an automobile’s ignition system, used to transform the battery’s low voltage to thousands of volts required to create an electric spark. Automotive ignition coils also called spark coils and play a vital role in the efficient and smooth operation of the engine. There are different types of ignition coils namely can-type ignition coil, electronic distributor coil, double spark coil, pencil ignition coil, ignition coil rail, etc. Automotive ignition coil finds applications in passenger cars, HCV, LCV, etc. The global Automotive Ignition Coil Market was accounted for US$ 2,757.4 Mn in terms of value and 113,758 thousand units in terms of volume in 2019 and is expected to grow at CAGR of 4.5% for the period 2020-2027. Request Sample Copy Of This Business Report: https://www.coherentmarketinsights.com/insight/request-sample/2812 Market Dynamics Consumers across the globe have started adopting batter electric vehicle and plug0-in hybrid vehicle, in order to tackle rising environmental pollution. In fact, governments of many countries across the globe are encouraging adoption of electric vehicles. In developed regions including, Europe, North America, etc. the adoption of electric cars such as battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) has increased in the recent past. The developments in the direction to harness solar energy to power automobiles further intensify the market growth of such vehicles. Since these vehicles do not use automotive ignition coil, its demand has been hampered significantly. Thus, these factors are expected to restrain growth of the market in the near future. Automobile manufacturers are demand compact ignition coils since they are focused on engine downsizing. This helps to reduce the overall weight of the vehicle and thereby enhance the fuel efficiency of the car. Furthermore, technological advancements in solar energy have hindered the demand for automotive ignition coil. Hence, these factors are expected to hamper the global automotive ignition coil market growth over the forecast period. Key players in the market are focused on a strategic joint venture, in order to enhance the market presence. For instance, in April 2016, Denso Corporation entered into a joint venture with Toyota Tsusho Corporation in Bangkok, Thailand. Furthermore, in March 2016, Denso formed a joint venture with Kingtec Technologies (Heyuan) Co. Ltd., a China-based company that designs, sells and manufactures truck refrigeration in China as well as other countries of the world. Get Request Customization Copy Of This Business Report: https://www.coherentmarketinsights.com/insight/request-customization/2812 Key players operating the global automotive ignition coil market are Denso Corporation, AcDelco, Federal-Mogul Corporation, Marshall Electric Corp, NGK Spark Plug Co., Ltd, Standard Motor Products, BorgWarner Ludwigsburg GmbH, Mitsubishi Electric Corporation, Valeo SA, Hitachi Automotive Systems Americas, Inc., Robert Bosch GmbH, and Delphi Automotive plc.

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