A study by PMR concludes that, “Automotive Ignition Parts Market is expected to grow between CAGR of 5% and 6% by value during 2021-2031”.
This report provides in depth study of “Automotive Ignition Parts Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Automotive Ignition Parts Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
According to the research study, automotive ignition parts market is predicted to witness continuous growth in the forecast period of 2021-2031. The automotive ignition parts market growth is driven by energetic investments in the automotive sectors.
Increasing Vehicles Production is anticipated to boost the Demand of the Automotive Ignition Parts
Growing automobile manufacturing around the world has led to the increase in demand for ignition parts for automobiles. The advancement in technology has enhanced research and development of power-train systems trying to reduce fuel consumption, improved robustness and improved efficiency.
The ignition system generates a strong spark which is required to ignite the lighter fuel. The use of a new and improved electronic ignition parts has increased the life of the entire ignition system as they provide smaller deposits and a much cleaner fire compared to the standard ignition parts.
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Moreover, increase in urbanization, increase in per capita income, and the standard of living, are other major factors that are contributing to the growth of the automobile industry, which is gradually boosting the market. Thus, growing automotive sector will lead to an increase in the number of automotive ignition parts.
Government Regulations and Mandates Pertaining to Fuel Efficiency and Emissions
Stricter regulations imposed by various governments regarding emission control combined with increasing competition demands the automotive industry to constantly look for ways to improvise their products. Over the past few decades, advancement in technology has accelerated R&D of power-train systems demanding lesser fuel consumption, enhanced robustness and increased efficiency.
The efficiency of an automobile is holistically determined by various systems consisting of several components and sub-components working in close relation. One such system which significantly adds to the efficiency of the power train is the type of Ignition System used.
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East Asia Automotive Ignition Parts Demand Outlook
East Asia leads the market owing to the high vehicle manufacturing in the region along with the increasing environmental awareness in China through financial alteration. Consumption from East Asia is anticipated to rise exponentially in the forecast period owing to the increasing population and growth in consumer spending.
East Asia is expected to hold a foremost share of the global market. Asia accounted for roughly 60% of entire passenger car development worldwide. Countries such as Japan and China, are foremost producers of passenger cars as well as main vehicle exporters in this region.
The occurrence of high quantity of vehicle manufacture and engine assembly companies in Japan, and China collective with growing implementation of automotive ignition system in passenger vehicles through the above-mentioned countries has occasioned in the great demand for market in East Asia regions. This, in order has donated to the foremost share of East Asia in the worldwide market.
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North America Automotive Ignition Parts Sales Outlook
The demand for ignition parts in North America have been increasing significantly and this trend is predictable to continue over the coming years. These attributable to strategic expansion by market player for enhancing market attendance in the region.
North America accounts for a noteworthy development of automotive ignition parts market, owed to comparatively high-value share of the automotive market.
The growing acceptance of direct injection engines by automotive OEMs and growth in vehicle production in North America shall lead to the development of the market. These factors are anticipated to generate positive impact for the market growth in this region. In the North American region U.S. is anticipated to display high growth of market owing to enhanced manufacture of automobiles.
Who are the Key Manufacturers and Suppliers of Automotive Ignition Parts
Some of the leading manufacturers and supplier of automotive ignition parts market includes
- Robert Bosch GMBH
- Denso Corporation
- BorgWarner Inc.
- Mitsubishi Electric Corporation
- Diamond Electric
- MFG
- NGK Spark Plugs
- Valeo S.A.
- Hitachi Ltd
- Lenz Ignition
- Others.
Many leading manufacturers and supplier have longstanding contracts with end-users to supply automotive ignition parts. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as UK, USA, and China to cater increasing demand in the region.
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