Towards the end of 2022, the global automotive ignition systems market will have soared at healthy CAGR, translating revenues above US$ 7 Bn.
Dublin, Ireland -- (SBWIRE) -- 09/07/2017 -- From commercial vehicles to passenger cars, ignition systems are indispensable components in production of automobiles. With rising demand for EVs, manufacturers of automotive ignition systems are shifting their focus from conventional ignition to electric ignition. In the long run, the costs of automotive ignition systems might become more economical, considering the technological advancements adopted by OEMs during their production. Nevertheless, losing traction of fossil fuel engines will impede the market's growth, albeit, to some extent.
The Fact.MR report on global automotive ignition systems market projects that by the end of 2017, the market will be valued at US$ 5.3 Bn. Strong supply chain and cheaper procurement of raw materials will boost the production capacity of automotive ignition system manufacturers. Towards the end of 2022, the global automotive ignition systems market will have soared at healthy CAGR, translating revenues above US$ 7 Bn.
Key insights on the projected growth of global market for automotive ignition systems during the assessment period, 2017-2022.
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The report highlights the central significance of Asia-Pacific excluding Japan (APEJ) region in driving the growth of global automotive ignition system market. Countries such as India, South Korea and China are at the forefront of global automobile production, creating a lucrative space for sales of automotive ignition systems in the APEJ market. Through 2022, the APEJ automotive ignition systems market is likely to showcase a speedy growth at robust CAGR, transcending more than US$ 2.4 Bn in revenues.
In 2017, the demand for automotive ignition systems is expected to rise in North America, primarily due to the rising sales of hybrids and EVs, bringing in revenues worth a little over US$ 1.1 Bn.
Expansion of automotive ignition systems market across European countries will be steady. During the forecast period, the automotive ignition systems market in Europe will have soared at a steady CAGR.
In the view of rising preference to passenger cars, manufacturers of automotive ignition systems will shift their focus accordingly. In 2017 and beyond, sales of automotive ignition systems in passenger cars will procure over two-fifth value share on the global market.
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Over two-fifth of the global automotive ignition systems market will attain its value through sales of electric ignition systems. Conventional automotive ignition systems, however, are expected to be in demand in the future, and will create an incremental opportunity of more than US$ 400 Mn by 2022 over 2017.
OEMs will be observed as the largest sales channel for automotive ignition systems. In 2017, automotive ignition systems sold by OEMs across the world are likely to rake heavy revenues, which could round up to US$ 3.2 Bn. The report also projects that six out of ten automotive ignition systems sold in the world, during this assessment period, will be used for ignition of gasoline fuel engines.
The report profiles key players in the global market for automotive ignition systems. Companies such as BorgWarner Inc., DENSO Corporation, Federal-Mogul LLC., Robert Bosch Limited, Delphi Automotive LLP., CEP Technologies Corporation, Diamond Electric Mfg. Corp., AUTO-LEK (P) Ltd., Hitachi Automotive Systems Americas, Inc., Valeo SA, Continental AG and Wells Vehicle Electronics are expected to remain active participants in the growth of global automotive ignition systems market through 2022.
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