Rockville, MD -- (SBWIRE) -- 03/27/2018 -- An ignition system produces a spark to ignite a mixture of fuel and air. An ignition system usually comprises battery, spark plugs, ignition coils, distributor, and associated switches. Ignition systems are widely used in the automotive sector. According to the Fact.MR report, the global market for automotive ignition systems will reach US$ 7 Bn value by the end of 2022, reflecting a steady CAGR during 2017-2022.
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Go Green Mantra to have Moderate Impact on Automotive Ignition systems market
Governmental regulations coupled with the prominence of next-gen convergence of technology and automobile companies can impact the automotive ignition systems market. In the developed world, consumers can shift to electric vehicle use exclusively, but this is somewhat challenging in emerging markets on account of poor infrastructure and inadequate power supply. Even though the shift towards green technology has begun in earnest in 2017, it will be a long time before it becomes the norm and not the exception. The global automotive ignition systems market, currently valued at US$ 5.3 billion, is projected to grow at stable CAGR and surpass US$ 7 billion in revenues by 2022.
PC Holds Dominant Revenue Share by Vehicle Type
PC segment is anticipated to grow from over US$ 2.2 billion in 2017 to just under US$ 3 billion by 2022. Currently, the segment accounts for more than two-fifth revenue share of the market. The HCV segment in the automotive ignition systems market is poised to grow to approx. US$ 1.6 billion by 2022, growing at steady CAGR.
Gasoline will Continue to Remain the Preferred Fuel Type
It seems quite unlikely that gasoline will lessen its stranglehold on the automotive ignition systems market as the fuel is preferred by most customers over its 'dirtier' counterpart diesel. Gasoline is expected to account for the majority share of the automotive ignition systems market in 2017. As there are only two main fuels in the automotive ignition systems market, petrol's loss is diesel's gain which is why the latter is expected to gain traction in the near future.
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Electronic Automotive Ignition Systems are the Biggest Portions of the Pie
The electronic segment of the automotive ignition systems market is projected to grow to almost US$ 2.8 billion in 2022, from US$2.1 billion in 2017.Even though electronic segment will lose market share during the forecast period, it will continue to remain attractive. APEJ will continue to remain an attractive market, accounting for over one-third revenue share.
Focus on OEM Channels for Maximum Gains in Automotive Ignition systems market
With a revenue share of nearly two-third, it is hardly surprising that OEM channels account for the lion's share of the automotive ignition systems market. With a market value predicted to touch US$4.3 billion in 2022, it would be foolhardy to ignore this highly lucrative automotive ignition systems market segment.
Competition Tracking
The report also profiles key players in the global automotive ignition systems market, which include companies namely, BorgWarner, Delphi Automotive LLP, Denso Corporation, Federal-Mogul, Robert Bosch, CEP Technologies Corporation, Hitachi Automotive Systems Americas, Inc., Continental AG, Wells Vehicle Electronics, Diamond Electric Mfg. Corp, and Valeo.
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