Global Automotive Ignition System Market 2018-2022
LONDON, Nov. 29, 2018 /PRNewswire/ -- 100 pages, November 2018
About this market
The economic growth of BRIC nations— Brazil, Russia, India, and China—has fueled the growth of the auto industry in recent years. In 2017, the passenger car sales increased by with most contribution from sedans and hatchbacks. Additionally, General Motors, Toyota, and Volkswagen launched many new SUVs, sedans, and crossovers in the US to capture the growing passenger vehicle market. Also, the decrease in vehicle purchase tax from 10% to 5% for passenger vehicles with engine capacity below 1,600cc further boosted the sales of compact SUVs in China. Thus, the increasing sales of various passenger vehicles will drive the automotive ignition systems market growth during the forecast period.
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Market Overview
Increasing demand for passenger vehicles globally
The increasing sales of various passenger vehicles, such as sedans, hatchbacks, minicars, sports utility vehicles (SUVs), multipurpose vehicles (MPVs), crossovers, and passenger vans, are driving the growth of the automotive ignition systems market. Sedan and hatchback segments contribute significantly to the global passenger vehicle market.
High cost pressures on automotive component manufacturers
In the automotive industry, component manufacturers absorb most of the warranty costs and price pressure from the demand side. With increasing adoption of advanced technologies, the bargaining power of component suppliers of certain equipment and technologies has reduced.
For the detailed list of factors that will drive and challenge the growth of the automotive ignition systems market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including BorgWarner and Delphi Technologies the competitive environment is quite intense. Factors such as the increasing demand for passenger vehicles globally and development of pencil and stick-type ignition coil, will provide considerable growth opportunities to automotive ignition system manufactures. BorgWarner, Delphi Technologies, DENSO, Federal-Mogul, HELLA, and Robert Bosch are some of the major companies covered in this report.
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