Automotive Ignition Coil Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is estimated to hold largest revenue share of 41% by 2035. The growth of the market can be attributed majorly to the presence of a strong automotive parts manufacturing network in the region, and the rising export of ignition coils from the region to the world, backed by the growing production of automotive parts and automobiles. For instance, the top exporters of ignition coils and distributors in 2020 were China and Japan, with a value of over USD 390 million and USD 2oo million, respectively. Asia Pacific has a robust infrastructure of the automotive industry that combines nearly 580 million people and a GDP of approximately USD 2 trillion. Furthermore, in India, approximately 300 million units of vehicles are observed to be in operation in India. In addition to this, the various regulations by the government of nations are promoting the manufacturing of electric vehicles to curb carbon emissions in the region. Hence, all these factors are estimated to influence the market growth positively in the region during the forecast period.
