Enjoy complimentary customisation on priority with our Enterprise License!
The two-wheeler ignition switch market size is estimated to grow at a CAGR of 6.78% between 2023 and 2028. The market size is forecast to increase by USD 292.99 million. The accelerated growth of the market is due to various factors including the integration of ignition switches with other features in two-wheelers, increasing electronic content in two-wheelers and rising two-wheeler sales worldwide.
The report includes a comprehensive outlook on the Two-wheeler Ignition Switch Market, offering forecasts for the industry segmented by Type which comprises key-enabled, and keyless. Additionally, it categorizes Application into fuel two-wheeler, and electric two-wheeler and covers Geography regions, including APAC, Europe, North America, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
For More Highlights About this Report, Download Free Sample in a Minute
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing electronic content in two-wheelers is notably driving the market growth. The ignition switch's main purpose is to activate the main electrical system of the vehicle. It provides power to the starter solenoid and ignition system components and is usually combined with the starter switch that activates the starter motor. Technological advancements have increased the number of electrical and electronic components in two-wheelers. With the increase in electrical components, a greater number of electrical systems need to be activated by the ignition switch. This pushes up the number of components or wires used in ignition switches to raise their cost.
However, as ignition switch manufacturers that supply two-wheeler OEMs are few, the increase in cost is shared between other stakeholders downstream in the value chain. This helps two-wheeler ignition switch manufacturers report higher profit margins. Therefore, increasing electronic content in two-wheelers will give a boost growth of the two-wheeler ignition switch market during the forecast period.
Shift to Asian manufacturing bases by premium motorcycle makers is an emerging trend shaping the market growth. Motorcycles hold a significant share in the global two-wheeler market. New technologies and electrical connections that need to be activated with ignition switches are increasing in premium motorcycles. The inclusion of new technologies is raising manufacturing costs. The ongoing trend of shifting manufacturing plants to Asian countries, including India and China, will prove hugely beneficial for motorcycle manufacturers. In addition, labour costs in Asia are lower compared to European and American countries. These factors are encouraging manufacturers to shift their plants to Asian countries
Furthermore, KTM is expected to start manufacturing the Husqvarna motorcycles from its plant in Pune in early 2019. It has entered into a partnership with Bajaj for manufacturing and distributing its products. Such new manufacturing plants in countries such as India and China will support component manufacturers, including makers of ignition switches, which, in turn, is expected to drive the growth of the two-wheeler ignition switch market during the forecast period.
Recalls due to faulty ignition switches add to manufacturing costs is a significant challenge hindering the market growth. Product recalls because of defective components or improper assembly are one of the major challenges faced by the automotive industry. These recalls are initiated to preempt any damage to the vehicle and injury to the rider or user. However, product recalls add to the costs of manufacturers and suppliers involved in the upstream value chain of an automotive product. Recall costs are shared among all stakeholders present across the value chain of the product.
Moreover, add-on costs accruing from recalls of defective products pose a challenge for manufacturers and adversely affect the market they operate. Therefore, product recalls that add to the costs of two-wheeler ignition switch manufacturers will restrict the growth of the two-wheeler ignition switch market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Two-wheeler Ignition Switch Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Honeywell International Inc - The company offers two-wheeler ignition switches such as HONEYWELL S87B1008 Direct spark ignition switches.
The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The key-enabled segment is estimated to witness significant growth during the forecast period. The increasing demand for two-wheelers will significantly impact the prospects of the key-enabled segment in the two-wheeler ignition switch market. Along with the strong demand for two-wheelers, the need to reduce vehicular emissions is rising.
Get a glance at the market contribution of various segments Download the PDF Sample
The key-enabled segment was the largest and was valued at USD 655.28 million in 2018. Electric two-wheelers are also fitted with multiple electrical components, but ignition switches are not required for their activation. Ignition switches are those that assist in the ignition of internal combustion engine vehicles. Thus, the growing popularity of electric two-wheelers is challenging the growth of the two-wheeler ignition switch market. However, the market under review is being supported by improvements in the design of ignition switches. Technological advancements in ignition switches to enhance vehicle security are also driving the two-wheeler ignition switch market by the key-enabled segment. Thus, technological developments and design changes in key-enabled ignition switches will boost this segment and expand the growth of the two-wheeler ignition switch market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 86% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Promising economic growth in emerging economies of APAC, including China and India, is expected to throw open several market opportunities for two-wheelers and attract global automobile manufacturers to the region. Advancements in technology and mass production systems are the points of investment for market incumbents, and these factors are contributing to the increasing revenue of the two-wheeler ignition switch market in APAC. Ignition switches are being differentiated among models based on their placement in two-wheelers. Most two-wheeler ignition switch manufacturers are from APAC, especially from India.
For instance, UNO Minda, Spark Minda, JPM Group, and Sandhar are headquartered in India. The growing demand for two-wheelers amid technological advancements is expected to have a trickle-down effect on the two-wheeler ignition switch market in APAC. In terms of value, therefore, the region is expected to remain the dominant market for two-wheeler ignition switches during the forecast period.
The two-wheeler ignition switch market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Two-wheeler Ignition Switch Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market Growth 2024-2028 |
USD 292.99 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.45 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 86% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Guangzhou Haijiguang Commercial and Trading Co. Ltd., Honeywell International Inc., JPM Group, JS Enterprises, Kunal International, Minda Corp. Ltd., Minda Industries Ltd., Prakant Electronics Pvt. Ltd., Rado Products India, Sandhar Technologies Ltd, Shubham Industries, Sonu Auto Electronics, Swiss Auto Pvt. Ltd., and Ultra Tech Components India Pvt. Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.