Global Ignition Magneto Market to Witness Slow but Steady Growth with a CAGR of +1.4% over 2023-2030

IndexBox has just published a new report: World - Ignition Magnetos, Magneto-Dynamos And Magnetic Flywheels - Market Analysis, Forecast, Size, Trends And Insights.

Driven by increasing demand for ignition magneto worldwide, the market is projected to experience a slight increase in performance, with a forecasted CAGR of +1.4% in volume and +3.3% in value from 2023 to 2030. By the end of 2030, the market volume is expected to reach 303M units, while the market value is anticipated to reach $5.9B in nominal prices.

Market Forecast

Driven by rising demand for ignition magneto worldwide, the market is expected to start an upward consumption trend over the next seven-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.4% for the period from 2023 to 2030, which is projected to bring the market volume to 303M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2023 to 2030, which is projected to bring the market value to $5.9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Ignition Magnetos, Magneto-Dynamos And Magnetic Flywheels

In 2023, global consumption of ignition magnetos, magneto-dynamos and magnetic flywheels shrank modestly to 276M units, almost unchanged from 2022. Overall, consumption recorded a pronounced contraction. As a result, consumption attained the peak volume of 372M units. From 2015 to 2023, the growth of the global consumption failed to regain momentum.

The global ignition magneto market revenue reached $4.7B in 2023, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a slight shrinkage. Global consumption peaked at $5.8B in 2015; however, from 2016 to 2023, consumption failed to regain momentum.

Consumption By Country

The country with the largest volume of ignition magneto consumption was China (81M units), accounting for 29% of total volume. Moreover, ignition magneto consumption in China exceeded the figures recorded by the second-largest consumer, India (35M units), twofold. The United States (16M units) ranked third in terms of total consumption with a 5.9% share.

From 2013 to 2023, the average annual rate of growth in terms of volume in China stood at +2.0%. In the other countries, the average annual rates were as follows: India (+2.1% per year) and the United States (-9.5% per year).

In value terms, China ($404M) led the market, alone. The second position in the ranking was taken by the United States ($185M). It was followed by India.

In China, the ignition magneto market increased at an average annual rate of +3.9% over the period from 2013-2023. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-7.3% per year) and India (+2.5% per year).

The countries with the highest levels of ignition magneto per capita consumption in 2023 were Turkey (86 units per 1000 persons), Germany (68 units per 1000 persons) and the UK (62 units per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for China (with a CAGR of +1.5%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.

Production

World Production of Ignition Magnetos, Magneto-Dynamos And Magnetic Flywheels

In 2023, the amount of ignition magnetos, magneto-dynamos and magnetic flywheels produced worldwide fell modestly to 274M units, flattening at the year before. Over the period under review, production showed a noticeable downturn. The pace of growth was the most pronounced in 2014 when the production volume increased by 11% against the previous year. As a result, production reached the peak volume of 387M units. From 2015 to 2023, global production growth failed to regain momentum.

In value terms, ignition magneto production stood at $4.8B in 2023 estimated in export price. In general, production recorded a slight downturn. Over the period under review, global production hit record highs at $5.9B in 2015; however, from 2016 to 2023, production stood at a somewhat lower figure.

Production By Country

China (87M units) remains the largest ignition magneto producing country worldwide, comprising approx. 32% of total volume. Moreover, ignition magneto production in China exceeded the figures recorded by the second-largest producer, India (34M units), threefold. The third position in this ranking was held by the United States (15M units), with a 5.6% share.

In China, ignition magneto production expanded at an average annual rate of +1.5% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: India (+2.6% per year) and the United States (-10.4% per year).

Imports

World Imports of Ignition Magnetos, Magneto-Dynamos And Magnetic Flywheels

In 2023, overseas purchases of ignition magnetos, magneto-dynamos and magnetic flywheels decreased by -15.6% to 19M units, falling for the second consecutive year after four years of growth. In general, imports, however, recorded a pronounced expansion. The growth pace was the most rapid in 2019 when imports increased by 42%. Global imports peaked at 23M units in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, ignition magneto imports fell to $175M in 2023. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 28%. As a result, imports reached the peak of $205M. From 2022 to 2023, the growth of global imports failed to regain momentum.

Imports By Country

In 2023, India (4.1M units), distantly followed by the United States (2.6M units), Indonesia (1.9M units), Vietnam (1.9M units), Brazil (1.8M units) and Thailand (1M units) were the main importers of ignition magnetos, magneto-dynamos and magnetic flywheels, together making up 69% of total imports. The following importers - China (701K units), Italy (596K units), Mexico (509K units) and Spain (364K units) - together made up 11% of total imports.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Spain (with a CAGR of +52.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ignition magneto importing markets worldwide were Thailand ($17M), the United States ($15M) and Indonesia ($14M), with a combined 26% share of global imports. Mexico, Spain, China, Vietnam, Italy, Brazil and India lagged somewhat behind, together comprising a further 31%.

Spain, with a CAGR of +19.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average ignition magneto import price stood at $9.1 per unit in 2023, with an increase of 3.5% against the previous year. Over the period under review, the import price, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 43% against the previous year. As a result, import price attained the peak level of $21 per unit. From 2016 to 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Mexico ($27 per unit), while India ($805 per thousand units) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+15.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ignition Magnetos, Magneto-Dynamos And Magnetic Flywheels

In 2023, global exports of ignition magnetos, magneto-dynamos and magnetic flywheels fell markedly to 17M units, waning by -21.1% against the year before. Over the period under review, exports showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 41%. As a result, the exports reached the peak of 30M units. From 2018 to 2023, the growth of the global exports remained at a somewhat lower figure.

In value terms, ignition magneto exports contracted to $166M in 2023. The total export value increased at an average annual rate of +2.2% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. As a result, the exports reached the peak of $188M. From 2022 to 2023, the growth of the global exports remained at a lower figure.

Exports By Country

China represented the key exporter of ignition magnetos, magneto-dynamos and magnetic flywheels in the world, with the volume of exports finishing at 6.9M units, which was near 40% of total exports in 2023. It was distantly followed by India (3.5M units), the United States (1.6M units) and Italy (1.5M units), together constituting a 38% share of total exports. Cambodia (659K units), Indonesia (600K units), Croatia (371K units) and the UK (327K units) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Cambodia (with a CAGR of +214.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($37M), India ($19M) and the United States ($19M) constituted the countries with the highest levels of exports in 2023, with a combined 45% share of global exports. Italy, Cambodia, Croatia, Indonesia and the UK lagged somewhat behind, together accounting for a further 28%.

In terms of the main exporting countries, Cambodia, with a CAGR of +257.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average ignition magneto export price stood at $9.6 per unit in 2023, surging by 17% against the previous year. Overall, export price indicated a strong expansion from 2013 to 2023: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ignition magneto export price increased by +107.9% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Croatia ($25 per unit), while China ($5.4 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Cambodia (+13.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform