Ignition Magneto Market

The global ignition magneto market is expected to see a slight increase in volume and value terms over the period from 2022 to 2030, with consumption forecasts showing a steady trend. China leads in both consumption and production of ignition magnetos, followed by India and the United States. Import and export data reflect fluctuations in global trade, with China dominating as the main exporting country. Prices have shown growth in recent years, with notable differences in average prices among major importing and exporting countries.

Market Forecast

Driven by rising demand for ignition magneto worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 291M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market value to $6.6B (in nominal prices) by the end of 2030.

Consumption

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

After four years of decline, consumption of ignition magnetos, magneto-dynamos and magnetic flywheels increased by 4.6% to 266M units in 2022. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 342M units. From 2015 to 2022, the growth of the global consumption failed to regain momentum.

The global ignition magneto market revenue reached $5.7B in 2022, remaining relatively unchanged against 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, however, continues to indicate a slight setback. As a result, consumption reached the peak level of $8.4B. From 2015 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The country with the largest volume of ignition magneto consumption was China (74M units), accounting for 28% of total volume. Moreover, ignition magneto consumption in China exceeded the figures recorded by the second-largest consumer, India (30M units), twofold. The third position in this ranking was taken by the United States (23M units), with an 8.7% share.

In China, ignition magneto consumption increased at an average annual rate of +3.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+2.5% per year) and the United States (-7.0% per year).

In value terms, the United States ($833M) led the market, alone. The second position in the ranking was taken by China ($310M). It was followed by Iran.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to -5.4%. The remaining consuming countries recorded the following average annual rates of market growth: China (+3.2% per year) and Iran (+3.4% per year).

The countries with the highest levels of ignition magneto per capita consumption in 2022 were Turkey (85 units per 1000 persons), Germany (81 units per 1000 persons) and the United States (69 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by China (with a CAGR of +2.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

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

In 2022, production of ignition magnetos, magneto-dynamos and magnetic flywheels was finally on the rise to reach 264M units after four years of decline. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the production volume increased by 12% against the previous year. As a result, production reached the peak volume of 351M units. From 2015 to 2022, global production growth remained at a lower figure.

In value terms, ignition magneto production totaled $5.4B in 2022 estimated in export price. Overall, production, however, continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2014 when the production volume increased by 16% against the previous year. Over the period under review, global production hit record highs at $8.5B in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Production By Country

China (84M 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 (33M units), threefold. The United States (16M units) ranked third in terms of total production with a 6.2% share.

In China, ignition magneto production expanded at an average annual rate of +3.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: India (+3.0% per year) and the United States (-10.2% per year).

Imports

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

In 2022, global ignition magneto imports contracted to 23M units, which is down by -7.2% compared with the previous year. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.7% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Global imports peaked at 24M units in 2021, and then declined in the following year.

In value terms, ignition magneto imports shrank modestly to $199M in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 28%. As a result, imports attained the peak of $206M, and then fell modestly in the following year.

Imports By Country

The United States represented the key importing country with an import of around 6.8M units, which amounted to 30% of total imports. Indonesia (2.1M units) held a 9.4% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (8.4%), Brazil (8%), Vietnam (6.1%) and Italy (5.4%). Germany (890K units), India (838K units), Bangladesh (720K units), Mexico (642K units), China (633K units) and the Dominican Republic (405K units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to ignition magneto imports into the United States stood at +15.2%. At the same time, the Dominican Republic (+53.9%), Bangladesh (+22.7%), China (+19.6%), Thailand (+16.5%), Vietnam (+12.2%), Indonesia (+11.9%), Italy (+9.5%) and Mexico (+5.7%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in the world, with a CAGR of +53.9% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, India (-4.2%) and Brazil (-12.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, Thailand, Indonesia, Vietnam, Bangladesh, Italy, China and the Dominican Republic increased by +20, +5.8, +5.1, +3.3, +2.6, +2.3, +2.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($31M), Thailand ($26M) and Mexico ($17M) were the countries with the highest levels of imports in 2022, with a combined 37% share of global imports. Indonesia, Germany, Italy, Vietnam, Brazil, China, Bangladesh, India and the Dominican Republic lagged somewhat behind, together accounting for a further 32%.

Among the main importing countries, Bangladesh, with a CAGR of +25.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average ignition magneto import price amounted to $8.8 per unit, growing by 4.2% against the previous year. In general, the import price, however, continues to indicate a perceptible reduction. The growth pace was the most rapid in 2015 an increase of 35%. As a result, import price reached the peak level of $13 per unit. From 2016 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($26 per unit), while India ($2.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.4%), while the other global leaders experienced more modest paces of growth.

Exports

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

In 2022, global ignition magneto exports declined rapidly to 21M units, dropping by -20.6% compared with the year before. Overall, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 64% against the previous year. As a result, the exports reached the peak of 35M units. From 2018 to 2022, the growth of the global exports remained at a lower figure.

In value terms, ignition magneto exports shrank modestly to $180M in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 28%. As a result, the exports attained the peak of $189M, and then reduced slightly in the following year.

Exports By Country

China represented the main exporting country with an export of around 10M units, which resulted at 50% of total exports. It was distantly followed by India (3.4M units) and Italy (2.2M units), together committing a 27% share of total exports. Cambodia (689K units), Croatia (463K units), Indonesia (414K units) and Brazil (360K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to ignition magneto exports from China stood at +3.1%. At the same time, Brazil (+52.0%), India (+5.0%) and Italy (+2.2%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in the world, with a CAGR of +52.0% from 2012-2022. By contrast, Indonesia (-3.2%), Croatia (-6.2%) and Cambodia (-13.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, India, Cambodia, Italy and Brazil increased by +17, +7.2, +3.4, +2.9 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($50M) remains the largest ignition magneto supplier worldwide, comprising 28% of global exports. The second position in the ranking was taken by Italy ($18M), with a 10% share of global exports. It was followed by India, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +5.0%. In the other countries, the average annual rates were as follows: Italy (+1.3% per year) and India (+4.9% per year).

Export Prices By Country

In 2022, the average ignition magneto export price amounted to $8.8 per unit, jumping by 20% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ignition magneto export price increased by +120.2% against 2017 indices. The pace of growth was the most pronounced in 2018 an increase of 42%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Croatia ($19 per unit), while China ($4.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+24.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform