Global spark plug wires market is expected to witness moderate growth during the forecast period. The market growth is majorly attributed to increasing demand for spark plugs and other ignition systems in various types of vehicles.
Seattle, WA -- (SBWIRE) -- 10/01/2019 -- The Spark Plug Wire Market was valued at US$ 452.8 Mn in 2018, and is expected to increase to US$ 696.1 Mn by 2026, registering a CAGR of 5.5% over the forecast period (2018 – 2026). Global spark plug wires market is expected to witness moderate growth during the forecast period. The market growth is majorly attributed to increasing demand for spark plugs and other ignition systems in various types of vehicles. Furthermore, high dependency of vehicle performance and mileage capabilities on smart plug wirings has increased their importance in the automotive industry. Spark plug wires are crucial parts of an automotive aftermarket, which is expected to witness considerable growth during the forecast period.
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Major factor driving growth of the spark plug wires market is increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 was 94 million units, which increased to 96 million units in 2017, globally. Hence, increasing demand for vehicles is influencing OEMs to manufacture more vehicles to meet the growing consumer demand, which in turn, is expected to increase demand for spark plug wires.
According to the OICA, the total number of vehicles produced in 2016 was 95 million units, which increased to 97 million units, globally. Therefore proliferation of vehicle sales and production is expected to propel demand for spark plug wires for better engine performance, thus boosting growth of the spark plug wire market. Spark plug wires provide high voltage electricity to spark plugs that ignites the air or fuel mixture in the combustion chamber.
As electricity moves through the spark plug, an electromagnetic field is produced in the fuel lines of internal combustion engines, which reduces viscosity of fuel, leading to better atomization and improved carburetion. This helps achieve complete and rapid combustion of fuel, which enhances performance of the engine. Additionally, rapid combustion reduces emissions of HC (hydrocarbon) and CO (carbon monoxide). These factors in turn, are accelerating demand for spark plug wires in the automotive sector, thus boosting growth of the spark plug wire market.
The market for spark plug wire in Asia Pacific accounted for the largest share in 2017 and is projected to retain its dominance throughout the forecast period. India, China, Japan, and South Korea are some of the major growth engines for the market in this region. High sales of passenger cars in the region is one of the major factors driving growth of the spark plug market in this region.
For instance, according to International Organization of Motor Vehicle Manufacturers, in 2017, the sales or registration of new passenger cars in China accounted for 24,961,948 units from 24,376,902 units in 2016. Similarly, the new passenger car sales in 2017, in India, Japan, and South Korea, accounted for 3,227,701 units, 4,391,100 units, and 1,495,468 units, respectively. This is expected to be one of the major factors driving growth of the regional market.
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Major players operating in the global spark plug wire market include Mitsubishi, Carquest, Denso, NKG, MSD Ignition, Beck/Arnley, ACDelco, Bosch, SeaStar Solutions, Taylor Cable, and Motorcraft.
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