Spark Plug Wire Market Size, Share Growth Status, Emerging Technology, Key Players, Industry Challenges, and Forecast till 2030 | Mitsubishi, Carquest, Denso

Spark plug wires are insulated electric cables that connect the distributor cap or coil pack to each spark plug to deliver the spark generated by the coil pack to the spark plugs of the engine in the proper firing order. They are important for delivering the high voltage spark needed for proper combustion in gasoline engines.

Market Dynamics:

The spark plug wire market is expected to exhibit significant growth over the forecast period owing to the rising automotive industry and increasing vehicle fleet on road across the globe. According to the International Organization of Motor Vehicle Manufacturers, annual global sales of light vehicles including passenger cars, light commercial vehicles, and trucks reached nearly 95 million units in 2019. Moreover, growing demand for high performance vehicles where spark plug wires play a crucial role in engine performance is also driving the market growth. Changing of spark plug wires at regular intervals for maintenance of vehicles is further expected to fuel the market growth during the forecast period.

The global Spark Plug Wire market is estimated to account for US$ 696.1 Million by 2026

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Automobile Production Volume Is A Major Driver For The Spark Plug Wire Market Growth

As spark plug wires are considered as a key component required for igniting the fuel in internal combustion engines, the growth in the automobile production volumes across regions has positively impacted the spark plug wire market size. High production levels of passenger vehicles including SUVs, sedans and commercial vehicles such as trucks, buses among others are leading to increased demand for spark plug wires. According to various automotive industry reports, the global automobile production reached over 97 million units in 2019 witnessing a growth rate of over 1.5% compared to 2018 levels. Majority of the spark plug wire sales originate from the aftermarket replacement channel as wires need to be replaced periodically depending on vehicle usage. Higher vehicle parc on road implies chances of replacement are also high bolstering the spark plug wire replacement market value.

Top Key Players:

Mitsubishi, Carquest, Denso, NKG, MSD Ignition, Beck/Arnley, ACDelco, Bosch, SeaStar Solutions, Taylor Cable, Motorcraft, and others.

Detailed Segmentation:
Global Spark Plug Wire Market, By Wire Type:
Distributed Resistance Wires
MAG (Magnetic Resistance) Wires
Fixed Resistor Wires
Others

Regional Analysis:

⁃ North America: United States, Canada, and Mexico
⁃ South & Central America: Argentina, Chile, Brazil and Others
⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.
⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.
⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

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Increasing Adoption Of Gasoline Engines Fuels The Market Demand

Though investments towards electric powertrains are increasing, but gasoline ICE powered vehicles still dominate the global automobile landscape. Gasoline engines require spark plug wires for igniting the air-fuel mixture which creates the combustion required to propel the piston. According to various estimates, nearly 85-90% of new passenger cars still use gasoline powertrains accounting for majority of spark plug wire consumption. In addition, the large existing fleet of gasoline engine vehicles are driving the demand for replacement spark plug wires in the aftermarket. The need to maintain optimum performance of traditional ICE vehicles is expected to sustain the consumption of spark plug wires in the forthcoming years until widespread EV adoption take place.

Stringent Emission Regulations Pose A Challenge

Governments across regions have been implementing stringent emission norms to curb vehicle pollution and reduce environmental impact. Manufacturers have to make investments in developing advanced emission control technologies to comply with the new regulations. This has resulted in increased vehicle production costs. In some cases, auto companies had to discontinue select older vehicle models which failed to meet the updated emission standards. Such regulatory pressures compel automakers to focus more R&D investments towards electric vehicles and hybrid technologies. This could potentially restrain the market opportunities for components like spark plug wires designed for conventional ICE vehicles in the long run. However, the spark plug wire replacement market is expected to remain lucrative considering the large existing fleet of ICE vehicles.

Advent Of Hybrid Vehicles Offers New Growth Avenues

While battery electric vehicles are gaining wider acceptance, hybrid electric vehicles (HEVs) which combine an ICE engine along with electric powertrain offer opportunities for spark plug wire manufacturers. Most HEV models still employ small displacement gasoline engines to charge the batteries and provide additional power during peak demand. Hence, HEVs will continue using spark plug wires for igniting the internal combustion engines. The global hybrid electric vehicles sales accounted for over 1.7 million units in 2019 as per statista, indicating scope for increased spark plug wire consumption from this growing vehicle category. Technology improvements are enabling wider electrification of vehicles, but traditional ICE engines are foreseen to co-exist with hybrid powertrains opening novel opportunities.

Growing Vehicle Parc Will Boost Aftermarket Sales

Driven by rising incomes, availability of vehicle finance and improving road infrastructure in developing countries, the global vehicle parc or number of vehicles on road has been steadily rising. From 2007 to 2017, the worldwide number of vehicles on road grew from 945 million to 1.4 billion according to OICA reports. The average lifespan of modern vehicles is around 15 years. This expanding vehicle fleet implies greater opportunities for spark plug wire replacement especially in the aftermarket distribution channels in future. Even as new vehicles become electrified over time, the growing number of gasoline engine vehicles on road will bolster the need for periodic spark plug wire replacements. This steady stream of replacement demand from the existing gasoline vehicle parc acts as a key market trend supporting future spark plug wire sales.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Spark Plug Wire Market over the forecast period?
What are the key trends expected to influence the Spark Plug Wire Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Spark Plug Wire Market?
What long-term impact will strategic advancements have on the Spark Plug Wire Market?
Who are the key players and stakeholders in the Spark Plug Wire Market?
What are the different segments and sub-segments considered in the Spark Plug Wire Market research study?
Strategic Points Covered in Table of Content of Global Spark Plug Wire Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Spark Plug Wire market.

Chapter 2: Exclusive Summary - Spark Plug Wire Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Spark Plug Wire Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented in this chapter

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Spark Plug Wire market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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