SPARK PLUG WIRE MARKET ANALYSIS

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. This is owing to changing government regulations to support emission-free environment and improve efficiency of vehicles.

Recent Developments:

• In February, 2021, PerTronix Performance Brands, a company for automotive aftermarket top shelf manufacturers of performance products acquired Taylor Cable Products, which offers performance and racing products to market. This acquisition would widen the product portfolio of PerTronix Performance Brands.

Technological advancements in automation and cost-effective spark plug pressing system is driving market growth

Advancements in the design and cost reduction in the pressing of the spark plug wires through automation by maintaining defined standards to eliminate quality defects such as meager contact of the cable generate unexpected hurdles has increased their adoption to maintain performance of the vehicle engine and lifespan. Therefore, continuous improvements in the design, as well as methodologies such as automation to press spark plug wires in the engine, has led to growth of the spark plug wiring industry. Moreover, enhanced characteristics of high-quality spark plug wires such as wire length, use of heat-resistant materials such as silicone, EPDM rubber, etc. on outer insulation, rubber boots on end terminals, and use of high quality conductors (copper, compressed carbon powder, steel, etc.) has gained significant traction in the automotive market.

Restraint:

Changing a spark plug is a regular maintenance task for vehicle owners and requires higher-precision. Even after deployment of spark plugs, it is important to replace the spark plug wires to avoid possible impairment of engine performance and mileage capability of the vehicle. These regular replacements get more frequent in case of a faulty spark plug wiring, which adds up to the existing maintenance cost of the vehicles, and this is expected to be major factor for low adoption of these wires. Moreover, increasing demand and adoption of electric vehicles is expected to hamper adoption of spark plug wirings across the globe.

Global Spark plug wire market- Impact of Coronavirus (Covid-19) Pandemic:

Globally, most countries have been affected by COVID-19 and most of the countries announced a lockdown. This disrupted businesses across the globe. Demand for vehicles in the automotive sector declined as the disposable income of people was reduced and people spent less on purchasing cars, consumer devices, and other products required to live standard life. This decline in demand for vehicles hampered demand for spark plug wires in the automotive sector. Hence, the global spark plug wire market witnessed slow growth during the pandemic.

Asia Pacific held a dominant position in the global spark plug wire market in 2021

Statistics:

Asia Pacific held a dominant position in the global spark plug wire market in 2021, accounting for 34.0% share in terms of volume, followed by Europe region.

Figure 1: Global Spark Plug Wire Market Share (%), By Region, 2021

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Asia Pacific held a dominant position in the global spark plug wire market in 2021 and is expected to maintain its dominance during the forecast period. Countries such as China, India, and South Korea are fast-growing economies and the population of these countries is also rising significantly. Increased population is creating demand for efficient mobility. This rising demand for efficient mobility is increasing demand for commercial vehicles, cars, and other vehicles in the Asia Pacific region. The spark plug wires play key role in igniting the vehicle engines and are in high demand in automotive sector. Hence the spark plug wire market is expected to show significant growth during the forecast period.

The use of innovative technologies such as Internet of Things (IoT) embedded to spark plug wires has helped to create a direct communication channel between user and producer. For instance, Moxa launched the IIOT (Industrial Internet of Things) Gateway Starter Kit in October 2017 that includes built-in support for Amazon Web Services (AWS) to allow faster deployments.

Furthermore, stringent standards and regulations regarding spark plugs are expected to boost sales of spark plug wires market during the forecast period. Example includes that of ISO 28741:2013, which is specific to properties and dimensions of the spark plugs including the terminals and the measurements of their cylinder head housings to be used in the spark-ignition engines. Because of high pressure, the spark plug has to endure, the insulator material is expected to possess high electrical resistance, sufficient mechanical strength, and good thermal conductivity.

Figure 2: Global Spark Plug Wire Market (US$ Mn) Analysis and Forecast, 2017 - 2030

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Global spark plug wire market was valued at US$ 532.19 Mn in 2021 and is expected to reach US$ 1,033.36 Mn by 2030, growing at a CAGR of 7.8% between 2022 and 2030.

Major players operating in the global spark plug wire market include Mitsubishi Electric Corporation, Carquest Corporation, DENSO Corporation, NKG Spark Plugs., MSD Ignition, Beck/Arnley, ACDelco, Robert Bosch GmbH, SeaStar Solutions, PerTronix Performance Brands, and Motorcraft.