Global spark plug wire market was valued at US$ 532.19 Million in 2021 and is expected to surpass US$ 1033.36 Million by 2030, registering a CAGR of 7.8% during the forecast period (2022-2030), according to the Global Spark Plug Wire Market Report, by Wire Type (Distributed Resistance Wires, MAG (Magnetic Resistance) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
A spark plug wire is used to deliver electricity to a spark plug in order to generate spark. Spark plug is an electronic device, which is integrated with cylinder head in the vehicle engine that produces electric spark to burn petrol. 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.
Key Developments
- In February, 2021, PerTronix Performance Brands a company for automotive aftermarket top shelf manufacturers of performance products acquired Taylor Cable Products which provides performance and racing products to market. This acquisition would widen the product portfolio of PerTronix Performance Brands.
Spark plug wires provide high voltage electricity to spark plugs that ignite 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.
Global Spark plug wire market- Impact of Coronavirus (Covid-19) Pandemic:
The covid-19 pandemic has immensely damaged the global economy. The global spark plug wire market faced several challenges during the pandemic. The stringent lockdown imposed by the government of various countries disrupted the business logistics and supply chain operations. Demand for vehicles in the automotive sector declined which resulted in low demand for spark plug wires used in the automotive industry. Hence the global spark plug wire market witnessed slow growth during the pandemic.
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Key Trends and Analysis of the Global Spark Plug Wire Market:
- Asia Pacific accounted for the largest share in 2021 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 the growth of the spark plug market in this region. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, the sales or registration of cars and commercial vehicles in China accounted for 26,082,220 units. This is expected to be one of the major factors driving the growth of the regional market.
- Among wire type, the MAG (Magnetic Resistance) wires segment is expected to witness major growth over the forecast period. The advantage of using MAG wire is it has low total resistance than the suppression wire because of which the current required to fire the plugs is reduced. The other advantages include MAG wires are durable and have low failure of firing the engine. Companies such as Nissan, Honda and others use MAG wires in vehicles. All these advantages of MAG wires are expected to drive the global spark plug wire market in the forecast period.
- 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
