Global Spark Plug Wire Market to Surpass US$ 696.1 Million by 2026 – Coherent Market Insights
SEATTLE, June 13, 2018 (GLOBE NEWSWIRE) -- The global spark plug wire market was valued at US$ 452.8 million in 2018 and is projected to exhibit a CAGR of 5.5% over the forecast period (2018–2026).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/spark-plug-wire-market-1768
Key Trends and Analysis of the Spark Plug Wire Market:
The market for spark plugs wires is gaining significant traction, due to development of advanced systems, such as digital twin spark ignition system. Additionally, increasing stringency of government norms and regulations regarding fuel efficiency and emissions from vehicles being monitored by regulatory bodies such as EPA and CEPA, is expected to aid in the growth of the market. Also, according to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of vehicles boosted to 97 million in 2017 from 66 million in 2009. This increasing sale of vehicles across the globe is driving growth of the market for spark plug wire. However, regular maintenance required for spark plug wiring is a major factor hampering growth of the market. Demand for spark plug wires is thus increasing, as these wires support engine performance of vehicles, which in turn, is expected to offer lucrative growth opportunities for key market vendors during the forecast period.
Spark plug wires have witnessed considerable changes since its inception in terms of materials, design, and other factors that have improved their capabilities. The growth in the spark plug wires market can be partially attributed to increase in the number of gasoline and natural gas powered passenger cars in various emerging economies. Moreover, direct dependency of mileage capacity and noise reduction of a vehicle on spark plug wiring has further enhanced its importance in the automotive industry.
Key Market Takeaways:
- The market is expected to exhibit a CAGR of 5.5% during the forecast period, owing to increasing demand for vehicles globally, which is influencing OEMs to manufacture more vehicles to meet growing consumer demand
- Some of the major players operating in the global spark plug wire market are Mitsubishi, Carquest, Denso, NKG, MSD Ignition, Beck/Arnley, ACDelco, Bosch, SeaStar Solutions, Taylor Cable, and Motorcraft.
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