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), according to Spark Plug Wire Market Report, by Wire Type (Distributed Resistance Wires, MAG (Magnetic Resistance) Wires, Fixed Resistor Wires, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
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. 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.
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Key Trends and Analysis of the Global Spark Plug Wire Market:
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