The global automotive sparking cable market is anticipated to attain US$ 782.9 Million in 2022, with a CAGR of 11.6% from 2022 to 2032. According to FMI, the market to be worth US$ 945.4 million in 2032.
Continuous advancements in automotive technologies, as well as the growing demand for lower energy consumption in today’s modern vehicles, are expected to drive sales of automotive sparking cables in the coming years. The automotive sparking cable market is expected to be driven by rising demand for novel sparking cables with high mechanical strength, temperature resistance, and dielectric strength.
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Intensifying Passenger Car and Commercial Vehicle Demand to Push Automotive Sparking Cable Market Growth
One of the major factors predicted to propel the market for automotive sparking cable is the presence of a large number of manufacturers and distributors around the world offering both low-cost and high-quality automotive sparking cables.
The integration of improved automotive technologies and the expansion of the automotive industry are expected to bode well for future automobile sparking cable market growth. Automobile sales are expected to increase rapidly globally as a result of rising disposable income and changing lifestyles, propelling the automotive sparking cable market.
Stipulation For Frequent Replacement Of Automotive Sparking Cables May Quash Market Growth.
Changing a sparking cable necessitates greater precision because it is considered a routine maintenance task for car owners. It is critical to replace the sparking cable even after deployment to avoid potential damage to the vehicle’s mileage capability and engine performance. As a result, regular replacements add to the cost of vehicle maintenance. It is expected to have a negative impact on the market and reduce demand for automotive sparking cables during the evaluation period.
Greater Success in Revolutionary Technological Innovation to Promote Asia Pacific Automotive Sparking Cable Market
The inclusion of a plethora of small-scale automotive component manufacturers in developing countries is expected to boost Asia Pacific automotive sparking cable market share. Manufacturers’ increasing investments in the development of novel technologies are also expected to drive the regional market.
The high reliance of mileage capabilities and vehicle performance on smart plug wirings is expected to increase the significance of sparking cables in the Asian automotive sector. Furthermore, sparking cables are thought to play an important role in the well-developed automotive aftermarket in Asia Pacific countries, which would aid automotive sparking cable market growth.
Key Takeaways
- Asia Pacific dominated the market for automotive sparking cable, accounting for 34.0% of the total, followed by Europe.
- Magnetic Resistance Cables had the highest automotive sparking cable market share of any cable type segment.
- In 2030, the global automotive sparking cable market is expected to be worth US$ 1741.27 million.
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Market Competence
MSD Spark Wires, EDELBROCK, LLC. ACDelco, Taylor Cable Products, Inc., NGK SPARK PLUG, DENSO, Motorcraft, and Holley Performance Products are among the top companies operating in the global automotive sparking cable market.
The majority of the worldwide automotive sparking cable market’s leading players are concentrating on mergers and acquisitions, partnerships, and joint ventures to co-develop novel products and achieve a competitive advantage. Meanwhile, a few other key players intend to invest substantial amounts of money in R&D activities to develop innovative automotive sparking cables in order to diversify their portfolios and engender high shares.
Recent Developments
- General Motors Company has opened a new ACDelco and GM Genuine Parts processing facility. The cutting-edge facility employed over 800 hourly and salaried workers.
- Taylor Cable Products, Inc. has been acquired by PerTronix Performance Brands, which has key brands in the ignition, exhaust, and fuel delivery segments.
- Sumikaze, a beautiful and compact plasma air purifier that inactivates up to 99.9% of airborne viruses while providing quality air to the home and office, has been launched in the United States by NGK SPARK PLUG CO., LTD.
- During the fourth quarter of 2021, Holley announced the acquisition of all assets of Arizona Desert Shocks (ADS), Baer Brakes, Brothers Trucks, and Rocket Racing Wheels. During the fourth quarter of 2021, Holley completed these acquisitions for approximately $56 million.
Key Segments Profiled in the Automotive Sparking Cable Industry Survey
By Automotive Design:
- Mechanical Spark Distributor and Distributor Cap
- Electronic Ignition Module
- Electronic Double Spark Ignition or Semi-Direct Ignition Coil
By Cable Type:
- Magnetic Resistance Cables
- Distributes Resistance Cables
- Fixed Resistor Cables
- Other Automotive Sparking Cable Types
By Sales Channel:
- OEMs
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Automotive Start-up Sparking the Cable Market
NGK Spark Plug, one of the world’s largest manufacturers of automotive spark plugs, has announced the creation of a new $100 million fund to invest in startups and seek out potential merger and acquisition deals. The fund was launched in collaboration with Pegasus Tech Ventures, a “venture capital as a service” firm that has also launched venture funds for companies such as Sega Sammy Holdings, Asus, and Aisin Seiki.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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