Automotive Ignition Cable Market to be dominated by Asia-pacific region by 2027
Changing
consumer preference for personal mobility and rising demand for fuel-efficient
vehicles is expected to drive the demand of global automotive ignition cable
market in the forecast period, 2023-2027.
According
to TechSci Research report, “Automotive Ignition Cable Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global automotive ignition cable market is anticipated to grow at a steady
rate in the forecast period, 2023-2027. The ignition system is an integral
component of an automobile to provide starting power to mechanical and
electrical components used in an automobile.
An
increase in vehicle production and growing urbanization, per capita income
growth, and improving living standards are positively affecting the global
automotive ignition cable market demand.
However,
the introduction of electric cars may hinder the market growth in the forecast
period.
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Cable Market"
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The
global automotive ignition cable market is segmented based on vehicle type,
fuel type, demand category, company, and regional distribution.
- Based on the fuel type, the global automotive ignition cable market is divided into petrol/CNG, diesel, and others. Petrol/CNG is expected to account for a significant market share in the forecast period. The large number of on-road vehicles running on ICE engines and high demand for automobiles using petrol/CNG make the vehicles the largest market share.
- Based on the demand category, the global automotive ignition cable market is bifurcated into OEM and aftermarket. Aftermarket is expected to hold a prominent market share in the next five years. An ignition cable wears down after traveling a certain distance and time. Proper ignition cables are necessary to affect the engine operation, rough stalls, and other issues. Market players offer quality and high-performance ignition cables varying from each other based on the vehicles upon which they are used. Adopting an online sales platform by the market players to reach a wider audience and availability of ignition cables with lucrative discounts is fueling the demand for ignition cables.
- Based on the regional analysis, Asia-pacific is dominating the global market and is expected to maintain its dominance throughout the forecast period. The major drivers for the global automotive ignition cable market are an increase in consumer purchasing capacity and a rise in sales and production of automobiles in the region. China is one of the largest automobile manufacturers globally and holds a significant market share. The government of China is promoting the adoption of new-energy vehicles to reduce the emission from petrol and gas engines. High sales of vehicles in countries like China, Japan, South Korea, and India and major manufacturers in the region contribute to higher market demand.
Major market players operating in the global automotive ignition cable market are:
- The NGK Spark Plug Co., Ltd.
- Denso Corporation
- Robert Bosch GmbH
- BorgWarner Inc.
- Prysmian Group
- Sentech Limited
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“The rise in the pollution caused by
automobiles has led to advancements in the ignition system technology to
improve the vehicle's efficiency and fuel economy, such as electronic ignition,
which provides cleaner combustion to the vehicle. An increase in research and
development activities and ongoing technological advancements to improve
vehicle performance positively impact the market. An increase in the average
life of vehicles is bolstering the maintenance and repair activities which
include the replacement of ignition cables and growing automotive aftermarket
industry are expected to propel the global automotive ignition cable market
growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Automotive Ignition
Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027, Segmented By Vehicle
Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle (LCV), Medium &
Heavy Commercial Vehicle (M&HCV), OTR), By Fuel Type (Petrol/CNG, Diesel,
Others), By Demand Category (OEM, Aftermarket), and By Region”, has evaluated the future
growth potential of global automotive ignition cable market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global automotive ignition cable market.
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