According to the study, plastic ignition holders market is predicted to witness continuous growth in the next decade i.e. 2021-2031. Necessary demand of plastic ignition holder in motorsport cars expected to propel the market.
Increasing Automotive Sales and Production is Estimated to be some of the Major Factors Driving the Growth of the Global Market
Despite unstable economic conditions in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. Owing to the increasing urbanization and stable economic conditions in many countries, the automotive fleet is expanding in emerging economies as compared to developed economies. This anticipated to increase potential of plastic ignition holders.
The plastic ignition holder manufacturers are investing more on R&D activities to improve the technical characteristic of it. The market is highly dependent on automotive aftermarket parts sale, hence continues rise in automotive aftermarket is anticipated to drive the plastic ignition holder market.
The Growth in Motorsports Activities Anticipated to Propel the Global Demand
Motor racing has increased exponentially in recent years worldwide requires plastic ignition holders to withstand wires at high temperature. For the higher performance of racing cars use of ignition wire holder has become obligatory. Further investments in sports activities by organising sporting events in all over the globe expected to push the consumption of plastic ignition holders.
Motorsport events conducted in more than 194 countries and they are set to surge as the connectivity in the modern world increases. In recent years new racing participants has increased substantially, expected to propel the sales of plastic ignition holders in the market.
North America Plastic Ignition Holders Demand Outlook
North America expected to hold prominent market share in the market owing to the high consumption of performance parts in this region. North American aftermarket parts market is having robust outlook in the forecast period, anticipated to push the plastic ignition holder consumption. A car with plastic ignition holder on public road is illegal in North America which is one of the restraining factor for the market. Though these products are legally allowed to use on off-roads only.
North America holds leading position in the motorsports market and expected to remain on the top. Thus it is expected to create positive outlook for the plastic ignition holder consumption. The involvement of key players has broadened the scope for plastic ignition holders in this area. US’s vehicle production is expected to increase exponentially by 2014, with half of them already fitted with TGDI, which will further expand the plastic ignition holders market.
Europe Plastic Ignition Holders Sales Outlook
Because of increasing demand for automobiles from emerging economies and heavy investment in research and development activities in the region, Europe also leads the plastic ignition holders market. In this region many motorsports events are conducted led to high consumption of performance parts for the racing cars, this is driving the global demand.
Though European automotive market has seen many ups and downs in recent years, but the automotive industry expected to grow significantly in the forecast period, resulting in a substantial increase in demand for the Plastic Ignition Holders. Europe is predicted to be one of the fastest-growing markets owing to the optimistic outlook for the adoption of performance parts in the vehicles.
Who are the Key Manufacturers and Suppliers of Plastic Ignition Holders?
Some of the leading manufacturers and supplier includes
- Taylor Cable Products Inc.
- Performance Products Industries
- Spectre Performance
- Holley Performance Products
- Ford Performance (Ford Motor Company)
- EDELBROCK LLC and Others.
Many leading manufacturers and supplier have longstanding contracts with end-users to supply Plastic Ignition Holders. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as UK, USA, and China to cater increasing demand in the region.
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