Plastic Ignition Holders Market Snapshot (2023 to 2033)
The global Plastic Ignition Holders market size is expected to be valued at US$ 10.79 Billion in 2023. With the continuous growing automotive sales and production, the overall scope for Plastic Ignition Holders Market is projected to grow at a CAGR of 6.4% between 2023 and 2033, totaling around US$ 20.06 Billion by 2033.
A report from Future Market Insights suggests that due to rising urbanization as well as stable economic conditions, the automotive fleet in the developing regions is growing rapidly than in industrialized economies. This is a major factor that is anticipated to accelerate the growth of the Plastic Ignition Holders market during the forecast period.
The manufacturers of plastic ignition holders are increasing their R&D investments for enhancing the technical characteristics of their products. Owing to the industry’s heavy reliance on the automotive aftermarket parts sales, a continued rise in automotive aftermarket sales is anticipated to fuel the plastic ignition holder market.
The global popularity of motor racing has increased exponentially in recent years, which has necessitated plastic ignition holders that can resist high-temperature wires. For the higher performance of racing cars use of ignition wire holder has become obligatory. In addition, investments in sports activities by organizing sporting events across the globe is another major factor that is likely to escalate the consumption of plastic ignition holders.
Furthermore, the growth in the installation of electronic components in automobiles, and increasing sales and production of passenger cars and commercial vehicles are other major factors that are driving the growth of the plastic ignition holders market over the analysis period. In addition, stringent government regulations and norms to curb global warming and reduce the carbon footprint into the environment is accelerating the development of advanced gasoline engines with higher fuel mileage and low emission capability. This in turn is expected to boost the demand of the plastic ignition holders.
The flourishing eCommerce industry, ongoing trade activities and efforts to strengthen the major automotive companies’ supply chain and distribution channels are responsible for the surge in demand for high-speed commercial vehicles globally. Additionally, upcoming technological advancements such as the advent of spark plugs, which are extensively used in petroleum-based automobiles, will also drive the market growth in the coming time.
Moreover, factors including the growing income capacity of consumers, rapid shift in preference for private vehicle ownership, and introduction of affordable, high-performance passenger cars are stimulating the demand for passenger cars around the globe, which in turn are expected to fuel propel the market growth in the forthcoming years.
Ignition holder or the cable is used in automobiles to connect spark plug to the ignition coil, and therefore, with the bolstering demand for passenger cars, the demand for ignition holders is expected to witness steady growth in the near future. North America presents lucrative avenues for the growth of the global plastic ignition holders market, owing to the availability of well-developed technical infrastructure as well as the high demand for advanced passenger cars in the region.
North America is expected to hold a significant market share, attributed to the high consumption of performance parts in the region. North American aftermarket parts market is expected to have a robust outlook during the analysis period, which in turn will push the plastic ignition holder consumption in the region. However, cars with plastic ignition holder on public roads in the region is illegal, which is expected to hinder the market growth. Though these products are legally allowed to use on off-roads.
Furthermore, North America holds a leading position in the motorsports market and is expected to remain on the top. Hence, this is a major factor that is expected to create positive outlook for the plastic ignition holder consumption in the region. The involvement of key players has broadened the scope for plastic ignition holders in this area. The USA’s vehicle production has been increasing exponentially since 2014, which will further expand the plastic ignition holders market in the region during the forecast period.
According to the study, plastic ignition holders market is predicted to witness continuous growth in the next decade i.e. 2021 to 2031. Necessary demand of plastic ignition holder in motorsport cars expected to propel the market.
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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.
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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.
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Who are the Key Manufacturers and Suppliers of Plastic Ignition Holders?
Some of the leading manufacturers and supplier includes
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 United kingdom, USA, and China to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
