Spark Plug Market was valued at US$ 800Mn in 2019 and is expected to reach US$ 1560Mn by 2026, at a CAGR of 8.71% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The ultimate plug is to meet the demands of racing teams across the world. The plugs for racing cars that maximize the strength of the engines – are playing an important role to create demand in automotive industries for other vehicle too. Growing acceptance is supporting the manufacturers to develop and meet the demand for efficient spark plugs.
Based on the Vehicle Type, Two-Wheeler segment is expected to hold the largest share in the market during the forecast period. Rising 2 wheeler sales and lowering maintenance costs. Two wheeler are getting better acceleration as the combustion efficiency is improved, for the same reason the pollution levels also go down. Spark plug helps in two wheeler to improve in mileage due to better and improved combustion of fuel. Manufacturer are designing special plugs for special engines. In Electrode Material, Platinum is also expected to lead the market growth.
The report provides details list of drivers and restraints of the market, which are influencing the market growth.
Major driving factors of the Spark Plug market are High rates of fuel have forced competition among the companies to focus on delivering performance-oriented products. Spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems while boosting the performance of the vehicles. Growing automobile production and sales coupled with increasing preference for dual-fuel option Passenger Vehicles and various ongoing and upcoming technological advancements are expected to boost the sales of automotive spark plugs at global market over the coming years. Increasing R&D activities by major players for development of cost effective product is expected to create new opportunities. Growth in electric vehicle and electrically powered working equipment will act as a restraint to the market.
In terms of region, Asia is a huge market for automobile industries. It has a great demand for 2 wheeler and cheap 2 wheeler vehicles. However, longer term Asia is seen maintaining its position as the fastest-growing region, with China and India leading the charge. Energy and fuel efficiency continue to be the drivers for growth. Environmental awareness in China and economic transformation in India are creating the market opportunity in Asia. Asia Pacific is projected to lead global growth through forecasted period, driven by automotive production and sales in the region with an increase in revenue of 15.4%, though different countries will have different drivers. The Southeast Asia region will be the third-fastest growing market after India and China through 2019. In 2013, NGK Spark Co. Ltd (Japan) held the leading position in the global spark and glow plugs market.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
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Scope of the Report for Spark Plug Market
Spark Plug Market, by Product Type
• Hot Spark Plug
• Cold Spark Plug
Spark Plug Market, by Vehicle Type
• Two-Wheeler
• Passenger Vehicle
• Three-Wheeler
Spark Plug Market, by Electrode Material
• Copper
• Iridium
• Platinum
• Others
Spark Plug Market, by Sales Channel
• Original Equipment Manufacturers (OEM)
• Aftermarket
Spark Plug Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Spark Plug Market
• General Motors
• NGK Spark Plug Co. Ltd.
• Borgwarner Inc.
• Robert Bosch GmbH.
• Federal-Mogul Corporation
• Denso Corporation
• UCI-Fram Autobrands
• Delphi Automotive
• Weichai Power Co. Ltd.
• Valeo
• Renault S.A
• Daimler AG
• Volkswagen AG
• Nanjing Huade Spark Plug Co., Ltd.
• Brisk Spark Plugs
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Increasing demand and production of automobiles is driving the growth of global spark plug market.Spark plug market report published by the Brandessence Market Research and Consulting Pvt.
This report consists of drivers, challenges and opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market.
This report consists of regional segmentation with product type and applications.The spark plug is used to ignite the combustion of the compressed fuel-air mixture during the compression cycle in spark ignition engine and it is the task of the spark plug to generate this spark.
The movement is transferred via connecting rod to the crankshaft; this drives the vehicle via the clutch, the gears and the axles.
The spark plug is widely used in automotive, marine and industrial sector.The rising demand and production of automobiles due to the growing population and increasing consumer disposable income has resulted in the growth of spark plug market.
Spark Plug Market Key PlayersFederal-Mogul CorporationDenso CorporationBorgWarner Inc.Robert Bosch GmbhACDelcoWeichai Power Co. Ltd.Megenti Marelli S.p.ANGK Spark Plug Co. LtdValeoMSD PerformanceHELLA GmbH & Co. KGaA Spark Plug Market Segmentation –By Product Type: Hot Spark Plug, Cold Spark PlugBy Electrode Material: Copper, Iridium, Platinum, OthersBy Application Type: Automotive, Marine, Industrial, OthersBy Demand Category: OEM, AftermarketBy Region:North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and AfricaTable of ContentChapter – Report Methodology1.1.
The increasing disposable income combined with the growing middle-class population is driving the global automotive industry around the globe.
In addition to that, the growing adoption and increasing awareness regarding spark plugs among the consumers is the promising growth factor behind the development of spark plug market in the years ahead.The increasing awareness about the spark plugs quality is believed to supplement the growth of the global spark plug market with USD 9,267.2 Million by the end of 2024, rising its way up from USD 6,012.9 Million in 2016, expanding at a CAGR of 5.7% between the period 2017 and 2024.The global spark plug market is segmented into product type, electrode material, application and distribution channel, out of which, the electrode material segment is further divided into copper, iridium, platinum and other material.
The Iridium segment held more than 45% of market share in overall spark plug market and is believed to dominate the market in upcoming years.
Further, the global iridium spark plug segment is expected to achieve Y-o-Y growth rate of 7.6% in 2024, whereas, the copper spark plug segment is projected to achieve Y-o-Y growth rate of 5.4% in the same year.Download Sample of This Strategic Report @ https://www.researchnester.com/sample-request-297Worldwide Automobile Production to Escalate the Demand for Spark Plugs in Upcoming YearsThe global spark plug market is thriving on the back of increasing rate of vehicle consumption around the globe.Increasing Production and Sale of Automobile– Growing middle class population in developing regions has raised the demand and sale of automotive vehicles.Technological Advancements– Consumers are adopting advanced spark plugs as it helps to increase fuel efficiency.Growth of Automotive Component Aftermarket – Increasing emphasis on aftermarket by the manufacturers is expected to propel the growth of the spark plug market.Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Spark Plug MarketAccording to Research Nester, increasing penetration of low quality spark plug in the market is dampening the growth of the spark plug market.Presence of Local Manufacturers– There is presence of high number of local manufacturers in many regions combined with local vendors with low cost spark plugs.Curious about this latest version of report?
Obtain Report Details @ https://www.researchnester.com/reports/spark-plug-market-global-demand-analysis-opportunity-outlook-2024/297Rising Adoption of Electric Vehicles– Adoption of electric vehicles in developing and developed nations is believed to slow down the growth rate of spark plug market in the years ahead.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.This report also provides the existing competitive scenario of some of the key players of the global spark plug market which includes company profiling of Federal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, ACDelco, Weichai Power Co.Ltd., Megenti Marelli S.p.A., NGK Spark Plug Co. Ltd., Valeo, MSD Performance, HELLA GmbH & Co. KGaA.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global spark plug market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.About Research NesterResearch Nester is a one-stop service provider with a client base in more than 120 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties.
