Increasing automotive production and growing demand for passenger cars, across the globe to drive the spark plug market
The global spark plugs market is poised to reach US$ 10.98 Bn by 2027, expanding at a CAGR of 5.7% during the forecast period from 2019 to 2027. Rising sales and production of automotive vehicles, introduction and development of advanced spark plugs, and growing trend of environment friendly spark plugs is expected to boost the demand for spark plugs. In addition, stringent government regulations towards spark plugs manufacturer to produce efficient and advanced spark plugs, owing to reduce harmful pollutants is expected to drive the market over forecast period. However, technical advancement to downsize automotive engine, penetration of electric vehicles, and presence of local vendors are projected to hinder the growth of spark plugs market.
Market Synopsis
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Increasing Demand from the Automobile segment to Drive Growth Prospects
Automotive spark plug plays a vital role in delivering electric current from the ignition system to the combustion chamber in the engine. Government norms and policies towards emission, increase in demand for fuel efficient vehicles, economic reforms from developing countries is expected to drive the demand for spark plugs. In addition, growing equity investments by spark plugs manufacturing companies in automotive sector is acting as a positive factor for the spark plug growth.
In 2018, according to International Organization of Motor Vehicle Manufacturers (OICA), around 95 million units vehicle were sold globally, which is expected to create a huge demand for spark plugs market over the forecast period. The global automotive industry continues to grow on account of advanced spark plugs such as environment friendly spark plugs, increase in urbanization and growing demand for passenger vehicles.
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Asia Pacific to Dominate, North America to Witness Strong Growth
Asia Pacific is expected to dominate the spark plug market due to increase in number of automobiles in emerging economies like India, China, Thailand and Singapore. Moreover, due to the presence of leading manufacturers like TVS Motors, Hero MotoCorp, Ford, BMW and Maruti Suzuki, North India is projected to generate demand for spark plugs in coming years.
North America spark plug market is driven majorly by the U.S. which is projected to have a largest market share across the region. As per American Automotive Policy Council, the automotive sector holds a largest market over U.S. which is projected to fuel up spark plug market. In 2018, as per International Organization of Motor Vehicle Manufacturers (OICS) the U.S. and Mexico holds a higher production capacity of automobile segment, which is expected to drive the demand for spark plugs across region.
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Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes Ngk Spark Plug Co., Ltd., Federal-Mogul Corporation, Denso Corporation, Robert Bosch GMBH, Autolite, Enerpulse Technologie, Stitt Spark Plug, Acdelco, E3 Sparkplugs, and Zhuzhou Torch Spark Plug.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The research study on spark plugs market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global spark plugs market based on its products type, electrode material type, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Products Type Segment (2017–2027; US$ Bn)
• Hot Spark Plug
• Cold Spark Plug
|
|
Electrode Material Segment (2017–2027; US$ Bn)
• Copper
• Iridium
• Platinum
|
|
Application Segment (2017-2027: US$ Bn)
• Automobile
• Marine
• Industrial
• Others (Working Equipment, Brush Cutters, Scythes, Mowers, Saws)
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the global spark plug market size in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional spark plug market?
- Which end-use vertical has the largest penetration of spark plug and related facilities?
- Which are the predominant trends shaping the global spark plug market?
- Which is the most promising, attractive, and less-explored end-use segment in the global spark plugs market?
- Who are the leading manufacturers in the global spark plug market?
- What are the premiere strategies adopted by the leading players in the global spark plug market?
