Spark Plug Market By Product Type (Hot Spark Plug, Cold Spark Plug), By Electrode Material Type (Copper, Iridium, Platinum), By Application (Automobile, Marine, Industrial, Others) - Growth, Future Prospects, And Competitive Landscape, 2019 - 2027

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, the introduction and development of advanced spark plugs, and the growing trend of environment-friendly spark plugs are 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 reducing harmful pollutants, is expected to drive the market over the forecast period. However, technical advancements to downsize automotive engines, penetration of electric vehicles, and the presence of local vendors are projected to hinder the growth of the spark plugs market.   

Market Synopsis

Increasing Demand from the Automobile segment to Drive Growth Prospects

An 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 emissions, an increase in Demand for fuel-efficient vehicles, and economic reforms from developing countries are expected to drive the Demand for spark plugs. In addition, growth equity investments by spark plug manufacturing companies in the automotive sector are a positive factor for spark plug growth.

In 2018, according to the International Organization of Motor Vehicle Manufacturers (OICA), around 95 million vehicles were sold globally, which is expected to create a huge demand for the 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, an increase in urbanization, and growing Demand for passenger vehicles.

The Asia Pacific to Dominate, North America to Witness Strong Growth

The Asia Pacific is expected to dominate the spark plug market due to an increase in 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 the coming years.

The North American spark plug market is driven majorly by the U.S., which is projected to have the largest market share across the region. As per American Automotive Policy Council, the automotive sector holds the largest market in the U.S., which is projected to fuel the spark plug market. In 2018, as per the International Organization of Motor Vehicle Manufacturers (OICS), the U.S. and Mexico held a higher production capacity for the automobile segment, which is expected to drive the Demand for spark plugs across the region.

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study include 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 the spark plugs market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-around view of the global spark plugs market based on its product type, electrode material type, application, and geography. Key segments covered in the report are as follows:

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