Market Research Future (MRFR) confirms that the spark plug market Size 2023 can garner a striking valuation of close to USD 7.6 billion by 2032. MRFR also anticipates the market to progress at a rate of 5% between 2023 and 2032 (review period).
We will provide covid-19 impact analysis with the report. The
COVID-19 research of the spark plug market offers an in-depth analysis post the
coronavirus disease outbreak.
Spark Plug Market Leading
Contenders
- NGK Spark Plug Co. Ltd (Japan)
- Federal-Mogul Corporation (US)
- Borgwarner Inc. (US)
- Denso Corporation (Japan)
- Robert Bosch Gmbh (Germany)
- General Motors (US)
- Delphi Automotive (Ireland)
- Valeo (France)
- Weichai Power Co. Ltd (China)
- RAM GROUP IP LLC. (US)
Spark Plug Market COVID-19
Analysis
COVID-19 impact analysis by MRFR reveals that there has been a
significant drop in vehicle sales in the space of just a few months, owing to
the shutdowns across regions as well as the oil price fluctuations. Renowned
automotive OEMs are adopting multiple tactics to mitigate the negative impact
of the pandemic on their businesses by assessing their dealerships to resume
services.
The short-term impact of COVID-19 in the automotive sector has led
to shutting down of assembly plants in the United States (US), manufacturing interruptions
across Europe and ceased export of Chinese components, in the face of the
lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial
vehicles has significantly plummeted following the shutdown of almost every
non-essential service across the globe.
On the bright side, till the time a COVID-19 breakthrough is not
achieved, the automotive industry can remain strong, thanks to the ongoing
efforts by leading companies to curb revenue losses by adopting recovery
tactics such as mergers and acquisitions and more. Despite the significant
impact of the novel coronavirus on the automotive industry, online sale of
vehicles can emerge as one of the growth boosters in the spark plug market.
Spark Plug Market Primary
Boosters and Key Barriers
The spark plug as a concept has completely transformed the
automotive industry, in terms of carbon emission. It helps resolve the cold
starting issues and also helps boost the efficiency of the vehicles. Advanced spark
plugs are used for improving cold starting and generating better combustion,
leading to boosted performance of the vehicle.
The ongoing development of spark plugs to elevate the performance as
well as ignitability combined with the mounting consumer awareness about the product
is also helping the spark plug market advance at a rapid pace.
Superior quality gasoline engines are being developed, with prime
focus on the idea of lower consumption of fuel, considering lower emission
rates along with better driving experience. In addition to this, the trend of engine
downsizing has become mainstreamed within the automotive industry, which
translates into massive demands from the segment of automotive ignition systems.
It is no wonder that the demand for spark plugs has risen significantly in
recent years.
Sensing the opportunity, leading manufacturers are concentrating
on catering to these requirements by modifying the designs and selecting the ideal
materials. For
example, at present, a number of leading vendors are developing thin and long
spark plugs that are compatible with the decreased size of the head spaces within
engines, leading to easy installation.
The escalating demand for natural gas-powered vehicles and
frequent technological innovations like new electrode materials can be
attractive opportunities for the leading companies, which could also benefit
the worldwide market in the years to come.
Spark Plug Market Segmentation
The spark plug market growth has been considered for product type,
material, sales channel as well as application.
The product types outlined in the study include hot as well as cold
spark plug.
The materials assessed are platinum, iridium and copper spark
plug.
The primary sales channels discussed in the report are aftermarket
and OEM.
Application-based segmentation comprises industrial, marine, automotive,
and others.
Spark Plug Market Regional
Insight
The spark plug market size has been regionally dissected into Europe, North America, Asia Pacific
or APAC, along with RoW or the rest of the world.
APAC can emerge as the most profitable market for spark plug, thanks
to the high production level of vehicles in India, China and Japan. A massive
number of renowned car manufacturers are headquartered in China, which is committed
to make sizeable investments in the automotive industry.
Most of these players are increasingly entering into joint
ventures with global brands, which work in favor of the spark plug market. Since
the region holds the biggest market for natural gas-based and gasoline generator
in line with the steadily increasing industrialization as well as urbanization,
the market is expected to advance rapidly in the near future.
The North American market is quite substantial and seems to be
advancing at a fast pace, as a result of the rising sale of gasoline light
commercial vehicles along with the heightened demand for cold spark plugs.
In Europe, the soaring awareness level regarding fuel efficiency has
induced the demand for better quality and advanced spark plugs among
automotive-based end users. The continuously growing demand for these spark
plugs is compelling manufacturers to work on their research and development
capacity and develop better quality products.
Spark Plug Market Recent Updates
May 2020
To test if nitric oxide can protect the lungs of those affected by
SARS-CoV-2, Berra has collaborated with the Harvard University to assess a new
delivery technique. Zapol has developed a device that makes use of platinum and
iridium spark plugs to absorb nitrogen and oxygen gases from air to make NO. They
are of the review that NO’s ability to boost the oxygen levels within the lungs
can also quicken the recovery rate of the people afflicted by COVID-19,
preventing the need for mechanical ventilation.
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