The global spark plug market is garnering substantial traction. The market
growth is attributed to the increasing adoption of spark plugs across the
industry verticals. Besides, the growing demand for advanced spark plugs due to
the spurting growth in automotive and marine industries drives the market
growth. Moreover, rising usages of spark plugs in various industrial and other
applications escalate the development of the market.
According to
Market Research Future (MRFR), the spark plug market valuation is poised to
reach approximately USD 6.5 BN by 2030, registering 5% CAGR during the
assessment period (2022–2030). Over the last couple of years, spark plug
technology has evolved dramatically. Advanced spark plugs improve cold starting
and generate adequate combustion, which increases the fuel efficiency and
performance of the vehicles.
Additionally,
stringent regulations & norms implemented by the governments to control
emissions and improve fuel efficiency boost the growth of the market. Also, the
development of automotive industries positively impacts the growth of the spark
plugs market. Moreover, the spurting rise in electric vehicles and power
management devices influences the market growth.
Market Players
Players leading the spark plug market include
Federal-Mogul Corporation (US),
NGK Spark Plug Co. Ltd (Japan),
Borgwarner Inc. (US),
Robert Bosch Gmbh (Germany),
Denso Corporation (Japan),
General Motors (US),
Valeo (France),
Delphi Automotive (Ireland),
FRAM GROUP IP LLC. (US),
Weichai Power Co. Ltd (China), among
others.
Furthermore,
the growing demand for improved fuel-efficient vehicles, alongside the
proliferation of electric vehicles, influences the growth of the spark plug
market. Rise in recreational boats and jet skis foster the growth of the
market. Also, the increasing production of gasoline light commercial vehicles
(LCVs) and rising demand for cold spark plugs substantiate the development of
the market.
Global Spark Plug
Market – Segmentation
The report is segmented into five
dynamics;
Product Type : Hot and Cold Spark Plug.
By Material : Copper, Platinum, and
Iridium Spark Plugs.
By Sales Channel : OEM and Aftermarket.
By Application : Automotive, Marine,
Industrial, and others.
By
Regions : Americas, Europe, Asia Pacific, and the
Rest-of-the-World.
Global Spark Plug Market – Regional
Analysis
The Asia Pacific region dominates the global
spark plug market. The largest market share attributes to the expansion of
automobile infrastructures in the region. Besides, rising usages of spark plug
across industry verticals such as automotive, marine, industrial, and others
drive the growth of the regional market. Moreover, the presence of many
electronic devices companies in the region fosters the market growth.
Japan, China, and India are the key market
for spark plugs in the region, substantially driving the market growth.
Additionally, raw material advantage in the region boosts market growth,
attracting foreign investors, and increasing production plants. APAC spark plug market is projected to retain
its dominance throughout the estimated period.
North America stands second in the global
spark plug market. The market growth is driven by the proliferation of electric
vehicles in the region. Additionally, the strong presence of notable industry
players and well-established infrastructure in the region pushes market growth,
supporting the faster implementation of advanced plug technologies.
Also, the huge demand, particularly for
Marine, Industrial applications, substantiates the growth of the regional
market. The North American spark plug market is to demonstrate a considerable
revenue generation during the upcoming years.
The Europe spark plug market is growing at a
rapid pace. The region perceives a massive uptake of spark plugs, driving the
growth of the regional market. The burgeoning electronics industry in Germany
and the UK contribute to the market growth in the region majorly. The European
spark plug market is anticipated to generate a substantial revenue pocket
during the assessment period.
Global Spark Plug
Market – Competitive Analysis
Highly competitive, the spark
plug market appears fragmented due to the presence of several
well-established players. To gain a larger competitive advantage, industry
players incorporate strategic initiatives, such as mergers & acquisitions,
collaborations, expansion, and product/technology launch. Manufacturers are
committed to deliver reliable product ranges and services. They make
substantial R&D investments in developing products and technologies.
These companies develop their product
portfolios with the latest technologies. They follow organic and inorganic
growth approaches. The market competition is anticipated to intensify in the
recent future due to new product launches and the new entrants in the
market.
Industry/ Innovation/ Related News
October 21, 2019 --- Bosch Auto Parts (the US) introduced
new aftermarket automotive parts compatible with more than 4.5 million vehicles
in North America. The new replacement spark plugs, brake pads, and engine
management parts offer coverage for select BMW, Fiat, Ford, and Mazda
applications. Bosch spark plug technology and performance-proven products are
trusted by OE manufacture worldwide.
Bosch expanded its spark plug product line,
including one new double platinum spark plug SKU and Bosch OE fine wire double
platinum spark plugs. These products are engineered with a laser-welded
platinum inlay ground electrode, providing up to three times longer service
life than regular/standard copper spark plugs.
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