Spark Plug Market Overview:
The Spark Plug Market valuation is poised
to reach approximately USD 6.5 BN by 2032, registering 5% CAGR during the
assessment period (2023–2032). 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.
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.
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.
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.
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Report of Spark Plug Market
Spark Plug 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.
Spark Plug 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), and Weichai Power Co. Ltd (China), among others.
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.
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