Asia-Pacific Spark Plug Market Overview:
The Asia-Pacific 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 Asia-Pacific
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 Asia-Pacific 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.
Get Free Sample
Report of Asia-Pacific 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.
Asia-Pacific Spark Plug Market Players
Players leading the Asia-Pacific 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 Asia-Pacific 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 Asia-Pacific Spark Plug Market –
Regional Analysis
The Asia Pacific region dominates the
global Asia-Pacific 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 Asia-Pacific Spark Plug Market is
projected to retain its dominance throughout the estimated period.
North America stands second in the global Asia-Pacific
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 Asia-Pacific Spark Plug Market is to demonstrate a
considerable revenue generation during the upcoming years.
The Europe Asia-Pacific 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 Asia-Pacific Spark Plug Market is anticipated to generate
a substantial revenue pocket during the assessment period.
Global Asia-Pacific Spark Plug Market –
Competitive Analysis
Highly competitive, the Asia-Pacific 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.
Read more:
Automotive Leaf Spring Suspension Market
Automotive Lighting Actuators Market
Automotive Part Cleaner Degreasers Market
.png)
.png)
No comments:
Post a Comment