Growth of Spark Plug Market Trends, Share, Industry Size, Opportunities

Posted by DenMark on May 30th, 2018

“Spark Plug Market: Global Demand Analysis & Opportunity Outlook 2024”

Spark Plug Market Overview

Spark plug is an engine component and it delivers electric current during the combustion process to produce spark. It is an electric device threaded into the cylinder of spark ignition engine. When the engine is operated there is a high tension current flow through the center electrodes, it ionizes the gas present between the electrode gaps, hence the spark generates. Centre electrode is the most important part of the spark plug, as fuel economy and engine efficiency is based upon that.

The concept of spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems and boosting the performance of the vehicles. Advanced spark plug improves cold starting and generates efficient combustion which in turn increases the performance of the vehicle.

Market size and forecast

Global Spark Plug Market is expected to expand at a CAGR of 4.1% over the forecast period i.e. 2017-2024. Moreover, the spark plugs market is anticipated to reach USD 2,900 Million by 2024. Increasing automotive production, upcoming stringent government regulation (related to carbon emission) and rising demand for fuel efficiency is expected to propel the growth of spark plug market during the forecast period. Hot spark plug segment contributed the largest share in terms of revenue by product type in the global spark plug market in 2016.

Asia-Pacific is estimated to be the largest spark plug market due to the dominance of automotive industry in the region. China and India are the major contributors in Asia-Pacific region over the past few years. To cater to the massive demand, many Original Equipment Manufacturers (OEMs) are expanding to this region. Due to rapid pace in industrialization and urbanization in developing countries such as China, India, Thailand and Singapore, these countries are anticipated to observe a robust growth in spark plug market in the next few years. Europe is the second largest market of spark plugs globally, followed by it; North America is anticipated to grow at a significant pace over the forecast period.

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By Region

Global spark plug market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis

Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis

Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

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Growth Drivers and Challenges

The factor heightening the demand for spark plugs is their need in automobile industry, as spark plugs are an integral part of the combustion engine. The global demand for spark plugs is also driven by increasing production of high performance automotive components. It has been notified that industrial sector is also influencing the spark plug market growth, owing to increase in number of gasoline and natural gas based generators. Moreover, increase in demand for natural gas powered vehicles, along with technological advancement, are expected to drive the growth of spark plug market.

However, technical advancement to downsize automotive engine and growth in penetration of electric vehicle & electrically powered working equipment hampers the growth of spark plug market globally. Additionally, the presence of spark plugs as essential automotive components is in risk because of the growing use of laser igniter and plasma based ignition plugs instead of spark plugs.

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