Global Spark Plug Market Booming Trends and Forecast Assessment for the Period 2

Posted by Arslan on January 3rd, 2019

In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Spark Plug Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.

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The new research report on global spark plug market is an analysis of the overall development of the global market during the forecast period. The market is bifurcated into various segments based on different parameters. It includes two types of spark plugs, i.e. hot spark plugs and cold spark plugs. The rate of heat transfer in a hot spark plug is very slower, which helps in keeping the firing tip hotter for longer duration.  In case of cold spark plugs the rate of heat transfer from firing tip in to the engine head is very rapid, which keeps the firing tip cooler. According to the analysis of global spark plug market, hot plugs is expected to be the leading segment with a great margin. It is expected to reach a market value of over US$ 3,600 Mn by the end of 2027, growing at a value CAGR of 4.9%. Whereas, cold spark segment lags behind in terms of market value which is expected to reach over US$ 900 Mn by the end of 2027, but the segment is expected to compete well, witnessing a high growth rate of 4.3% during the forecast period of 2017-2027.

With the increase in automotive production, there has also been an increase in the fuel efficiency and emission norms. Introduction of such norms will have a direct impact on the demand for spark plugs, as spark plug ensures smooth ignition and engine operation by complete combustion of fuel, which ensures low emissions from the engine. Similarly, glow plugs reduce exhaust gas emissions and improves performance of diesel engines. The stringent emission and fuel norms are also expected to increase adoption of advanced automotive spark plugs by automakers in the near future for compliance with stringent emission norms worldwide.