Spark Plug Market to Grow at CAGR 4.5% through 2031
According to ESOMAR-certified Future Market Insights’ (FMI), the spark plug market will register positive growth with the overall valuation forecast to surpass US$ 3.20 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.5% between 2021 and 2031.
Market players are
investing towards developing spark plugs which offer long life and better
electrical energy conductivity. With the launch of next gen engines, the demand
for high performance spark plug will increase in upcoming years.
These next-gen
engines are compact and require special type of ignition system, leading to
innovation in spark plug technology. Market players are experimenting with
various materials and making design modifications to meet the requirements.
According to the
report by Future Market Insights, increasing automotive production and export
will make Europe one of the leading spark plug markets. Spurred by this, the
Europe spark plug worth is projected to thrive at a CAGR of 4% during the
forecast period.
The development of
long and thin spark plugs that can be attached in a small headspace of engine
will drive the spark plug market demand. As there is no application of spark
plug in electric vehicles and e-bikes, a slump in spark plug market demand can
be expected in upcoming years.
Constant
fluctuation in fuel prices and increasing awareness regarding reducing air
pollution will promote the adoption of electric vehicles, which will directly
hinder the spark plug market demand.
As there is no
application of spark plug in electric vehicles and e-bikes, a slump in spark
plug market demand can be expected in upcoming years. Constant fluctuation in
fuel prices and increasing awareness towards reducing air pollution will
promote the adoption of electric vehicles which will directly hinder the spark
plug market demand.
Global sales are
expected to rise in 2021 after a period tepid growth in 2020. Nonetheless, FMI
presents a positive growth outlook for the market.
Key Takeaways from FMI’s Spark plug Market Study
·
The U.S will continue to offer lucrative growth opportunities in spark
plug market owing to presence of engine and transmission manufacturing
companies and high production of passenger car in the country.
·
Rapid economic growth and rising export of automobiles across the globe
will drive the spark plug market growth in China.
·
Rapid advancement in the commercial vehicle and aerospace segment along
with implementation of stringent regulations such as EURO VI norms, to reduce
carbon emission will boost the spark plug market growth in the U.K. during the
forecast period.
·
Increasing production of passenger vehicles and increasing per capita
income of Indian population, coupled with strict government regulations, will
bode well for the spark plug market growth in India.
·
The demand for spark plus is expected to growth at a healthy rate in the
automotive sector owing to strict government emission norms and increasing
demand for fuel efficient vehicles.
·
The demand for cold spark plugs is expected to grow substantially during
the forecast period as their firing end takes time to heat and provides faster
rate of heat transfer as compared to other types of spark plugs.
·
An increase in demand for iridium spark plug is anticipated especially
from marine sector as iridium spark plug facilitates optimum power and
combustion leading to improved engine performance.
“Increasing research and development aimed at developing new and compact
gasoline engines to curb fuel consumption and produce vehicles in compliance
with emission-control norms will create growth opportunities for spark plug
market,” says the FMI analyst.
Competitive Landscape
Spark plug market
is highly competitive market owing to presence of multiple market players.
Companies operating in this market are employing organic as well as inorganic
marketing techniques to expand their global outreach.
Their primary goal
is to develop innovative products and improve value chain. Manufacturers are
also participating in strategic collaboration with rival companies especially
to strengthen their research and development activities.
For instance,
Weichai Power Co. Ltd. is a Chinese spark plug manufacturer which sells it
under the brand name of “Zhuzhou Torch Spark Plug Co.,Ltd. (ZTSP)” offers spark
plugs for motorcycle and small gasoline engines.
Prominent players
operating in the spark plug market are NGK Spark Plug Co. Ltd., Robert Bosch,
Denso Corp., Tenneco Inc., and Valeo among others.
Key Segments Covered in Spark plug Market Study
By Sales Channel:
·
OEM
·
Aftermarket
By Material Type:
·
Iridium
·
Platinum
·
Nickel
·
Others
By End Use:
·
Automotive
·
Two Wheelers
·
Passenger Cars
·
LCV
·
HCV
·
Marine
·
Aerospace
·
Industrial
By Product Type:
·
Hot Spark Plug
·
Cold Spark Plug
By Region:
·
North America
·
Latin America
·
Western Europe
·
Eastern Europe
·
South East Asia & Pacific
·
China
·
India
·
Middle East and Africa
·
Japan
For more information:
https://www.futuremarketinsights.com/reports/spark-plug-market
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