Spark Plug Market was valued at US$ 800Mn in 2017 and is expected to reach US$ 1560Mn by 2026, at a CAGR of 8.71% during a forecast period.
The ultimate plug is to meet the demands of racing teams across the world. The plugs for racing cars that maximize the strength of the engines â€“ are playing an important role to create demand in automotive industries for other vehicle too. Growing acceptance is supporting the manufacturers to develop and meet the demand for efficient spark plugs.
Based on the Vehicle Type, Two-Wheeler segment is expected to hold the largest share in the market during the forecast period. Rising 2 wheeler sales and lowering maintenance costs. Two wheeler are getting better acceleration as the combustion efficiency is improved, for the same reason the pollution levels also go down. Spark plug helps in two wheeler to improve in mileage due to better and improved combustion of fuel. Manufacturer are designing special plugs for special engines. In Electrode Material, Platinum is also expected to lead the market growth.
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The report provides details list of drivers and restraints of the market, which are influencing the market growth.
Major driving factors of the Spark Plug market are High rates of fuel have forced competition among the companies to focus on delivering performance-oriented products. Spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems while boosting the performance of the vehicles. Growing automobile production and sales coupled with increasing preference for dual-fuel option Passenger Vehicles and various ongoing and upcoming technological advancements are expected to boost the sales of automotive spark plugs at global market over the coming years. Increasing R&D activities by major players for development of cost effective product is expected to create new opportunities. Growth in electric vehicle and electrically powered working equipment will act as a restraint to the market.
In terms of region, Asia is a huge market for automobile industries. It has a great demand for 2 wheeler and cheap 2 wheeler vehicles. However, longer term Asia is seen maintaining its position as the fastest-growing region, with China and India leading the charge. Energy and fuel efficiency continue to be the drivers for growth. Environmental awareness in China and economic transformation in India are creating the market opportunity in Asia. Asia Pacific is projected to lead global growth through forecasted period, driven by automotive production and sales in the region with an increase in revenue of 15.4%, though different countries will have different drivers. The Southeast Asia region will be the third-fastest growing market after India and China through 2019. In 2013, NGK Spark Co. Ltd (Japan) held the leading position in the global spark and glow plugs market.
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The report includes a detailed study of Porterâ€™s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Scope of the Report for Spark Plug Market
Global Spark Plug Market, by Product Type
Hot Spark Plug
Cold Spark Plug
Global Spark Plug Market, by Vehicle Type
Global Spark Plug Market, by Electrode Material
Global Spark Plug Market, by Sales Channel
Original Equipment Manufacturers (OEM)
Global Spark Plug Market, by Region
Middle East & Africa
Key Players Operating in Spark Plug Market
NGK Spark Plug Co. Ltd.
Robert Bosch GmbH.
Weichai Power Co. Ltd.
Nanjing Huade Spark Plug Co., Ltd.
Brisk Spark Plugs
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