Surging Demand for Passenger Cars to Elevate Spark Plugs Market Growth: MRFR
Spark Plugs Market to Touch a Promising Growth at 5.5% CAGR During 2016-2022
Asia Pacific to Stay Ahead in the Race in the Spark Plugs Market During the Predicted Year
Global spark plugs market has bolstered the economy vigorously and expected to see a healthy growth at 5.5% CAGR during the assessment period (2016-2022). Spark plug is a vital constituent of the engine and performs a vital role to produce sparks which is essential for igniting the mixture of fuel and air in the engine. This concept has revolutionized the auto industry by resolving the cold starting issue and lowering the emission while boosting the vehicles’ performance.
Stringent norms and regulations laid down by the government concerning fuel efficiency and emissions along with the growth of the automotive industry is propelling the growth of the spark plugs market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include increasing product awareness amid consumers and upcoming advanced spark plugs to augment the ignitability and performance is predicted to fuel the spark plugs market growth in the near future.
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Leading players profiled in the global spark plugs market include UCI-Fram Autobrands (Autolite), Weichai Power Co. Ltd, Valeo, Delphi Automotive, General Motors (Acdelco Corporation), Robert Bosch Gmbh, Denso Corporation, Borgwarner Inc, Federal Mogul Corporation and NGK Spark Plug Co. Ltd.
In MFRF’s report, the spark plugs market is segmented on the basis of type, material and vehicle.
Based on type, it is segmented into cold spark plugs and hot spark plug. Of these, the hot spark plug has a significant share in the spark plugs market.
Based on material, the spark plugs market is segmented into iridium spark plug, platinum spark plug and copper spark plug. Of these, the iridium spark plugs is anticipated to lead the market during the assessment period.
Based on market, it is segmented into aftermarket and equipment market.
Based on vehicle type, the spark plugs market is segmented into commercial vehicle and passenger vehicle. Of these, the commercial vehicle is anticipated to dominate the growth by displaying a major market share.
Based on region, the global spark plugs market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, the spark plug market in Asia Pacific is the most lucrative owing to the rising number of vehicles in India, China and Japan. China is the international car manufacturing hub and increase in the number of joint ventures and international brands is likely to augment the market growth in the Asia Pacific region. Moreover, this region is the largest base for natural gas and gasoline which is another factor that is contributing towards its market growth. Further, initiatives taken by the government such as reducing the VAT rate on medium and small-sized vehicles provides a huge market opportunity. Low manufacturing cost, industrialization and growing economy are the other factors propelling the growth of the spark plugs market in Asia Pacific. The market in North America is dominated by the US and is followed by Europe and Europe is led by the UK, Italy, France and Germany. The crucial automotive industry in Germany presents a huge market opportunity. And the spark plugs market in the Middle East and Africa is led by the Gulf economies including Qatar, Kuwait, UAE and Saudi Arabia.
May 2018- NGK Spark Plug Co., Ltd has introduced new spark plugs exclusively designed for CNG three-wheelers and targeted for the Indian market. It will have a long nose plug to ensure better combustion.
April 2018- FastCAP Systems Corporations has partnered with NGK Spark Plug Co. Ltd to boost their capacity to introduce in the market a new form of energy storage device especially for the electronics components industry.
October 2017- Leading spark plugs manufacture, NGK Spark Plug Co., Ltd to establish another production plant in India for strengthening their production capability of auto components. With an aim to cater to the rising need for spark plugs in aftermarket along with meeting higher standards of the motorcycle’s oxygen sensors, they took the initiative to invest to the Indian facility.
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LIST OF TABLES
Table 1 Global Spark Plugs Market: By Product Type, 2014-2022
Table 2 Hot Spark Plug: Spark Plugs Market, By Region, 2014-2022
Table 3 Cold Spark Plug: Spark Plugs Market, By Region, 2014-2022
Table 4 Global Spark Plugs Market: By Material Type, 2014-2022
Table 5 Copper Spark Plug: Spark Plugs Market, By Region, 2014-2022
LIST OF FIGURES
FIGURE 1 Global Spark Plugs Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Spark Plugs Market
FIGURE 4 Value Chain Of Global Spark Plugs Market
FIGURE 5 Global Spark Plugs Market: By Product Type, 2014-2022
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