Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Spark Plugs Market Research Report.
A spark plug is a device to transfer electric current from an ignition system to the combustion chamber of an internal combustion engine to ignite the compressed fuel/air mixture by an electric spark. The global spark plugs market is projected to grow at a CAGR of about 5.5 % during the forecast period between 2016 to 2022.
Growing Automobiles And Applications Expanse Is Driving A Concurrent Market Demand
The International Organization of Motor Vehicle Manufacturers 2016 report estimates that the global cars numbered 72,105,435 while commercial vehicles totaled 22,871,134. The global vehicles volume grew by a healthy 4.5 % over the 2015 year. Thus, a significant and sustainable market is easily comprehensible. Increasing adoption of twin spark engines is another driver of the market.
Technological Advancements And Growing Stringency Of Environmental Regulations Is Driving A Large Demand
Applications expanse of spark plugs includes Direct Ignition systems where spark plugs are used to measure ionization in the cylinders used to replace the conventional cam phase sensor, knock sensor and misfire measurement function. Spark plugs are being employed in more significant numbers in combustible fuel/air mixture furnaces. Stringent regulations & norms by the government regarding emissions & fuel efficiency and growth of automotive industries are driving the market for spark plugs. Advanced spark plugs improve cold starting and generate efficient combustion, which in turn increases the fuel efficiency and performance of the vehicles.
High Market Fragmentation And Advent Of Electric Vehicles Is Hurting Market Growth
There is extreme pricing pressure owing to considerable market fragmentation and presence of smaller players. A shift towards electric vehicles is expected to drive a slower growth. The change in favor of public transport and growing efficiency of engines is dampening the demand for spark plugs.
The Asia Pacific region leads the global spark plug market in 2016 owing to the explosive growth of vehicles in India, Vietnam, and China. Further, Government incentives such as the lowering of VAT rate on small and medium-sized vehicles presents a tremendous market opportunity. Growing economy, industrialization and low manufacturing cost owing to cheap labor are other drivers of the Asia Pacific market.
The North America market is dominated by the U.S. followed by Europe. Europe is led by Germany, France, Italy and U.K. The crucial automotive industry of Germany presents a massive market opportunity.
The Middle East and Africa region market are led by the Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Some of the prominent players operating in the global spark plugs market report include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation , Borgwarner Inc., Denso Corporation, Robert Bosch Gmbh, General Motors (Acdelco Corporation), Delphi Automotive, Valeo, Weichai Power Co. Ltd., and UCI-Fram Autobrands (Autolite) and others.
To provide a greater understanding of the global spark plugs market, the report is segmented by product type, material type, market, vehicle type, and regions.
Based on the product type, the report is segmented by the hot spark plug and cold spark plug. Hot spark plugs by product type contribute the most significant share of the global spark plugs market.
Based on the material type, the report is segmented by copper spark plug, platinum spark plug, iridium spark plug, and other
Based on the market, the report is segmented by original equipment market and aftermarket
Based on the vehicle type, the report is segmented by passenger vehicle and commercial vehicle
Based on regions, the market is bifurcated into North America, Europe, Asia Pacific, Middle East and Africa.