Impact of COVID-19 on the Global Spark Plugs Market
A spark plug is a device that is designed to fit in the cylinder head of an internal combustion engine. It carries two electrodes detached by an air gap. These electrodes deliver an electric current from the ignition system to create a spark and trigger combustion. Advanced spark plugs generate adequate combustion and enhance cold starting, which improves the performance of vehicles and increases fuel efficiency. The expansion of the automobile industry, especially in emerging economies such as China and India, is responsible for the growth of the market. Besides, stringent regulations & norms regarding emissions and fuel efficiency are also driving the market growth. However, COVID-19 has spread across the globe, resulting in lockdowns being imposed in most countries, which, in turn, has shut down businesses and transportation activities to contain the spread of the virus.
The Chinese manufacturers of spark plugs have significantly cut down production owing to the pandemic, which is drastically hindering the growth of the market. Additionally, the declining sales of commercial and passenger vehicles caused due to delays in production are also hindering the growth of the spark plugs market. Most of the companies in China are shifting operations to other countries, which is expected to impact the Chinese market significantly. China is the largest hub for vehicle manufacturers across the globe. Due to the effects of the COVID-19, the companies are expected to face challenges, post the lockdown period.
Production of Light Commercial Vehicles (LCVs) from 2015 to 2019