Spark Plug Market Research Report - Global Forecast till 2027

Spark Plug Market Research Report: Information by Product Type (Hot and Cold Spark Plug), Material (Copper, Platinum, and Iridium Spark Plug), Sales Channel (OEM and Aftermarket), Application (Automotive, Marine, Industrial, and Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)– Forecast till 2027

ID: MRFR/AM/1399-HCR | February 2021 | Region: Global | 100 pages

Market Research Future’s Review on Spark Plugs Market


Spark plug market is predicted to outstretch around USD 6.5 Billion by the end of 2025, with a growth rate of 5% CAGR during the forecast period.

Based on the latest market research report, Spark plus is a gadget that is used to convey electric currents from an ignition system to the chamber of combustion in a vehicle. The spark plug is responsible to supply the spark that ignites the mixture of air and fuel, it helps to produce power in the engine by creating explosions. The growth in the automobile industry is likely to boost the global spark plug market.


Advanced spark plugs ameliorate the cold starring of the engines and capable of generating sufficient combustion, which raises the efficiency of the fuels and the performance of the vehicles. The major key factor that is driving the growth of the market is the rising demand for vehicles all over the world. The increase in rigorous norms and regulation of the government in concern to the emission and fuel efficiency is also a major factor in the growth of the spark plug market. The use of spark plug-in passenger cars is rising the demand for plugs, in the year 2014, in terms of value, spark plug contributed around 57% of the global spark plug market. However, the shift of demands from vehicles to electronic vehicles is restraining the growth of the market.


This report contains all the information on the global spark plug market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global spark plug market and forecast to 2025 is also included in the report.


Covid 19 Analysis


According to the reports, the covid 19 pandemics can affect the growth of the global spark plug market. Covid 19 pandemic has disrupted the market by creating hurdles in the supply chain, demand, and production of the device. The lockdown has shown negative impacts on the financial firms and financial markets. The unpredictability about the future due to bans on travel, quarantines, cancellations of flights, and the restriction on indoor events has shown a huge impact on the market unstably, which is falling business confidence.


Market Dynamic


Drivers


  • The requirement of the spark plug in the vehicles due to the oscillate in the demand for gasoline and diesel engines in the passenger cars is driving the growth of the market. The use of spark plugs is not limited to cars, it is widely used in a petrol-based generator, small boats, and jet skis, these factors are increasing the demand of the spark plus and hence  expected to drive the global spark plug market.


Opportunities


  • The increase in the production of passenger cars and the increasing implementation of natural gas equipment are likely to boost the growth of the market.


Restraints


  • The IEA has further predicted that the global sales of electric vehicles can reach 44 million with around 200 million electric vehicles on the road, by the end of 2030. The demand for electric vehicles is abolishing the demand for spark plugs for internal combustion engines, which is likely to hinder the growth of the global spark plug market growth.


Challenges


  • The major challenge face by the global spark plug market is the maintenance of the balance between the low cost of the device and generating high performance and durability of the glow and spark plugs. These factors are the most common challenge faced by the key players which need to be fixed.


Cumulative Growth Analysis


This gadget comprises electrodes, shell, insulator, and resistance. Spark plugs help to flow the tension current through the center electrodes, this device ionizes the gas between the producing spark and electrode gap. The modern plug is delineating to provide a powerful ignition spark of around 500-3500 times per minute. The temperature of the spark plug lies between 500c and 800c.


Value Chain Analysis


The global spark plug market is segmented onto the basis of Material, product type, sales channel, application, and regions. Asia pacific has recorded the maximum shares in the spark plug market; it is expected to account for the leading shares of 62.8% in the terms of spark plug revenue, in the year 2024. The growth of the spark plug in this region is due to the high production of automobile vehicles. The rise in the income of the middle-class population of this region is expected to boost the sales of passenger cars.


On the basis of the product type, the global spark plug market is segmented into hot and cold spark. On the basis of the materials, the market is segmented into platinum, copper, and iridium spark plug. Based on the sales channel, the market is segmented into OME and aftermarket. On the basis of application, the market is segmented into marine, industrial, automotive, and others. 


Segmentation Overview


In the year 2016, on the basis of the product segment type, hot spark plug occupies the maximum shares in the market around the globe, 69.1% shares in the year 2016.


By Application



  • Based on the application, the market is segmented into hot spark plug and cold spark plug


By end-users


  • Based on the propulsion types, the market is segmented into three types’ passenger car, heavy commercial cars, and light commercial cars



Regional Analysis

On the basis of the region, the market is segmented into four major regions, North America, Europe, Asia-pacific, and the rest of the world. Asia pacific is expected to occupy the largest market in the global spark plug market shares, and it is predicted to lead the market, during the forecast period. The rise in the expansion of the automobile infrastructure in the industrial sector in these developing courtiers china and India are expected to boost the spark plug market.

North America occupies the maximum shares due to the rise in the production of the light commercial vehicles that run on gasoline, it rises the demand for cold spark plugs. Furthermost, Europe is another prominent market for the spark plug due to the regulation of the government for the emission of carbon and the establishment of automotive industries in this region. 

Competitive landscape


The spark plug market analysis the details of the thought process of major organizations, and the pattern the key players are adopting to maintain the image in the global spark plug market. The report analysis the competitive fight to build up the roots of the major key players in this market. Top manufacturers, shares of the market for each manufacturer, production, revenue are assisted by the market competition.


Major Key Players



  • NGK Spark Plug Co. Ltd  (Japan)

  • Federal-Mogul Corporation (US), Borgwarner Inc. (US)

  • Denso Corporation (Japan)

  • Robert Bosch Gmbh (Germany)

  • General Motors (US)

  • Delphi Automotive (Ireland)

  • Valeo (France)

  • Weichai Power Co. Ltd (China)

  • FRAM GROUP IP LLC. (US)


Report Overview


The following report comprises of –



  • Market overview 

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints 

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview 

  • By Application 

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent Developments



  • In the year 2013, NGK spark Co. Ltd (Japan) marked the leading position in the spark plug market global, due to the adaptation of various strategies such as new developed products launched and good supply contracts.


Spark Plugs Market, by Vehicle Type


Spark Plugs


  • Hot Spark Plugs

  • Cold Spark Plugs


Glow Plug


  • Metal Glow Plug

  • Ceramic Glow Plug


Spark Plugs Market, by Market Type



  • OE

  • Aftermarket


Spark Plugs Market, by Vehicle Type



  • Passenger Car

  • Light Commercial Vehicles (LCV)

  • Heavy Commercial Vehicles (HCV)


Spark Plugs Market, by Region


Asia-Oceania


  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia-Oceania


Europe


  • Germany

  • K.

  • France

  • Spain

  • Rest of Europe


North America


  • S.

  • Canada

  • Mexico


Rest of the World (RoW)


  • Brazil

  • Russia

  • Rest of RoW



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 6.5 Billion
  CAGR   5% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Material, Sales Channel, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   NGK Spark Plug Co. Ltd (Japan), Federal-Mogul Corporation (US), Borgwarner Inc. (US), Denso Corporation (Japan), Robert Bosch Gmbh (Germany), General Motors (US), Delphi Automotive (Ireland), Valeo (France), Weichai Power Co. Ltd (China), RAM GROUP IP LLC. (US)
  Key Market Opportunities

  • The vehicles due to the oscillate in the demand for gasoline and diesel engines
  • Increasing the demand of the spark plus and hence expected to drive
  •   Key Market Drivers

  • The increase in the production of passenger cars
  • The increasing implementation of natural gas equipment


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