Spark Plug Market size is projected to reach USD 6.5 billion by 2027, express a CAGR of 5% throughout the forecast period.
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.
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.
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.
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
The following report comprises of –
Spark Plugs Market, by Vehicle Type
Spark Plugs Market, by Market Type
Spark Plugs Market, by Vehicle Type
Spark Plugs Market, by Region
|CAGR||5% CAGR (2022 to 2030)|
|Historical Data||2019 & 2020|
|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||
|Key Market Drivers||