Market Summary -
According to Market Research Future (MRFR), the spark plug market valuation is poised to reach approximately USD 6.5 BN, registering 5% CAGR during the assessment period. Over the last couple of years, spark plug technology has evolved dramatically. Advanced spark plugs improve cold starting and generate adequate combustion, which increases the fuel efficiency and performance of the vehicles.
The global Spark Plug Market is garnering substantial traction. The market growth is attributed to the increasing adoption of spark plugs across the industry verticals. Besides, the growing demand for advanced spark plugs due to the spurting growth in automotive and marine industries drives the market growth. Moreover, rising usages of spark plugs in various industrial and other applications escalate the development of the market.
Additionally, stringent regulations norms implemented by the governments to control emissions and improve fuel efficiency boost the growth of the market. Also, the development of automotive industries positively impacts the growth of the spark plugs market. Moreover, the spurting rise in electric vehicles and power management devices influences the market growth.
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Furthermore, the growing demand for improved fuel-efficient vehicles, alongside the proliferation of electric vehicles, influences the growth of the spark plug market. Rise in recreational boats and jet skis fosters the growth of the market. Also, the increasing production of gasoline light commercial vehicles (LCVs) and rising demand for cold spark plugs substantiate the development of the market.
Leading Contenders
Leading contenders in the spark plug industry include Weichai Power Co. Ltd (China), Valeo (France), General Motors (US), Delphi Automotive (Ireland), Borgwarner Inc. (US), NGK Spark Plug Co. Ltd (Japan), Robert Bosch Gmbh (Germany), Federal-Mogul Corporation (US), Denso Corporation (Japan), FRAM GROUP IP LLC. (US), to name a few.
Primary Boosters and Key Barriers
The spark plug as a concept has completely transformed the automotive industry, in terms of carbon emission. It helps resolve the cold starting issues and also helps boost the efficiency of the vehicles. Advanced spark plugs are used for improving cold starting and generating better combustion, leading to boosted performance of the vehicle. The ongoing development of spark plugs to elevate the performance as well as ignitability combined with the mounting consumer awareness about the product is also helping the spark plug market advance at a rapid pace.
Superior quality gasoline engines are being developed, with prime focus on the idea of lower consumption of fuel, considering lower emission rates along with better driving experience. In addition to this, the trend of engine downsizing has become mainstreamed within the automotive industry, which translates into massive demands from the segment of automotive ignition systems. It is no wonder that the demand for spark plugs has risen significantly in recent years. Sensing the opportunity, leading manufacturers are concentrating on catering to these requirements by modifying the designs and selecting the ideal materials. For example, at present, a number of leading vendors are developing thin and long spark plugs that are compatible with the decreased size of the head spaces within engines, leading to easy installation.
The escalating demand for natural gas-powered vehicles and frequent technological innovations like new electrode materials can be attractive opportunities for the leading companies, which could also benefit the worldwide market in the years to come.
Market Segmentation
The spark plug market has been considered for product type, material, sales channel as well as application.
The product types outlined in the study include hot as well as cold spark plug.
The materials assessed are platinum, iridium and copper spark plug.
The primary sales channels discussed in the report are aftermarket and OEM.
Application-based segmentation comprises industrial, marine, automotive, and others.
Regional Insight
The spark plug market has been regionally dissected into Europe, North America, Asia Pacific or APAC, along with RoW or the rest of the world.
APAC can emerge as the most profitable market for spark plug, thanks to the high production level of vehicles in India, China and Japan. A massive number of renowned car manufacturers are headquartered in China, which is committed to make sizeable investments in the automotive industry. Most of these players are increasingly entering into joint ventures with global brands, which work in favor of the spark plug market. Since the region holds the biggest market for natural gas-based and gasoline generator in line with the steadily increasing industrialization as well as urbanization, the market is expected to advance rapidly in the near future.
The North American market is quite substantial and seems to be advancing at a fast pace, as a result of the rising sale of gasoline light commercial vehicles along with the heightened demand for cold spark plugs.
In Europe, the soaring awareness level regarding fuel efficiency has induced the demand for better quality and advanced spark plugs among automotive-based end users. The continuously growing demand for these spark plugs is compelling manufacturers to work on their research and development capacity and develop better quality products.
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Recent Updates
May 2020
To test if nitric oxide can protect the lungs of those affected by SARS-CoV-2, Berra has collaborated with the Harvard University to assess a new delivery technique. Zapol has developed a device that makes use of platinum and iridium spark plugs to absorb nitrogen and oxygen gases from air to make NO. They are of the review that NO’s ability to boost the oxygen levels within the lungs can also quicken the recovery rate of the people afflicted by COVID-19, preventing the need for mechanical ventilation.
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