Impact of COVID-19 on the Spark Plug Market: Challenges and Opportunities
Spark Plug Market Overview
Market Research Future (MRFR) confirms that the spark plug market Size 2023 can garner a striking valuation of close to USD 7.6 billion by 2032. MRFR also anticipates the market to progress at a rate of 5% between 2023 and 2032 (review period).
We will provide covid-19 impact analysis with the report. The COVID-19 research of the spark plug market offers an in-depth analysis post the coronavirus disease outbreak.
Spark Plug Market COVID-19 Analysis
COVID-19 impact analysis by MRFR reveals that there has been a significant drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by assessing their dealerships to resume services.
The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.
On the bright side, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain strong, thanks to the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more. Despite the significant impact of the novel coronavirus on the automotive industry, online sale of vehicles can emerge as one of the growth boosters in the spark plug market.
Spark Plug Market 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.
Spark Plug Market Segmentation
The spark plug market share 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.
Spark Plug Market 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.
Spark Plug Market Leading Contenders
- 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)
Spark Plug Market 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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