Spark Plug Market Overview:
The Spark Plug Market valuation is poised to reach approximately USD 6.5 BN by 2032, registering 5% CAGR during the assessment period (2023–2032). 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.
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 foster 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.
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Spark Plug Industry/ Innovation/ Related News
October 21, 2019 --- Bosch Auto Parts (the US) introduced new aftermarket automotive parts compatible with more than 4.5 million vehicles in North America. The new replacement spark plugs, brake pads, and engine management parts offer coverage for select BMW, Fiat, Ford, and Mazda applications. Bosch spark plug technology and performance-proven products are trusted by OE manufacture worldwide.
Bosch expanded its spark plug product line, including one new double platinum spark plug SKU and Bosch OE fine wire double platinum spark plugs. These products are engineered with a laser-welded platinum inlay ground electrode, providing up to three times longer service life than regular/standard copper spark plugs.
Spark Plug Market Players
Players leading the Spark Plug Market include Federal-Mogul Corporation (US), NGK Spark Plug Co. Ltd (Japan), Borgwarner Inc. (US), Robert Bosch Gmbh (Germany), Denso Corporation (Japan), General Motors (US), Valeo (France), Delphi Automotive (Ireland), FRAM GROUP IP LLC. (US), and Weichai Power Co. Ltd (China), among others.
Global Spark Plug Market – Segmentation
The report is segmented into five dynamics;
· Product Type : Hot and Cold Spark Plug.
· By Material : Copper, Platinum, and Iridium Spark Plugs.
· By Sales Channel : OEM and Aftermarket.
· By Application : Automotive, Marine, Industrial, and others.
· By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Spark Plug Market – Regional Analysis
The Asia Pacific region dominates the global Spark Plug Market. The largest market share attributes to the expansion of automobile infrastructures in the region. Besides, rising usages of spark plug across industry verticals such as automotive, marine, industrial, and others drive the growth of the regional market. Moreover, the presence of many electronic devices companies in the region fosters the market growth.
Japan, China, and India are the key market for spark plugs in the region, substantially driving the market growth. Additionally, raw material advantage in the region boosts market growth, attracting foreign investors, and increasing production plants. APAC Spark Plug Market is projected to retain its dominance throughout the estimated period.
North America stands second in the global Spark Plug Market. The market growth is driven by the proliferation of electric vehicles in the region. Additionally, the strong presence of notable industry players and well-established infrastructure in the region pushes market growth, supporting the faster implementation of advanced plug technologies.
Also, the huge demand, particularly for Marine, Industrial applications, substantiates the growth of the regional market. The North American Spark Plug Market is to demonstrate a considerable revenue generation during the upcoming years.
The Europe Spark Plug Market is growing at a rapid pace. The region perceives a massive uptake of spark plugs, driving the growth of the regional market. The burgeoning electronics industry in Germany and the UK contribute to the market growth in the region majorly. The European Spark Plug Market is anticipated to generate a substantial revenue pocket during the assessment period.
Global Spark Plug Market – Competitive Analysis
Highly competitive, the Spark Plug Market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers & acquisitions, collaborations, expansion, and product/technology launch. Manufacturers are committed to deliver reliable product ranges and services. They make substantial R&D investments in developing products and technologies.
These companies develop their product portfolios with the latest technologies. They follow organic and inorganic growth approaches. The market competition is anticipated to intensify in the recent future due to new product launches and the new entrants in the market.
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