“Global Spark Plug Market Outlook: Industry Analysis & Opportunity Evaluation 2016-2024”
Based on electrode material, the global spark plug market is segmented into copper, iridium, platinum and other material, out of which, iridium segment with 53.1% market share is anticipated to have largest share by the end of 2024. Further, global iridium spark plug market is anticipated to reach USD 4,921.4 Million by the end of 2024 from USD 2,953.1 Million in 2016. In addition to this, global iridium spark plug market is expected to achieve Y-o-Y growth rate of 7.6% in 2024 as compared to previous year. Further, the increase in production of passenger car vehicles in the world and rising utilization of natural gas equipment is envisioned to strengthen the growth of global spark plug market.
The Global Spark Plug Market is expected to grow at a CAGR of 5.7 % over the period 2017-2024. Worldwide sales of spark plugs are anticipated to generate USD 9,267.2 Million in revenue by the end of 2024 as compared to USD 6,012.9 Million in 2016. Factors such as rising awareness about fuel efficiency combined with growing affluent middle class population are believed to fuel the growth of automotive market and are further anticipated for a boom in global spark plug market.
In regional segment, Asia Pacific was the largest region in the global spark plug market in year 2016 with the highest share of 58.7%. In terms of revenue, the Asia-Pacific Market is estimated to have the largest regional market share of global spark plugs by the end of forecast period. With an increase in automotive industries, Asia Pacific is anticipated to grow at highest pace in overall spark plug market, expanding at a CAGR of 6.6%. Followed by Asia Pacific, North America and Europe are anticipated to expand at a moderate CAGR during forecast period.
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Urbanization to Flourish the Market
Global Automotive Industry is booming on the account of urbanization and increasing disposable income. This massive growth of automotive industry is widening the demand for spark plug. Further, this rising sale of automobiles among affluent middle class population in developing regions as well as across the globe is paving the way for the growth of the global spark plug market.
Automotive Component Aftermarket Reflects Significant Opportunities
Rising sale of automotive vehicles has led the manufacturers of spark plug to work aggressively on the expansion of their aftermarket business. Further, various spark plug manufacturers such as NGK spark plugs companies are emphasizing more on aftermarket business to consolidate their presence and preserve their market share. This factor is expected to garner the growth of the overall spark plug market during the forecast period. However, availability of low cost spark plugs by local vendors and high number of local manufacturers in regions such as China, Russia and India among others are anticipated to deter the growth of the global spark plug market.
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The report titled “Global Spark Plug Market Outlook: Industry Analysis & Opportunity Evaluation 2016-2024” delivers detailed overview of the global spark plug market in terms of product type, by electrode material, by application type, by distribution channel and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global spark plug market which includes company profiling of Federal-Mogul Corporation, Denso Corporation, Robert Bosch Gmbh, ACDelco, Weichai Power Co. Ltd., Megenti Marelli S.p.A, NGK Spark Plug Co. Ltd, Valeo, MSD Performance and HELLA GmbH & Co. KGaA. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global spark plug market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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