Pune, 24, Nov 2022: Maximize Market Research projects that the Spark Plugs Market is expected to reach USD 7.94 billion by 2029, with a CAGR of 5.1 %. Through 2029, Robert Bosch projects that the top rivals Tenneco (Federal-Mogul), Denso, and NGK Spark Plug will continue to dominate the global CAGR for the Spark Plug Market Revenue.
Spark Plug Market Scope and Research Methodology
The Spark Plug Market report investigates current market trends and highlights to assist clients in exploring opportunities and developing market strategies. The goods and services provided by key market participants and new entrants, as well as their revenue, financial status, portfolio, growth strategies, and regional presence, are all investigated. Recent acquisitions and mergers, as well as company strategic stances and joint alliance information, paint a clear picture of the competitive landscape in the Spark Plug Market. A segment-by-segment analysis by Product Type, Vehicle Type, Electrode Material, Sales Channel, and region is performed to comprehend the products and services of the Spark Plug Market, complete with market-influencing factors and current technological changes and innovations. The report also goes into great detail about the Spark Plug Market’s drivers, challenges, restraints, and challenges. Market participants and new entrants can use regional market analysis to develop pricing and marketing strategies at the local, regional, and global levels.
Bottom-up approaches were used to estimate the market and analyze global market trends. Data was collected from a large sample using both primary and secondary research methods in order to obtain accurate inferences. The primary methods used included surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were correct. Paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations and government websites, and white papers and annual reports are all available. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of important companies. As a result, the report examines the Spark Plug market in depth.
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Spark Plug Market Overview
A spark plug is a component that delivers electric current from an ignition system to a spark-ignition engine’s combustion chamber, allowing an electric spark to ignite the compressed fuel/air mixture while controlling combustion pressure within the engine. A ceramic insulator separates the metal threaded shell of a spark plug from the core electrode. When not firing, Saab Direct Ignition uses spark plugs to monitor ionization in the cylinders; this ionic current measurement replaces the traditional cam phase sensor, knock sensor, and misfire measurement function. Spark plugs can also be used to ignite a flammable fuel/air mixture in other applications such as furnaces. In this case, they are also known as flame igniters.
Spark Plug Market Dynamics
The global spark plug market is expanding as a result of increased demand for fuel-efficient vehicles, the implementation of stringent carbon-emissions regulations, a surge in demand for passenger vehicles in developing countries, and an increase in demand for leisure boats and personal watercraft from the marine sector. However, the increased use of electric vehicles and engine reductions to reduce vehicle weight is limiting the market growth. Furthermore, an increase in the use of natural gas-powered vehicles and technological advancements are likely to provide potential opportunities during the forecast period.
The spark plug ignites the air-fuel mixture in the combustion chamber of the engine. It promotes smooth ignition and aids in the reduction of emissions. Countries all over the world are implementing various policies to reduce carbon emissions. Euro6 is intended to reduce a wide range of pollutants such as carbon monoxide, hydrocarbons, and nitrogen oxides. Euro6 standards established new CO2 emissions targets for passenger cars of 95g/km in 2020, but light-commercial vehicle regulations remained at 147g/km. Furthermore, the permitted level of nitrogen oxide emission for diesel vehicles is 80mg/km, whereas the permitted level for gasoline vehicles is 60mg/km. As a result, one of the factors expected to contribute to market growth is the adoption of stringent carbon emission standards. Several laws are being drafted to compel automakers to improve fuel economy and eliminate hazardous emissions produced by vehicles. To improve fuel economy, automakers are focusing on producing vehicle components that meet pollution standards, which is likely to increase demand for spark plugs. As a result, the growing demand for fuel-efficient vehicles drives the growth of the spark plug industry.
Spark Plug Market Regional Insights
Asia Pacific is expected to dominate the global Spark Plug market, during the forecast period. In 2021, Asia Pacific had a 45 percent market share. Asia is a massive market for automobile manufacturers. There is a high demand for two-wheeler and low-cost two-wheeler vehicles. Longer term, Asia is expected to maintain its position as the fastest-growing region, with China and India leading the way. Energy and fuel efficiency remain key growth drivers. Environmental consciousness in China and India’s economic transformation is creating market opportunities in Asia. Furthermore, Asia Pacific is expected to lead global growth over the forecasted period, driven by an increase in revenue of 15.4 percent in the region, though different countries will have different drivers.
In 2021, North America had the second-largest market share at 35 percent. Because the production of small commercial vehicles has increased and they now run on gasoline, this factor may drive the growth of the global spark plug market during the forecast period. Increasing vehicle production and consistently strong automotive sales will propel the spark plug market forward during the forecast period. Many major automakers have engine and transmission plants in the United States. They also promote research and development of spark plugs and other engine components by heavily investing in R&D facilities. Around USD 18 billion is spent on research and development in the United States. This is likely to benefit the US market, creating a favorable environment for the growth of the spark plug industry.
Spark Plug Market Segmentation
By Product Type
- Hot Spark Plug
- Cold Spark Plug
By Vehicle Type
- Passenger Vehicle
By Electrode Material
By Sales Channel
- Original Equipment Manufacturers (OEM)
Spark Plug Market Key Competitors:
- General Motors
- NGK Spark Plug Co. Ltd.
- Borgwarner Inc.
- Robert Bosch GmbH.
- Federal-Mogul Corporation
- Denso Corporation
- UCI-Fram Autobrands
- Delphi Automotive
- Weichai Power Co. Ltd.
- Renault S.A
- Daimler AG
- Volkswagen AG
- Nanjing Huade Spark Plug Co., Ltd.
- Brisk Spark Plugs
- HALO EUROPE
- Go Full Throttle
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Key questions answered in the Spark Plug Market are:
- What is a Spark Plug?
- What is the growth rate of the Spark Plug Market over forecast period?
- What is the nature of competition in the Spark Plug industry in developed economies and developing economies?
- Who are the key players in the Spark Plug Market?
- Who are the market leaders in Spark Plug in Europe?
- Who are the market leaders in Spark Plugs in USA and Canada?
- Who are the market leaders in Spark Plugs in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Spark Plug Market?
- Who held the largest market share in the Spark Plug Market?
- What are the factors for the growth of the Asia-Pacific region in the Spark Plug Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product Type, Vehicle Type, Electrode Material, Sales Channel, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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