A spark plug triggers an electric current from an ignition system to the combustion chamber of a spark-ignition engine which further leads to ignition of the compressed fuel/air mixture while containing combustion pressure within the engine. Increased sales and production of gasoline-powered vehicles and hike in number of petrol-based generators, small & recreational boats, and jet skis predominantly drive the growth of the market.
Over the past couple of years, the global spark plugs market is witnessing a brisk growth. According to a leading research firm, Market Research Future (MRFR), the global spark plugs market is estimated to witness steady growth by 2022, registering a moderate CAGR of 5.5% throughout the forecast period (2016 – 2022).
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Regional Analysis:
The Asia Pacific region leads the global spark plug market in 2016 owing to the explosive growth of vehicles in India, Vietnam, and China. Further, Government incentives such as the lowering of VAT rate on small and medium-sized vehicles presents a tremendous market opportunity. Growing economy, industrialization and low manufacturing cost owing to cheap labor are other drivers of the Asia Pacific market.
The North America market is dominated by the U.S. followed by Europe. Europe is led by Germany, France, Italy and U.K. The crucial automotive industry of Germany presents a massive market opportunity.
The Middle East and Africa region market are led by the Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Dominant Players:
Some of the prominent players operating in the global spark plugs market report include NGK Spark Plug Co. Ltd, Federal-Mogul Corporation , Borgwarner Inc., Denso Corporation, Robert Bosch Gmbh, General Motors (Acdelco Corporation), Delphi Automotive, Valeo, Weichai Power Co. Ltd., and UCI-Fram Autobrands (Autolite) and others.
Segmentation:
To provide a greater understanding of the global spark plugs market, the report is segmented by product type, material type, market, vehicle type, and regions.
Based on the product type, the report is segmented by the hot spark plug and cold spark plug. Hot spark plugs by product type contribute the most significant share of the global spark plugs market.
Based on the material type, the report is segmented by copper spark plug, platinum spark plug, iridium spark plug, and other
Based on the market, the report is segmented by original equipment market and aftermarket
Based on the vehicle type, the report is segmented by passenger vehicle and commercial vehicle
Based on regions, the market is bifurcated into North America, Europe, Asia Pacific, Middle East and Africa.
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