[169+ Pages Report] According to a Facts and Factors report, the global spark plug market was USD 2,689 Million in 2020; further, this revenue is expected to reach around USD 3,475 Million by the end of the year 2026, increasing at a CAGR of around 4.5% from 2021 to 2026.
Global Spark Plug Market: Overview
A spark plug (in case of petrol engines), a vital component that is vital for the operation of a vehicle engine. These plugs play a key role in every vehicle that has an internal combustion (IC) engine. This clearly indicates the fact that the demand for the spark plug is directly associated with the number of vehicles produced or serviced per year. Spark plugs characteristically have a limited lifespan, owing to which they are in demand not only in the OE market but in the aftermarket as well due to varied costs of manufacturing and other factors. The automobile spark plug market led the overall spark plug market, accounting for around 85% of the overall market. This is attributed to an increase in the number of gasoline-powered passenger cars mostly in progressing countries of Asia-Pacific (APAC) and LAMEA. Platinum and Iridium-based spark plugs are the widely used varieties of which iridium-based cold type spark plugs are majorly used in high-performance vehicle engines. In October 2020, BorgWarner Inc. has announced that it has completed its acquisition of Delphi Technologies. The combination of BorgWarner and Delphi Technologies is anticipated to strengthen BorgWarner’s electronics and power electronics products, capabilities, and strength, creating a leader in electrified propulsion systems that BorgWarner believes is well-positioned to take advantage of future propulsion migration. Spark plugs usually require a voltage of 12,000 volts–25,000 volts or more to although they can go to as high as 45,000 volts. The Spark Plug can produce powerful ignition sparks of around 500-3,500 times per minute depending upon the capacity of engines and operation. The temperature at the Spark Plug tip is usually raised between 500-800 degrees Celsius.
Global Spark Plug Market: Growth Factors
The fluctuating demand for diesel and gasoline engines in the passenger car segment is driving the need for spark plugs. Correspondingly, the increasing number of small & recreational boats, gasoline-based generators, and jet skis are expected to drive the market. Thus, mentioned factors are contributing to the growth of the spark plugs market in the forecast period. The increasing demand and production of different types of vehicles due to the growing population and increasing consumer disposable income has resulted in the growth of the spark plug market. Increased income of people walks towards vehicle purchase which in turn also boosting the growth of spark plug market. Moreover, the government has taken initiatives to reduce CO2, NOx emissions by using electric vehicles for public transport is also augment the market growth for spark plugs. However, the increasing trend of engine downsizing coupled with the growing demand for electric vehicles may break the growth spark plug market within the forecast period. But in spite of that, huge technological advancements to improve the performance and impalpably can provide many opportunities for the growth of the spark plug market in the forecast period. Growing demand for natural gas-powered (CNG) vehicles is expected to provide new profitable demand and opportunities leading to the growth of the spark plug market. The increase in the production of passenger cars provides good growth opportunities. New technological innovations in the automobile sector improving the performance, electrode material, and ignitability are expected to propel the market going forward. Thus, there are enough growth opportunities for the spark plug market.
Global Spark Plug Market: Segmentations
Based on Type, the market is bifurcated into hot spark plugs and cold spark plugs. Based on material, the market is bifurcated into copper, platinum, and iridium. Based on Vehicle Type, the market is bifurcated into passenger cars, LCV & HCV, and others. Based on Engine Layout, the market is bifurcated into L3, L4, L5, L6, H6, V6, V8, V10, and V12. Based on the Market, the market is bifurcated into OEM and aftermarket. Based on Application, the market is bifurcated into automotive, marine, industrial, and others.
Global Spark Plug Market: Regional Analysis
Based on regions, the global bare metal cloud market can be divided into five main regions namely North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
The Asia Pacific leads the global Spark Plug Market by geography due to the rise in the expansion of the automobile infrastructure in the industrial sector in developing economies like China and India. Major car manufacturers are also present in China and they are continuing to invest in the Asia Pacific region. North America region will have good growth due to the rise in the production of gasoline-based light commercial vehicles. North America holds the second position in the market for spark plugs as this region has the majority of gasoline vehicles. The major contributor to the market in the North American region is the U.S., which has the largest production of gasoline LCVs. Europe is estimated to be the largest market for glow plugs, followed by Asia-Oceania. This is because the region has the second largest number of diesel vehicles in the world.
Global Spark Plug Market: Competitive Players
Some of the key players in the spark plug market are NGK Spark Plug Co. Ltd., Federal-Mogul Co., Borgwarner Inc., Denso Co., Robert Bosch Gmbh, General Motors, Delphi Automotive, Valeo, Weichai Power Co. Ltd., FRAM GROUP IP LLC., Tenneco Inc., Atlas, SELPLAN, Performance Online, India YAMAHA Motor Pvt. Ltd., Magneti Marelli, Holley Performance Products, MICO BOSCH, TVBCO, BHARTI TOOLS Co., and among others.
Global Spark Plug Market: By Type
Global Spark Plug Market: Material
Global Spark Plug Market: Vehicle Type
Global Spark Plug Market: Engine Layout
Global Spark Plug Market: Selling Market
Global Spark Plug Market: Application
Global Spark Plug Market: By Region
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