Global Spark Plug Market (2017-2024)- Research Nester
Spark plug is an engine component and it delivers electric current during the combustion process to produce spark. It is an electric device threaded into the cylinder of spark ignition engine. When the engine is operated there is a high tension current flow through the center electrodes, it ionizes the gas present between the electrode gaps, hence the spark generates. Centre electrode is the most important part of the spark plug, as fuel economy and engine efficiency is based upon that.
Market size and forecast
Spark plug market is expected to expand at a CAGR of 4.1% over the forecast period i.e. 2017-2024. Moreover, the spark plugs market is anticipated to reach USD 2,900 Million by 2024. Increasing automotive production, upcoming stringent government regulation (related to carbon emission) and rising demand for fuel efficiency is expected to propel the growth of spark plug market during the forecast period. Hot spark plug segment contributed the largest share in terms of revenue by product type in the global spark plug market in 2016.
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Asia-Pacific is estimated to be the largest spark plug market due to the dominance of automotive industry in the region. China and India are the major contributors in Asia-Pacific region over the past few years. To cater to the massive demand, many Original Equipment Manufacturers (OEMs) are expanding to this region. Due to rapid pace in industrialization and urbanization in developing countries such as China, India, Thailand and Singapore, these countries are anticipated to observe a robust growth in spark plug market in the next few years. Europe is the second largest market of spark plugs globally, followed by it; North America is anticipated to grow at a significant pace over the forecast period.
Market Segmentation
Our in-depth analysis segmented the spark plug market in the following segments:
By Electrode Material
- Copper
- Iridium
- Platinum
By Application
- Automobile
- Marine
- Industrial
- Working Equipments
- Brush cutters
- Mowers
- Saws
By Product
- Hot spark plug
- Cold spark plug
By Distribution Channel
- OEMs
- Aftermarket
Growth Drivers and Challenges
The factor heightening the demand for spark plugs is their need in automobile industry, as spark plugs are an integral part of the combustion engine. The global demand for spark plugs is also driven by increasing production of high performance automotive components. It has been notified that industrial sector is also influencing the spark plug market growth, owing to increase in number of gasoline and natural gas based generators. Moreover, increase in demand for natural gas powered vehicles, along with technological advancement, are expected to drive the growth of spark plug market.
Key Players
The key players of spark plug market are as follows:
- NGK Spark plug co. Ltd
- Federal-Mogul Corporation
- Denso Corporation
- Robert Bosch GmbH
- Ford Motor Company
- Valeo
- MSD Ignition
- Enerpulse Technologies
- Roush Performance
- Mopar
- Microcraft
- Megenti Marelli
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global spark plug market is segmented as follows:
- By electrode material Market Size & Y-O-Y Growth Analysis
- By Application Market Size & Y-O-Y Growth Analysis
- By Product Market Size & Y-O-Y Growth Analysis
- By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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Ajay Daniel
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