Spark Plug Market Growth, Trends, Size, Share, Players, Product Scope, Regional Demand and Forecast 2030
Market Summary -
According to Market Research Future (MRFR), the spark plug
market valuation is poised to reach approximately USD 6.5 BN, registering 5%
CAGR during the assessment period. Over the last couple of years, spark plug
technology has evolved dramatically. Advanced spark plugs improve cold starting
and generate adequate combustion, which increases the fuel efficiency and
performance of the vehicles.
The global spark
plug market is garnering substantial traction. The market growth
is attributed to the increasing adoption of spark plugs across the industry
verticals. Besides, the growing demand for advanced spark plugs due to the
spurting growth in automotive and marine industries drives the market growth.
Moreover, rising usages of spark plugs in various industrial and other
applications escalate the development of the market.
Additionally, stringent regulations & norms implemented
by the governments to control emissions and improve fuel efficiency boost the
growth of the market. Also, the development of automotive industries positively
impacts the growth of the spark plugs market. Moreover, the spurting rise in
electric vehicles and power management devices influences the market growth.
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Furthermore, the growing demand for improved fuel-efficient
vehicles, alongside the proliferation of electric vehicles, influences the
growth of the spark plug market. Rise in recreational boats and jet skis
fosters the growth of the market. Also, the increasing production of gasoline
light commercial vehicles (LCVs) and rising demand for cold spark plugs
substantiate the development of the market.
Primary Boosters and Key Barriers
The spark plug as a concept has completely transformed the
automotive industry, in terms of carbon emission. It helps resolve the cold
starting issues and also helps boost the efficiency of the vehicles. Advanced
spark plugs are used for improving cold starting and generating better
combustion, leading to boosted performance of the vehicle. The ongoing
development of spark plugs to elevate the performance as well as ignitability
combined with the mounting consumer awareness about the product is also helping
the spark plug market advance at a rapid pace.
Superior quality gasoline engines are being developed, with
prime focus on the idea of lower consumption of fuel, considering lower
emission rates along with better driving experience. In addition to this, the
trend of engine downsizing has become mainstreamed within the automotive
industry, which translates into massive demands from the segment of automotive
ignition systems. It is no wonder that the demand for spark plugs has risen
significantly in recent years. Sensing the opportunity, leading manufacturers
are concentrating on catering to these requirements by modifying the designs and
selecting the ideal materials. For example, at present, a number of leading
vendors are developing thin and long spark plugs that are compatible with the
decreased size of the head spaces within engines, leading to easy installation.
The escalating demand for natural gas-powered vehicles and
frequent technological innovations like new electrode materials can be
attractive opportunities for the leading companies, which could also benefit
the worldwide market in the years to come.
Market Segmentation
The spark plug market has been considered for product type,
material, sales channel as well as application.
The product types outlined in the study include hot as well
as cold spark plug.
The materials assessed are platinum, iridium and copper
spark plug.
The primary sales channels discussed in the report are
aftermarket and OEM.
Application-based segmentation comprises industrial, marine,
automotive, and others.
Regional Insight
The spark plug market has been regionally dissected into
Europe, North America, Asia Pacific or APAC, along with RoW or the rest of the
world.
APAC can emerge as the most profitable market for spark
plug, thanks to the high production level of vehicles in India, China and
Japan. A massive number of renowned car manufacturers are headquartered in
China, which is committed to make sizeable investments in the automotive
industry. Most of these players are increasingly entering into joint ventures
with global brands, which work in favor of the spark plug market. Since the
region holds the biggest market for natural gas-based and gasoline generator in
line with the steadily increasing industrialization as well as urbanization,
the market is expected to advance rapidly in the near future.
The North American market is quite substantial and seems to be
advancing at a fast pace, as a result of the rising sale of gasoline light
commercial vehicles along with the heightened demand for cold spark plugs.
In Europe, the soaring awareness level regarding fuel
efficiency has induced the demand for better quality and advanced spark plugs
among automotive-based end users. The continuously growing demand for these
spark plugs is compelling manufacturers to work on their research and
development capacity and develop better quality products.
Leading Contenders
Leading contenders in the spark plug industry include
Weichai Power Co. Ltd (China), Valeo (France), General Motors (US), Delphi
Automotive (Ireland), Borgwarner Inc. (US), NGK Spark Plug Co. Ltd (Japan),
Robert Bosch Gmbh (Germany), Federal-Mogul Corporation (US), Denso Corporation
(Japan), FRAM GROUP IP LLC. (US), to name a few.
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Recent Updates
May 2020
To test if nitric oxide can protect the lungs of those
affected by SARS-CoV-2, Berra has collaborated with the Harvard University to
assess a new delivery technique. Zapol has developed a device that makes use of
platinum and iridium spark plugs to absorb nitrogen and oxygen gases from air
to make NO. They are of the review that NO’s ability to boost the oxygen levels
within the lungs can also quicken the recovery rate of the people afflicted by
COVID-19, preventing the need for mechanical ventilation.
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