23-Feb-2021 | Zion Market Research
As per the Zion Market Research analysts, the global spark plug market was capitalized at about USD 798 million in 2017 and is projected to attain around USD 1498 million by 2025, growing at around 8.23% CAGR during a forecast period. The prominent players within the global spark plug market consist of Weichai Power Co. Ltd., Robert Bosch Gmbh, Denso Corporation, ACDelco, HELLA GmbH & Co. KGaA, Federal-Mogul Corporation, MSD Performance, Megenti Marelli S.p.A, NGK Spark Plug Co. Ltd, and Valeo, among others.
Rising Production And Demand For Automotive Vehicles Likely To Fuel The Global Market Growth
The growth of the global spark plug market can be primarily attributed to the escalating production and demand for automotive vehicles. In addition, the increasing use of fuel-based boats, jets, generators, and other fuel-supported machinery is also anticipated to drive the growth of the global market during the years to come. Furthermore, the strict rules enforced by the regulatory authorities and governments in relation to the emissions are also projected to fuel market expansion. Moreover, the constant innovation resulting in enhancement of the ignitability and performance is further anticipated to propel the market expansion in the coming period. Nevertheless, the technical developments to downscale automotive engines and rise in the infiltration of electrically powered working equipment & electric vehicle such as saws & mowers might hamper the spark plug market growth in the following years. The global spark plug market is categorized based on electrode material, product type, distribution channel, application, and region.
Asia Pacific Projected To Witness Considerable Growth In The Market During The Forecast Period
Regionally, the spark plug market is anticipated to be governed by Asia Pacific, on account of the rise in count of vehicles in India, Japan, and China. Further, the existence of the top car makers in China and their sustained dedication to spend in Asia Pacific along with the rise in count of collaborations with international brands is also expected to drive the regional market expansion. In addition, Asia Pacific is the biggest market for natural gas and gasoline-based generator as a result of the increase in urbanization and industrialization in developing economies like India, China, Singapore, and Thailand, thereby propelling the expansion of the market in this region. Europe and North America are expected to follow Asia Pacific, growing at a modest pace during the forecast period. Increasing alertness regarding fuel efficiency is escalating the recognition of branded and high-quality spark plugs among the customers of automotive. This rising recognition is backing the makers to build and fulfill the appeal for competent spark plugs. Apart from this, the rising wealthy middle-class population are projected to further drive the expansion of automotive market in the years to come, eventually driving the spark plug market growth.
Browse the full “Spark Plug Market - By Electrode Material (Platinum, Iridium, Copper, And Others); By Product Type (Cold Spark Plug And Hot Spark Plug); By Distribution Channel (Aftermarket And OEM), By Application (Industrial, Marine, Automotive, And Others); And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/spark-plugs-market
The global spark plug market is segmented as follows:
By Product Type
By Electrode Material
By Application Type
By Distribution Channel
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