According to a recent study by Future Market Insights, the global spark plug market is set for significant growth, with an estimated value of USD 11,887.3 million in sales for 2024. The market is expected to expand at a CAGR of 6% from 2024 to 2034, potentially reaching approximately USD 21,353.5 million by the end of the forecast period.
Key Takeaways:
- India: The spark plug market is expected to reach USD 541.0 million by 2033, growing at a CAGR of 3.9% from 2023 to 2033.
- China: Projected to achieve a market value of USD 1.9 billion by 2033, with a CAGR of 4.6%.
- Germany: Anticipated to generate revenues of USD 308.99 million by 2033, growing at a CAGR of 3.2%.
- United States: Expected to reach USD 643.4 million by 2033, with a CAGR of 3.4%.
- United Kingdom: Forecasted to generate sales of USD 154.1 million by 2033, with a CAGR of 5.8%.
- Product Types: Hot spark plugs are projected to experience a CAGR growth of 3.9%.
- Material Types: Nickel spark plugs may grow at a CAGR of 3.8% during the forecast period.
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Growing automotive vehicle production and demand, as well as stringent government regulations governing emissions and fuel efficiency, are some of the major driving forces behind the expansion of the global spark plug market. Additionally, it is projected that an increase in the availability of jet skis, gasoline-powered generators, and recreational boats will hasten market expansion.
Trends in the Spark Plug Market
Drivers:
The Automotive Industry is Expanding
One of the key factors fueling the growth of the spark plug market is the expansion of the automotive industry globally. Spark plugs are widely used in electrical, marine, and aerospace industries, which benefits the market.
Increased Production of Vehicles
Consumer demand for reliable, high-performance cars is rising, which is causing the market to expand more quickly. Production of automobiles increases as demand for spark plug along with these improved vehicles rises.
Utilization in Petrol-Powered Passenger Cars
The widespread usage of spark plugs in gasoline-powered passenger cars, leisure boats, jet skis, and generators powered by gasoline and natural gas also has an impact on the market. Cold spark plugs made of platinum and iridium are used in high-performance engines to produce very little carbon emissions, which helps the market grow.
Additionally, the market for spark plugs benefits from the growth of the automobile industry, an increase in investments, and rising disposable income.
Competitive Landscape
With a focus on the global market, the “Global Spark Plug Market” study report will offer insightful information. NGK Spark Plug Co. Ltd., Robert Bosch, Tenneco Inc., Valeo are the major market participants.
Key Players
- Robert Bosch GmbH
- Niterra Co., Ltd (NGK Spark Plugs Co. Ltd.)
- Hella KGaA Hueck & Co.
- Denso Corporation
- Valeo S.A.
- Tenneco Inc.
- Weichai Power Co., Ltd.
- Holley Performance Products, Inc.
- Torch Group
- MAGNETI MARELLI PARTS & SERVICES
- HKS Co., Ltd.
Recent Development
Product Expansions and Product Launches
- To expand its product line, DENSO released new component numbers in February 2020.
- The new GOETZE® product range for industrial ignition solutions was launched by Tenneco in May 2020.
Agreements, Collaborations, and Partnerships
- Neural Analytics, Inc. and NGK SPARK PLUG CO., LTD. announced their strategic alliance in July 2019.
- In order to expand their product portfolios, Bosch and Munich Re entered into a partnership agreement in February 2018.
Acquisitions and Mergers
- For a staggering USD5.4 billion, Tenneco purchased Federal-Mogul in April 2018.
- In the most recent development, NGK SPARK PLUG CO. had finished acquiring Wells Inc.
Key Segmentations
By Sales Channel:
- OEM
- Aftermarket
By Material Type:
- Iridium
- Platinum
- Nickel
- Others
By End Use:
- Automotive
- Two Wheelers
- Passenger Cars
- LCV
- HCV
- Marine
- Aerospace
- Industrial
By Product Type:
- Hot Spark Plug
- Cold Spark Plug
Regional Outlook
Due to the surge in the development of the automotive infrastructure in the industrial sector in developing nations like China and India, the Asia Pacific region currently dominates the market.
Major automakers have operations in China as well and are still making investments in the Asia Pacific area. The production of gasoline-powered light commercial vehicles is on the rise, which will lead to positive growth in the North American region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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