Global Spark Plug Market was valued at US$ 800Mn in 2019 and is expected to reach US$ 1560Mn by 2026, at a CAGR of 8.71% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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The ultimate plug is designed to meet the demands of racing teams across the world. The plugs for racing cars that maximize the strength of the engines – are playing an important role to create demand in the automotive industry for other vehicles too. Growing acceptance is supporting the manufacturers to develop and meet the demand for efficient spark plugs.
Global Spark Plug Market Segment Analysis
Based on the Vehicle Type, the Two-Wheeler segment is expected to hold the largest share in the market during the forecast period, Rising 2 wheeler sales and lowering maintenance costs. Two-wheelers are getting better acceleration as the combustion efficiency is improved, for the same reason, the pollution levels also go down. The spark plug helps the two-wheeler to improve in mileage due to better and improved combustion of fuel. Manufacturers are designing special plugs for special engines. In Electrode Material, Platinum is also expected to lead the market growth.
Global Spark Plug Market Dynamics
The report provides a detailed list of drivers and restraints of the market, which are influencing the market growth.
Major driving factors of the Spark Plug market are high rate of fuel that have forced competition among the companies to focus on delivering performance-oriented products. The spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems while boosting the performance of the vehicles.
Growing automobile production and sales coupled with increasing preference for dual-fuel option. Passenger Vehicles and various ongoing and upcoming technological advancements are expected to boost the sales of automotive spark plugs in the global market over the coming years. Increasing R&D activities by major players for the development of cost-effective products is expected to create new opportunities. Growth in electric vehicles and electrically powered working equipment will act as a restraint to the market.
Global Spark Plug Market Regional Insights
In terms of region, Asia is a huge market for automobile industries. It has a great demand for 2 wheeler and cheap 2 wheeler vehicles. However, longer-term Asia is seen maintaining its position as the fastest-growing region, with China and India leading the charge. Energy and fuel efficiency continue to be the drivers for growth. Environmental awareness in China and economic transformation in India are creating the market opportunity in Asia.
The Asia Pacific is projected to lead global growth through the forecasted period, driven by automotive production and sales in the region with an increase in revenue of 15.4%, though different countries will have different drivers. The Southeast Asia region will be the third-fastest growing market after India and China through 2019.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Global Spark Plug Market, Key Highlights:
• Global Spark Plug Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Spark Plug Market
• Global Spark Plug Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Spark Plug Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Spark Plug Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Spark Plug Market are also profiled.
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Scope of the Report for Spark Plug Market: Inquire before buying
Global Spark Plug Market, by Product Type
• Hot Spark Plug
• Cold Spark Plug
Global Spark Plug Market, by Vehicle Type
• Passenger Vehicle
Global Spark Plug Market, by Electrode Material
Global Spark Plug Market, by Sales Channel
• Original Equipment Manufacturers (OEM)
Global Spark Plug Market, by Region
• North America
• Middle East & Africa
• South America
Global Spark Plug Market Key Players
• General Motors
• NGK Spark Plug Co. Ltd.
• Borgwarner Inc.
• Robert Bosch GmbH.
• Federal-Mogul Corporation
• Denso Corporation
• UCI-Fram Autobrands
• Delphi Automotive
• Weichai Power Co. Ltd.
• Renault S.A
• Daimler AG
• Volkswagen AG
• Nanjing Huade Spark Plug Co., Ltd.
• Brisk Spark Plugs
Riveting Tools Market
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