As per a study by FMI, the global spark plug market is expected to register a valuation of US$3.20 bn in 2021. It also is forecast to exhibit a CAGR of 4.5% during the forecast period of 2021 to 2031.
Spark plug production will rise in tandem with increasing automotive manufacturing. Spark plugs are integral components in automotive ignition systems. Their function is to spark the combustion mixture within engine cylinder.
With focus on fuel-efficiency surging, leading manufacturers are likelier to invest in the production of better versions of spark plugs. Consequently, the market will witness a slew of launches with longer life and improved electrical conductivity in response to the increasing production of next-generation automotive engines.
Besides this, stringent regulations aimed at curbing carbon footprint of vehicles will continue creating prospects for growth. These regulations encouraged long and think spark plug manufacturing, which can be attached even in a small headspace of engines.
The market also is expected to witness the launch of iridium spark plugs that offer higher life and superior combustions. These developments will guarantee increasing sales opportunities in the coming years.
Among products available, cold spark plugs will remain top-selling, while iridium will remain the preferred material type. Regionally, the demand in the U.S., China, the U.K., and India will increase at an accelerated pace, thanks to consistently rising automotive production.
Coupled with increasing passenger vehicle manufacturing, surging production of electric vehicle will pave the way for growth in the coming years. Additionally, implementation of vehicular emission control norms will remain chief growth driver.
“Key players in the global market are replacing ignition spark with plasma to cater to luxury automotive segments and keep up with the shift in trend. Focus on product launches will remain a chief factor enabling growth in the coming years,” says a FMI analyst.
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- Iridium spark plug demand is expected to increase in the marine sector to offer optimum combustion and power in engine performance.
- Original equipment manufacturers will remain preferred sales channels as consumers are shifting towards vehicle with improved ignition system.
- Cold spark plugs demand will grow substantially during the forecast period as they deliver faster heat transfer. Rising demand for 4-stroke gasoline engine is bolstering sales of cold spark plugs in global market.
- Spark plug demand is expected grow considerably in the automotive sector owing to the implementation of stringent government regulations to curb carbon emission from vehicles and rising demand of fuel efficient vehicles.
- The U.S is expected to exhibit high demand for spark plugs since it is the world’s second largest market for vehicle sales and production.
- Rising concerns regarding harmful effects of carbon emission from vehicles is bolstering demand for fuel-efficiency, which will in turn create prospects for spark plugs sales.
- Stringent government regulations aimed at curbing carbon emission is forcing automotive manufacturers and OEMs to develop sustainable, improved vehicles, and vehicle parts. This will in turn bolster production of spark plugs in the global market.
- Rising popularity and production of commercial vehicles is expected to create lucrative opportunities for the spark plug market during the forecast period.
- Lack of raw material accessibility in developing economies will hamper the sales of spark plugs in the global market.
- The COVID-19 pandemic has disrupted production and supply chain, hindering the spark plugs market growth.
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The key players operating in the global spark plugs market are investing in research and development activities to expand their product portfolio along with adoption of inorganic marketing strategies such as collaboration, joint ventures, mergers, and acquisitions to stay ahead in the competition.
Valeo SA collaborated with Capgemini to design and develop modern connected mobility solutions. Valeo SA is focused on expanding their product range to dominate the spark plug market.
Denso Corporation is investing in research and development programs to launch novel products in the market and diversify their product portfolio.
More Insights on the Spark Plug Market:
FMI provides an unbiased analysis of the spark plug market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global spark plug market with a detailed segmentation on the basis of
- Two Wheelers
- Passenger Cars
- Hot Spark Plug
- Cold Spark Plug
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East and Africa
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Key Questions Covered in the Spark Plug Market Report
- The report offers detailed insights into spark plug demand outlook for 2021-2031
- The market study also highlights projected sales growth for spark plug market between 2021 and 2031
- Spark plug market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
- Spark plug market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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