According to a newly updated study by Future Market Insights, the spark plug market size is expected to grow favourably, with an estimated US$ 4.0 Billion in global sales in 2023. Between 2023 and 2033, the market’s value is anticipated to rise at a CAGR of 4.2%. By 2033, it is expected that the spark plug market would have grown to US$ 6.1 billion.
Market players are investing towards developing spark plugs which offer long life and better electrical energy conductivity. With the launch of next gen engines, the demand for high performance spark plug will increase in upcoming years.
These next-gen engines are compact and require special type of ignition system, leading to innovation in spark plug technology. Market players are experimenting with various materials and making design modifications to meet the requirements.
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According to the report by Future Market Insights, increasing automotive production and export will make Europe one of the leading spark plug markets. Spurred by this, the Europe spark plug worth is projected to thrive at a CAGR of 4% during the forecast period.
The development of long and thin spark plugs that can be attached in a small headspace of engine will drive the spark plug market demand. As there is no application of spark plug in electric vehicles and e-bikes, a slump in spark plug market demand can be expected in upcoming years.
Constant fluctuation in fuel prices and increasing awareness regarding reducing air pollution will promote the adoption of electric vehicles, which will directly hinder the spark plug market demand.
As there is no application of spark plug in electric vehicles and e-bikes, a slump in spark plug market demand can be expected in upcoming years. Constant fluctuation in fuel prices and increasing awareness towards reducing air pollution will promote the adoption of electric vehicles which will directly hinder the spark plug market demand.
Global sales are expected to rise in 2021 after a period tepid growth in 2020. Nonetheless, FMI presents a positive growth outlook for the market.
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Key Takeaways from FMI’s Spark plug Market Study
- The U.S will continue to offer lucrative growth opportunities in spark plug market owing to presence of engine and transmission manufacturing companies and high production of passenger car in the country.
- Rapid economic growth and rising export of automobiles across the globe will drive the spark plug market growth in China.
- Rapid advancement in the commercial vehicle and aerospace segment along with implementation of stringent regulations such as EURO VI norms, to reduce carbon emission will boost the spark plug market growth in the U.K. during the forecast period.
- Increasing production of passenger vehicles and increasing per capita income of Indian population, coupled with strict government regulations, will bode well for the spark plug market growth in India.
- The demand for spark plus is expected to growth at a healthy rate in the automotive sector owing to strict government emission norms and increasing demand for fuel efficient vehicles.
- The demand for cold spark plugs is expected to grow substantially during the forecast period as their firing end takes time to heat and provides faster rate of heat transfer as compared to other types of spark plugs.
- An increase in demand for iridium spark plug is anticipated especially from marine sector as iridium spark plug facilitates optimum power and combustion leading to improved engine performance.
“Increasing research and development aimed at developing new and compact gasoline engines to curb fuel consumption and produce vehicles in compliance with emission-control norms will create growth opportunities for spark plug market,” says the FMI analyst.
Competitive Landscape
Spark plug market is highly competitive market owing to presence of multiple market players. Companies operating in this market are employing organic as well as inorganic marketing techniques to expand their global outreach.
Their primary goal is to develop innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with rival companies especially to strengthen their research and development activities.
For instance, Weichai Power Co. Ltd. is a Chinese spark plug manufacturer which sells it under the brand name of “Zhuzhou Torch Spark Plug Co.,Ltd. (ZTSP)” offers spark plugs for motorcycle and small gasoline engines.
Prominent players operating in the spark plug market are: NGK Spark Plug Co. Ltd., Robert Bosch, Denso Corp., Tenneco Inc., and Valeo among others.
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Key Segments Covered in Spark plug Market Study
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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