The global spark plug market is expected to reach US$ 10.98 Bn by 2027, expanding at a CAGR of 5.7% during the forecast from 2019 to 2027.
Market Insights
Increasing sales and production of gasoline powered vehicles coupled with an increase in the number of small & recreational boats and jet skis are projected to fuel the spark plugs market globally. Technological advancements in electrode material along with growing penetration towards electric vehicles and working equipment such as mowers and saws is expected to foster the market growth. In addition, stringent government guidelines against emissions control and fuel efficiency are some key factors to drive spark plug market. The rise in number of cruise ships, vessels, and other marine vessel sales is widening the demand for marine engines likely to accelerate the growth of the global spark plug market.
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Rapid urbanization growth and advancement in spark plug technologies such as u-shaped core nose and v-grooved spark plugs are few indicators estimated to drive the spark plugs over forecast period. In addition, the growing in number of passenger cars is further intensify the demand for spark plugs. However, increasing penetration of powered equipment such as saws & mowers, electric vehicles, availability of low cost spark plugs by local vendors and technological up-gradation of automotive engines are expected to hinder the growth for spark plug market.
Asia Pacific holds the largest market for spark plug among other regions, owing to huge automotive industry in countries such as China, Japan, and India. In addition, growing number of joint ventures between auto makers, presence of major car manufacturers and being holding a larger base for gasoline and natural gas is expected to boost the demand for spark plug in this region. Energy efficiency and environmental awareness in countries like China and India is predicted to fuel the demand for spark plugs.
Some of the leading manufacturers profiled in the study includes Ngk Spark Plug Co., Ltd., Federal-Mogul Corporation, Denso Corporation, Robert Bosch GMBH, Autolite, Enerpulse Technologie, Stitt Spark Plug, Acdelco, E3 Sparkplugs, and Zhuzhou Torch Spark Plug.
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Increasing Demand from the Automobile segment to Drive Growth Prospects
Automotive spark plug plays a vital role in delivering electric current from the ignition system to the combustion chamber in the engine. Government norms and policies towards emission, increase in demand for fuel efficient vehicles, economic reforms from developing countries is expected to drive the demand for spark plugs. In addition, growing equity investments by spark plugs manufacturing companies in automotive sector is acting as a positive factor for the spark plug growth.
In 2018, according to International Organization of Motor Vehicle Manufacturers (OICA), around 95 million units vehicle were sold globally, which is expected to create a huge demand for spark plugs market over the forecast period. The global automotive industry continues to grow on account of advanced spark plugs such as environment friendly spark plugs, increase in urbanization and growing demand for passenger vehicles.
Asia Pacific to Dominate, North America to Witness Strong Growth
Asia Pacific is expected to dominate the spark plug market due to increase in number of automobiles in emerging economies like India, China, Thailand and Singapore. Moreover, due to the presence of leading manufacturers like TVS Motors, Hero MotoCorp, Ford, BMW and Maruti Suzuki, North India is projected to generate demand for spark plugs in coming years.
North America spark plug market is driven majorly by the U.S. which is projected to have a largest market share across the region. As per American Automotive Policy Council, the automotive sector holds a largest market over U.S. which is projected to fuel up spark plug market. In 2018, as per International Organization of Motor Vehicle Manufacturers (OICS) the U.S. and Mexico holds a higher production capacity of automobile segment, which is expected to drive the demand for spark plugs across region.
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