A spark plug is a device installed to deliver electric current from ignition system to combustion chamber of spark-ignition engine to ignite homogeneous charge. A charge is the homogeneous mixture of air and fuel in the combustion chamber. An exclusive interview was held between market researcher and industry analyst and following points have been excerpted from it.
What according to you will be the growth of the global spark plug market in recent years?
Well, according to a report published by Future Market Insights, the global spark plug market is likely to reach market valuation of approximately US$ 5 Bn by the end of 2027, witnessing expansion at 4.8% throughout the assessment period.
Why according to you the global spark plug market will grow in foreseeable future?
The growth of the market has been attributed to the increased usages of iridium material in latest models of engines. Further, manufacturing of cars remains steady, which is further maintaining steady demand for spark plugs. Number of people are using vehicles for longer time due to increased life of latest vehicles, this results in timely servicing of their cars, which directly impact to the growth of the global spark plug market. However, introduction of electric vehicles is likely to limit the expansion of the market to a particular.
According to you, what materials are used for manufacturing of spark plugs and what will be their demand?
Typically, the global market for spark plug has been segmented into various segments however, among them nickel segment is likely to lead the market with its market size estimated to reach more than US$ 2.3 Bn by 2027-end. The segment is likely to exhibit expansion at 5.8% CAGR over the assessment period (2017-2027).
For what types of product are spark plugs currently generating a particularly high level of user interest? Are there any product type where spark plug uptake is dwindling?
Well, based on product type, hot spark plugs are anticipated to retain its dominance in the global market in terms of market size and CAGR. On the other hand, cold spark plugs are also anticipated to expand at moderate growth rate during the forecast period (2017-2027).
How will you compare expansion between OEM and aftermarket sales channels?
OEM and aftermarket sales channels are projected to remain in close competition throughout the forecast period. The aftermarket sales channels are anticipated to expand at 4.3% CAGR throughout the assessment period whereas, the OEM sales channels are estimated to grow at 5.3% CAGR during 2017-2027.
Which region do you think is leading in the sales of spark plugs?
According to the research report by FMI, the China is likely to remain the leading region in the sales of the spark plugs across the globe. The market in the China is anticipated to expand at 5.9% CAGR over the forecast period and is pegged to reach market valuation of nearly US$ 1.4 Bn by the end of 2027.
What according to you are leading players in the global spark plug market?
Well, NGK Spark Plugs, Enerpulse Technologies, Inc., ACDelco, Magneti Marelli S.p.A., and Holley Performance Products are some prominent players operating in the global spark plug market. Further, Brisk Company, Stitt Spark Plug Company, Torch Group, and Klaxcar France are some players in the market that have consolidated their footprints in the global market for spark plugs.
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