According to ESOMAR-certified Future Market Insights’ (FMI), the spark plug market will register positive growth with the overall valuation forecast to surpass US$ 3.20 Bn in 2021. The market’s worth will increase at a compound annual growth rate (CAGR) of 4.5% between 2021 and 2031.
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.
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.
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.
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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.
More Insights on the Global Spark Plug Market
In its latest report, FMI offers an unbiased analysis of the global spark plug market, providing historical data for the period of 2017-2027 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of sales channel (OEM and aftermarket), end user (automotive, marine, aerospace, and industrial), material type (iridium, platinum, nickel, etc), product type (hot spark plug and cold spark plug), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South East Asia & Pacific, China, India, Middle East and Africa, and Japan)