July 27, 2021 09:03 ET | Source: Facts & Factors Facts & Factors
New York, NY, July 27, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Spark Plug Market By Type (Hot Spark Plug and Cold Spark Plug), By Material (Copper, Platinum, and Iridium), By Vehicle Type (Passenger Car, LCV & HCV, and Others), By Engine Layout (L3, L4, L5, L6, H6, V6, V8, V10, and V12), By Market (OEM and Aftermarket), By Application (Automotive, Marine, Industrial, and Others): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026”.
“According to the recent research report, the demand of global Spark Plug Market size & share expected to reach to USD 3,475 Million by 2026 from USD 2,689 Million in 2020, at a compound annual growth rate (CAGR) of 4.54% during the forecast period 2021 to 2026”
Global Spark Plug Market: Overview
The manufacturing numbers of vehicles remain constant which results in keep going steady demand for spark plugs in the market globally. As the rise in automobile production increases, the demand for spark plugs is also expected to grow. Many buyers keeping their cars for a longer time. Day by day the life of cars is increased with the technological advancements in the industry, there is an increase in demand for parts substitution. The parts replacement has a positive impact on the demand for spark plugs as well. However, new trends like the introduction of electric cars may result in less demand for spark plugs. As the automotive market for electric vehicles is expected to grow in the upcoming years, the global spark plugs market may witness a decrease in demand for the products. Spark plug generates an electric spark to burn petrol in the vehicle while the engine starts and runs as per speed. Also, the glow plug generates heat to burn diesel in the diesel vehicle to start the engine in cold nature. Spark plugs are integrated in cylinders of gasoline engines while glow plugs are integrated on the cylinder head of the diesel engine.
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Rising demand for fuel-efficient vehicles across the globe and stringent government regulations regarding environmental pollution are the major factors driving the growth of the global spark plug in the case of gasoline engines and glow plug in the case of the diesel engines market. Furthermore, increasing focus on advancement in the new products by major players in the market and technological addition in spark plug and glow plug such as integration of E3 high-performance, plasma core, and ACIS (Advanced Corona Ignition System) in designing of the spark plug are expected to hold the growth of the target market in the future. In addition to that, the increasing number of sales of vehicles across the globe and the high demand for fuel-efficient vehicles owing to continuous increasing fuel costs in developing countries such as India are the other factors expected to propel the growth of the global spark plug and glow plug market. However, increasing electrification of vehicles, market penetration, and government support for electric vehicle penetration are the major factors expected to restrain the growth of the global spark plug market. Asia Pacific (APAC) market dominates the global spark plug and glows plug market in terms of revenue contribution as compared to that of other regions. This is mainly assigned to the availability of a large number of manufacturers as well as the high sale of vehicles in countries in the region. Europe reserves for second-largest revenue share contribution to the global spark plug market, followed by markets in North America, Latin America, and the Middle East & Africa respectively. The market in the Asia Pacific is projected to register comparatively faster growth in terms of revenue over the next 6 years, owing to increasing new car model launches and increasing sales of passenger vehicles in countries in the region.
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The spark plug segment is expected to dominate the global market and is projected to retain its dominance over the forecast period
Owing to the increasing sales of passenger cars that run on gasoline/petrol engine is one of the major factors expected to aid in the growth of the market over the forecast period. However, the demand for glow plugs will be increasing in the coming years as the demand for diesel engine vehicles is surging in the forthcoming years. Glow plugs are preferred as it is responsible for reducing the vibrations, noises, and smoke emissions in diesel engines to ensure improved drivability in cold weather, thus meeting the regional emission and other laws as well. Furthermore, the increasing fuel prices and rigid vehicle emission norms, are making a shift in consumer preference for diesel engine-powered passenger cars resulting in an increase in the demand for the spark and glow plug.
Global Spark Plug Market: Segmentations
Based on Type, the market is bifurcated into hot spark plugs and cold spark plugs. Based on material, the market is bifurcated into copper, platinum, and iridium. Based on Vehicle Type, the market is bifurcated into passenger cars, LCV & HCV, and others. Based on Engine Layout, the market is bifurcated into L3, L4, L5, L6, H6, V6, V8, V10, and V12. Based on the Market, the market is bifurcated into OEM and aftermarket. Based on Application, the market is bifurcated into automotive, marine, industrial, and others.
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Asia Pacific region is projected to hold the dominant position in the global spark and glow plug market during the anticipated period
Based on region, the spark plug and glow plug market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific market is expected to dominate the global spark plug and glow plug market in terms of revenue contribution in the global market. The growth of the market is mainly attributed to the availability of a large number of manufacturers, as well as the high sale of vehicles in developing countries of the region such as India, China, Japan, and South Korea are some of the major countries in the spark plugs market. Moreover, the increasing sales of passenger cars in the region are one of the major factors for the growth of the spark plug market in the region. Besides, due to the technology advancement in spark plug and glow plug such as pressure sensor glow plugs for diesel engines is also expected to propel the overall growth of the market over the forecast period.
Browse the full report “Spark Plug Market By Type (Hot Spark Plug and Cold Spark Plug), By Material (Copper, Platinum and Iridium), By Vehicle Type (Passenger Car, LCV & HCV, and Others), By Engine Layout (L3, L4, L5, L6, H6, V6, V8, V10, and V12), By Selling Market (OEM and Aftermarket), By Application (Automotive, Marine, Industrial and Others): Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/spark-plug-market
The Global Spark Plug Market is segmented as follows:
Key Highlights of this Report:
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