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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.
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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
“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.
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Key Segments Covered in Spark plug Market Study
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Key Points Covered in Spark Plug Market Study
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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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Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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