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Spark Plug Market Overview

According to Market Research Future (MRFR), the Spark Plug Market valuation is poised to reach approximately USD 6.5 BN, and registering 5% CAGR during the assessment period. Over the last couple of years, spark plug technology has evolved dramatically. Advanced spark plugs improve cold starting and generate adequate combustion, which increases the fuel efficiency and performance of the vehicles.

The Global Spark Plug Market is garnering substantial traction. The market growth is attributed to the increasing adoption of spark plugs across the industry verticals. Besides, the growing demand for advanced spark plugs due to the spurting growth in automotive and marine industries drives the market growth. Moreover, rising usages of spark plugs in various industrial and other applications escalate the development of the market.

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Additionally, stringent regulations & norms implemented by the governments to control emissions and improve fuel efficiency boost the growth of the market. Also, the development of automotive industries positively impacts the growth of the spark plugs market. Moreover, the spurting rise in electric vehicles and power management devices influences the market growth.

Furthermore, the growing demand for improved fuel-efficient vehicles, alongside the proliferation of electric vehicles, influences the growth of the spark plug market. Rise in recreational boats and jet skis foster the growth of the market. Also, the increasing production of gasoline light commercial vehicles (LCVs) and rising demand for cold spark plugs substantiate the development of the market.

Players leading the spark plug market include Federal-Mogul Corporation (US), NGK Spark Plug Co. Ltd (Japan), Borgwarner Inc. (US), Robert Bosch Gmbh (Germany), Denso Corporation (Japan), General Motors (US), Valeo (France), Delphi Automotive (Ireland), FRAM GROUP IP LLC. (US), and Weichai Power Co. Ltd (China), among others.  

COVID-19 impact analysis by MRFR reveals that there has been a significant drop in vehicle sales in the space of just a few months, owing to the shutdowns across regions as well as the oil price fluctuations. Renowned automotive OEMs are adopting multiple tactics to mitigate the negative impact of the pandemic on their businesses by assessing their dealerships to resume services.

The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components, in the face of the lockdown situation. Additionally, post SARS-CoV-2, the demand for commercial vehicles has significantly plummeted following the shutdown of almost every non-essential service across the globe.

Primary Boosters and Key Barriers

The spark plug as a concept has completely transformed the automotive industry, in terms of carbon emission. It helps resolve the cold starting issues and also helps boost the efficiency of the vehicles. Advanced spark plugs are used for improving cold starting and generating better combustion, leading to boosted performance of the vehicle. The ongoing development of spark plugs to elevate the performance as well as ignitability combined with the mounting consumer awareness about the product is also helping the spark plug market advance at a rapid pace.

Superior quality gasoline engines are being developed, with prime focus on the idea of lower consumption of fuel, considering lower emission rates along with better driving experience. In addition to this, the trend of engine downsizing has become mainstreamed within the automotive industry, which translates into massive demands from the segment of automotive ignition systems. It is no wonder that the demand for spark plugs has risen significantly in recent years. Sensing the opportunity, leading manufacturers are concentrating on catering to these requirements by modifying the designs and selecting the ideal materials. For example, at present, a number of leading vendors are developing thin and long spark plugs that are compatible with the decreased size of the head spaces within engines, leading to easy installation.

The escalating demand for natural gas-powered vehicles and frequent technological innovations like new electrode materials can be attractive opportunities for the leading companies, which could also benefit the worldwide market in the years to come.

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Global Spark Plug Market – Segmentation

The report is segmented into five dynamics;

Product Type: Hot and Cold Spark Plug.

By Material: Copper, Platinum, and Iridium Spark Plugs.

By Sales Channel: OEM and Aftermarket.

By Application: Automotive, Marine, Industrial, and others.

By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.

Global Spark Plug Market – Regional Analysis

The Asia Pacific region dominates the global spark plug market. The largest market share attributes to the expansion of automobile infrastructures in the region. Besides, rising usages of spark plug across industry verticals such as automotive, marine, industrial, and others drive the growth of the regional market. Moreover, the presence of many electronic devices companies in the region fosters the market growth.

Japan, China, and India are the key market for spark plugs in the region, substantially driving the market growth. Additionally, raw material advantage in the region boosts market growth, attracting foreign investors, and increasing production plants.  APAC spark plug market is projected to retain its dominance throughout the estimated period.

North America stands second in the global spark plug market. The market growth is driven by the proliferation of electric vehicles in the region. Additionally, the strong presence of notable industry players and well-established infrastructure in the region pushes market growth, supporting the faster implementation of advanced plug technologies.

Also, the huge demand, particularly for Marine, Industrial applications, substantiates the growth of the regional market. The North American spark plug market is to demonstrate a considerable revenue generation during the upcoming years.

The Europe spark plug market is growing at a rapid pace. The region perceives a massive uptake of spark plugs, driving the growth of the regional market. The burgeoning electronics industry in Germany and the UK contribute to the market growth in the region majorly. The European spark plug market is anticipated to generate a substantial revenue pocket during the assessment period.

Global Spark Plug Market – Competitive Analysis

Highly competitive, the spark plug market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, industry players incorporate strategic initiatives, such as mergers & acquisitions, collaborations, expansion, and product/technology launch. Manufacturers are committed to deliver reliable product ranges and services. They make substantial R&D investments in developing products and technologies. 

These companies develop their product portfolios with the latest technologies. They follow organic and inorganic growth approaches. The market competition is anticipated to intensify in the recent future due to new product launches and the new entrants in the market. 

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with the technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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