“Spark Plug Market: Global Demand Analysis & Opportunity Outlook 2024”
The global spark plug market is segmented into product such as hot spark plug and cold spark plug out of which, hot spark plug segment is expected to dominate the overall spark plug market and is projected to seize a notable CAGR by the end of 2024. Likely, increasing number of petrol based cars all over the globe is expected to flourish the growth of global spark plug market. In addition to this, population in urban regions is shifting towards two wheelers which are also predicted to propel the market of spark plug in near future.
Global spark plug market is anticipated to post a significant CAGR of 4.1% over the forecast period i.e. 2017-2024. Moreover, the global spark plug market is anticipated to account sales of USD 2,900 Million by the end of 2024. Additionally, the market is riding on the back of expanding automotive industry along with rising adoption of natural gas based vehicles.
The automotive segment by application accounted for the leading share in the overall spark plug market. Further, increasing number of sales of vehicles across the globe is believed to flourish the growth of global automotive market. In terms of geography, Asia-Pacific region grabbed the largest market of spark plug in 2016 owing to rapid industrialization. Moreover, China and India are the major countries augmenting the demand for spark plug due to presence of large automotive and industrial sector.
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Technological Advancement in Spark Plugs
Growing technological advancement in spark plugs such as introduction of high-performance spark plugs and digital twin spark ignition system which further increase the efficiency of the vehicle are projected to supplement the growth of spark plug market all over the globe.
Increasing Adoption of Natural Gas Generators
Growing adoption of natural gas generators on the back of growing environmental concerns is believed to flourish the growth of Spark Plug Market. Moreover, various government legislations such as United States Environmental Protection Agency have enforced various legislations such as Clean Air Act to curb the discharge of air pollutants into the environment. These strict laws are projected to supplement the demand for natural gas generator which in turn expected to propel the market of spark plugs. Although, presence of compression-ignition or CI engine and increasing penetration of electric vehicles are some of the factors hampering the market of spark plugs over the forecast period.
The report titled “Spark Plug Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global spark plugs market in terms of market segmentation by electrode material, by application, by product, by distribution channel and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global spark plugs market which includes company profiling of NGK Spark plug co. Ltd, Federal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, Ford Motor Company, Valeo, MSD Ignition, Enerpulse Technologies , Roush Performance, Mopar, Microcraft and Megenti Marelli. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global spark plugs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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