The credible factors that are driving the growth of the spark plug market are increasing middle class population, rapid urbanization and growing automotive sales around the globe. In addition to that, the growing adoption of advanced and energy efficient spark plugs combined with increasing awareness regarding spark plugs among the consumers is predicted to boost the growth of spark plug market in upcoming years. Further, the automobile emissions and pollutants affecting the environment are some of the major reasons behind the stringent government regulations that are forcing the spark plug manufacturers to develop advanced and efficient spark plugs.
The global spark plug market accounted for USD 6,012.9 Million in 2016 and is predicted to reach USD 9,267.2 Million by the end of 2024. Further, the global spark plug market is predicted to expand at a CAGR of 5.7% over the period 2017-2024.
In terms of regional segmentation, the global spark plug market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the Asia Pacific spark plug market accounted for the dominant share of 58.7% in 2016 and is expected to dominate the market by crossing 60% in the terms of revenue by 2024. Further, the Europe spark plug market accounted for 18.2% of market share in 2016, closely trailed by North America. The U.S. is driving the demand for spark plugs in North America region with dominant share and is anticipated to achieve a Y-o-Y growth rate of 5.4% in 2024.
The global spark plug market is divided by applications into automotive, marine, industrial and others, out of which, the automotive segment held more than 80% of the total market share in the overall spark plug market owing to the increasing vehicle consumption around the globe.
The Report titled “Global Spark Plug Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024” also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
This report also studies existing competitive scenario of some of the key players of the global spark plug market which includes profiling of Federal-Mogul Corporation, Denso Corporation, Robert Bosch GmbH, ACDelco, Weichai Power Co.Ltd., Megenti Marelli S.p.A., NGK Spark Plug Co. Ltd., Valeo, MSD Performance, HELLA GmbH & Co. KGaA.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Spark Plug Market Outlook 2024”, analyses the overall spark plug industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global spark plug market in near future.