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Market Research Report

Spark Plug Market : Global Demand Analysis & Opportunity Outlook 2024

Published On : 09:40 AM, 14th September, 2017 REP-ID-297 Category: Automotive & Transportation

Spark Plug Market Overview

Spark plug is an engine component and it delivers electric current during the combustion process to produce spark. It is an electric device threaded into the cylinder of spark ignition engine. When the engine is operated there is a high tension current flow through the center electrodes, it ionizes the gas present between the electrode gaps, hence the spark generates. Centre electrode is the most important part of the spark plug, as fuel economy and engine efficiency is based upon that.

The concept of spark plug has revolutionized the automotive industry by lowering the emission, resolving the cold starting problems and boosting the performance of the vehicles. Advanced spark plug improves cold starting and generates efficient combustion which in turn increases the performance of the vehicle.

Market size and forecast

Spark plug market is expected to expand at a CAGR of 4.1% over the forecast period i.e. 2017-2024. Moreover, the spark plugs market is anticipated to reach USD 2,900 Million by 2024. Increasing automotive production, upcoming stringent government regulation (related to carbon emission) and rising demand for fuel efficiency is expected to propel the growth of spark plug market during the forecast period. Hot spark plug segment contributed the largest share in terms of revenue by product type in the global spark plug market in 2016.

spark plug

Asia-Pacific is estimated to be the largest spark plug market due to the dominance of automotive industry in the region. China and India are the major contributors in Asia-Pacific region over the past few years. To cater to the massive demand, many Original Equipment Manufacturers (OEMs) are expanding to this region. Due to rapid pace in industrialization and urbanization in developing countries such as China, India, Thailand and Singapore, these countries are anticipated to observe a robust growth in spark plug market in the next few years. Europe is the second largest market of spark plugs globally, followed by it; North America is anticipated to grow at a significant pace over the forecast period.    

Market Segmentation

Our in-depth analysis segmented the spark plug market in the following segments:

By Electrode Material

  • Copper
  • Iridium
  • Platinum

By Application

  • Automobile
  • Marine
  • Industrial
  • Working Equipments
    • Brush cutters
    • Mowers
    • Saws

By Product

  • Hot spark plug
  • Cold spark plug

By Distribution Channel

  • OEMs
  • Aftermarket

By Region

Global spark plug market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth Drivers and Challenges

The factor heightening the demand for spark plugs is their need in automobile industry, as spark plugs are an integral part of the combustion engine. The global demand for spark plugs is also driven by increasing production of high performance automotive components. It has been notified that industrial sector is also influencing the spark plug market growth, owing to increase in number of gasoline and natural gas based generators. Moreover, increase in demand for natural gas powered vehicles, along with technological advancement, are expected to drive the growth of spark plug market.        

However, technical advancement to downsize automotive engine and growth in penetration of electric vehicle & electrically powered working equipment hampers the growth of spark plug market globally. Additionally, the presence of spark plugs as essential automotive components is in risk because of the growing use of laser igniter and plasma based ignition plugs instead of spark plugs.

Key Players

The key players of spark plug market are as follows:

  • 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
  • Megenti Marelli

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global spark plug market is segmented as follows:

  • By electrode material Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Product Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment

 

Key Answers Captured in Report?
Which geography would have better demand for product/services?
What are the strategies adopted by big players in the regional market?
Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
What is the current & expected market size in next five years?
What is the market feasibility for long term investment?
What opportunity the country would offer for existing and new players in the market?
What is risk involved for suppliers in the geography?
What factors would drive the demand for the product/service in near future?
What is the impact analysis of various factors in the market growth?
What are the recent trends in the regional market and how successful they are?

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